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<SEC-DOCUMENT>0000718940-06-000006.txt : 20060201
<SEC-HEADER>0000718940-06-000006.hdr.sgml : 20060201
<ACCEPTANCE-DATETIME>20060201095002
ACCESSION NUMBER:		0000718940-06-000006
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060201
FILED AS OF DATE:		20060201
DATE AS OF CHANGE:		20060201

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:		06568002

	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>bceform6ker.htm
<DESCRIPTION>Q4 2005 EARNINGS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>AutoCoded Document</TITLE>
</HEAD>
<BODY>
<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>February 2006</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.<br>
    </FONT></p>
</blockquote>
<font size="2" face="Arial, Helvetica, sans-serif"> </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>
<table width="99%" border="0">
  <tr>
    <td with="50%"><img src="bcelogoer.gif" width="267" height="97"></td>
    <td width="50%" valign="bottom"> <div align="right"><font size="2"><font size="6" face="Arial, Helvetica, sans-serif">News
        Release</font></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><hr width=100% size=1 color=BLACK noshade></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif"><B>For immediate release</B></font><br>
</p>
<table width="99%" border="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="50%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><i>This
        news release contains forward-looking statements. For a description of
        the related risk </i> <i>factors and assumptions please see the section
        entitled &#147;Caution Concerning Forward-Looking </i> <i>Statements&#148;
        later in this release.</i></font></div></td>
    <td width="25%">&nbsp;</td>
  </tr>
</table>
<p><font face="Arial, Helvetica, sans-serif"></font></p>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="CENTER"><FONT SIZE="2"><B>BCE REPORTS 2005 YEAR-END AND FOURTH QUARTER
  RESULTS</B></FONT></P>
</font>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>BCE
      revenues up 4.0% in 2005</strong></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>Met
      </strong></font><font face="Arial, Helvetica, sans-serif"><font size="2"><strong>or
      exceeded 2005 guidance</strong></font></font><font size="2"><strong> </strong></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Revenues
      from growth services reach 47% &#150; surpassing 2005 target of 45%</b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Double-digit
      </b></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>subscriber
      increases in growth services</b></font></font><font size="2"><b> </b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Business</b></font><font face="Arial, Helvetica, sans-serif"><font size="2"><b>
      segment revenue growth rate increases for 6th consecutive quarter</b></font></font></font></td>
  </tr>
</table>
<p align="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>MONTREAL
  &#150; February 1, 2006<I> </I></B>&#150; BCE Inc. (TSX, NYSE: BCE) reported
  fourth quarter and full year 2005 financial results and announced its financial
  guidance for 2006 this morning prior to the annual BCE Business Review Conference
  in Toronto. BCE met or exceeded its 2005 guidance for revenue growth, cost reductions,
  EPS, free cash flow and capital intensity. BCE also provided details of its
  business plan for 2006 and announced the use of proceeds from recent asset sales
  and further initiatives in the company&#146;s ongoing asset review. Further
  details on this can be found in BCE&#146;s Business Review Conference news release
  also issued this morning.</FONT> </p>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">For the
  full year 2005, BCE reported revenues of $19.1 billion, up 4.0% from the previous
  year as fourth quarter revenues increased by 4.6% to $5 billion. Operating income
  for the full year 2005 was $4 billion compared to $2.9 billion<SUP>(1) </SUP>the
  previous year, and operating income for the fourth quarter was $979 million,
  compared with $814 million in the same quarter last year. EBITDA<SUP>(2)</SUP>
  for the full year reached $7.6 billion, a 2.2% increase compared to 2004, and
  fourth quarter EBITDA was $1.9 billion, up $64 million or 3.6% over the same
  period last year.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">That performance
  translated into cash from operating activities of $5.6 billion in 2005, an increase
  of 2.1% over the previous year. Cash from operating activities in the quarter
  was $1.6 billion, an increase of 24% over the same period in 2004. Free Cash
  Flow<SUP>(3) </SUP>for the year was $662 million compared to $870 million for
  2004, consistent with our revised guidance of $600 million to $800 million<SUP>(4)
  </SUP>. Free cash flow in the quarter was</FONT></P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"> $423 million,
  compared to the negative $121 million recorded in the fourth quarter of 2004.
  Earnings per share (EPS) were $2.04 for the full year 2005 compared to $1.65
  for 2004, and were $0.44 in the fourth quarter compared to $0.45 for the same
  period in 2004. 2005 EPS before restructuring and other items and net gains
  on investments<SUP>(5) </SUP>were $2.05 compared to $2.02 reported for 2004;
  and in the fourth quarter were $0.46 compared to $0.45 in the fourth quarter
  of 2004.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;As
  we expected, our performance bounced back in the fourth quarter and we ended
  2005 on a strong footing from which to continue our progress in 2006,&#148;
  said Michael Sabia, President and Chief Executive Officer of BCE. &#147;We delivered
  on the commitments that we made for 2005, and demonstrated Bell&#146;s ability
  to execute in the face of growing competition. Our guidance was met or exceeded,
  and importantly, revenue from our growth services more than outpaced the decline
  in our legacy business.&#148;</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Revenue
  growth from new services such as Internet Protocol (IP), Information and Communications
  Technology (ICT), wireless, Internet and video reached 47% of Bell&#146;s total
  revenues by the end of 2005, exceeding the company&#146;s target of 45%.</FONT>
</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the Residential
  segment (formerly reported as the Consumer segment), growth services showed
  double-digit subscriber increases for the year. Revenues from these services
  surpassed the decline of the company&#146;s residential wireline business. The
  decrease in NAS of 324,000 for the year, or 2.5%, plus the higher costs of wireless
  acquisition, led to a decline in full year operating income of 5.6%. To further
  counter the increased competitive pressures, the company pursued its strategy
  of securing two-plus and three-plus multi-product households to both drive customer
  retention and higher revenues per household. By the end of 2005, almost 60%
  of the Bell households in Qu&eacute;bec and Ontario subscribed to two or more
  services.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the Business
  segment, a year of accelerated growth was fuelled by strong sales of IP based
  connectivity and ICT solutions to our Enterprise and Small and Medium Business
  (SMB) customers. Bell has 143 of its largest Enterprise customers contracted
  to implement Internet Protocol-Virtual Private Network (IP-VPN) solutions. RBC
  Financial Group signed a five-year contract with Bell for fully managed IP solutions,
  converting 8,400 of the bank&#146;s head office telephone lines. At year end,
  62% of Enterprise revenues were generated by growth services. The SMB group
  saw strong progress this year as Virtual Chief Information Officer (VCIO) revenues
  far outpaced the decline in legacy data. The successful integration of recent
  acquisitions &#150; CSB Systems, Charon Systems and Nexxlink Technologies &#150;
  under Bell Business Solutions (BBS) has generated considerable cross-selling
  opportunities. VCIO revenues recorded 60% organic growth in the fourth quarter
  of 2005 compared to the same period in 2004.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Significant
  progress was made in 2005 as BCE stepped up its efforts to reset its cost structure.
  The company delivered $524 million in recurring cost savings during the year,
  meeting the 2005 target. In the fourth quarter cost savings totalled $171 million,
  creating a solid take-off point for 2006. Next year as cost-reduction programs
  accelerate and new initiatives come on line, the company anticipates reaching
  $1.3 -$1.4 billion in recurring annual savings by the end of 2006.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In late
  2005, BCE completed two important steps in the ongoing review and restructuring
  of its asset portfolio, resulting in a more focused and simple corporate structure.
  BCE disposed of a significant portion of its interest in CGI Group Inc. in early
  January 2006 and expects to dispose of its remaining interest during the course
  of the year. As well, BCE announced an agreement to reduce its interest in Bell
  Globemedia Inc. to 20% and also received a return of capital from Bell Globemedia
  in January 2006. These transactions are expected to return $2.4 billion in cash
  to BCE. These proceeds, and cash from operations, will be applied towards buying
  back 5% of BCE&#146;s outstanding common shares, repaying BCE&#146;s corporate-level
  debt and for pension contributions. (See BCE&#146;s Business Review Conference
  news release for more details.)</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;We
  have taken a balanced and responsible approach to the use of these proceeds,
  placing an emphasis on our commitment to shareholders while ensuring the company&#146;s
  financial health,&#148; said Mr. Sabia. &#147;We now have a singular focus on
  our core business, Bell Canada, and on a strategy that we believe will deliver
  industry-leading service and product excellence to our customers and sustainable
  value to our shareholders.&#148;</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="LEFT"><FONT SIZE="2"><B>2005 KEY OPERATIONAL ACHIEVEMENTS</B></FONT></P>
<font size="2">
<P ALIGN="LEFT"><B>Residential Segment Highlights</B></P>
</font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell continued
  to broaden its offerings to residential customers, introducing a wireless video
  streaming service, a mobile music download service, faster Internet access speeds
  and more high-definition channels to its ExpressVu customers.</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">The
        segment achieved positive revenue growth in the quarter and for the year,
        in the face of an increased rate of decline of Bell&#146;s legacy residential
        wireline business</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Full year
      revenue increased by 1.3% to reach $7.6 billion</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Fourth
      quarter revenue increased by 0.7% to $1.9 billion</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Full year
      operating income for the residential segment was $2 billion, down 5.6% compared
      to 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income in the fourth quarter was $444 million, down 4.3% compared with the
      fourth quarter of 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Launched
      IPTV technical trials in Toronto</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">2.3 million
      customers now on new, simplified &#147;One Bill&#148;</font></td>
  </tr>
</table>
<P ALIGN="justify"> <br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Business Segment Highlights</B></FONT></P>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The Business
  segment revenue growth rate continued to increase throughout the year. The services
  developed by both the SMB and Enterprise groups met with strong demand from
  customers. Solid growth in wireless and data revenues during the quarter was
  a major contributor to revenue growth in both SMB and Enterprise.</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Full year
      revenue reached $6.1 billion, an increase of 4.6% over 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Business
      segment revenues in the quarter increased by 6% to reach $1.6 billion</font></td>
  </tr>
</table>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Full year
      operating income was $910 million compared to $896 million in 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income increased by 29% in the quarter to reach $236 million</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Sale
        of ICT services to Enterprise customers increased by 36% during the year
        and a number of important contracts were signed with major customers including
        Kingston General Hospital, A&eacute;roports de Montr&eacute;al, F&eacute;d&eacute;ration
        des caisses Desjardins du Qu&eacute;bec and Manulife Financial</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">At
        the end of 2005, 78% of the migratable traffic on Bell&#146;s core network
        was IP-based, which surpassed the year-end objective of 75% </font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">275,000
        IP-enabled lines were sold on customer premise equipment by the end of
        the year, representing a 90% increase over 2004</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">SMB
        launched Business IP Voice, a hosted IP telephony solution designed specifically
        for the small and medium size business market</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Bell
        Business Solutions, formed in April 2005 by the SMB group, provided electronic
        ballot management solutions to 48 municipalities during last year&#146;s
        Qu&eacute;bec municipal elections.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Video:</B></FONT></P>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell&#146;s
  video group continued its performance as Canada&#146;s leading Direct-to-Home
  (DTH) provider in 2005 with strong revenue and subscriber growth.</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Total
        video subscribers grew by 224,000 or 14.9% in 2005 and reached 1,727,000,
        compared to 1,503,000 at the end of 2004</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Net activations
      in the quarter grew by 16.3% to 50,000, compared to 43,000 for the same
      period in 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">ARPU in
      the quarter increased by $3 to $52, full year ARPU was $50 compared to $49
      in 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Video revenues
      were up 22.4% in the quarter and 14.8% for 2005</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Churn improved
      during the year to 0.9% compared to 1% for 2004, the lowest full year churn
      rate in the past five years</font></td>
  </tr>
</table>
<P ALIGN="justify"><br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Wireless:</B></FONT></P>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">With record
  gross additions for the year and the introduction of new, innovative services
  (EVDO, 10-4, MobiTV, Seek &amp; Find, MSN Messenger) Bell&#146;s wireless unit
  expanded both its customer base and its revenue base.</FONT> </P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Total wireless
      customers grew to 5,441,000 compared to 4,925,000 at year-end 2004, a 10.5%
      increase </font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">A record
      of 455,000 gross activations in the quarter as the company continues to
      secure new high value subscribers in both the residential and business markets</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;
      </font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;o&nbsp;&nbsp;&nbsp;&nbsp;74% of
      the customer base is on post-paid rate plans</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Net activations
      totalled 210,000 in the quarter, compared to 217,000 in the fourth quarter
      of 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Pre-paid
        ARPU for the year was $14, up 16.7% over 2004; post-paid ARPU for the
        year was $61, essentially unchanged from the previous year </font></div></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<p>&nbsp;</p><table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">In
        the fourth quarter, pre-paid ARPU was $14 per month, up from $13 the same
        quarter in 2004; fourth quarter post-paid ARPU was $64 per month, an increase
        of $3 over the fourth quarter of 2004</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Wireless
      revenues increased by 9.9% to $3.1 billion for the full year and by 9.5%
      to $812 million in the fourth quarter</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Wireless
        EBITDA in the year was $1,307 million, up by 10.1% over 2004; and wireless
        EBITDA for the fourth quarter reached $311 million, an increase of 13.5%
        over the fourth quarter in 2004</font></div></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Overall churn for the
      year was 1.6% as compared to 1.3% for 2004</font> </td>
  </tr>
</table>
<P ALIGN="LEFT"> <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>High-Speed
  Internet:</B></FONT></P>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">High-Speed
  Internet had a solid year of subscriber growth adding 387,000 net new subscribers.</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Total high-speed
      Internet customers of 2,195,000 compared to 1,808,000 at year-end 2004,
      a 21% increase</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Net activations
      of 61,000 in the quarter compared to 91,000 for the same period last year</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Sympatico.msn
      advertising revenues doubled over the previous year</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">VAS revenues
      went up 64% over the previous year</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">34 million
      video streams over sympatico.msn in 2005, a five-fold increase over 2004</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">In
        the quarter, 17.2 million unique visitors to sympatico.msn, reaching 87.4%
        of all on-line Canadians, and average time spent by visitors on the site
        increased by 25%</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">At
        year-end, Bell&#146;s High-Speed Internet access footprint in Qu&eacute;bec
        and Ontario was 85% compared to 83% at year-end 2004</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><font face="Arial, Helvetica, sans-serif"></font><br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Telesat Canada<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">Telesat continued
  to deliver robust financial performance with increased revenues from its acquisition
  of The SpaceConnection, Inc. and from the provision of network services in Brazil.</FONT>
</P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Full
        year revenues increased 31% to reach $475 million; revenue in the quarter
        was $118 million compared to $102 million for the same period last year,
        a 15.7% increase</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Full
        year operating income was $157 million compared to $141 million in 2004,
        an increase of 11.3%; operating income in the fourth quarter was $34 million
        compared to $37 million reported for the same period last year</font></div></td>
  </tr>
</table>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify"><br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Bell Globemedia</B></FONT></P>
<font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<P ALIGN="LEFT"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell Globemedia&#146;s
  CTV remains the nation&#146;s top broadcaster with the most popular programming
  line up in the country.</FONT> </P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
        for full year 2005 were up 9.5% to $1.6 billion; revenue in the quarter
        was $465 million, up 14.8% over the same period last year</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income for the full year was up 20.4% while operating income in the quarter
      was down 1.9% from the same period last year, mainly due to higher sports
      programming costs with the return of NHL Hockey.</font></td>
  </tr>
</table>
<P ALIGN="LEFT"><br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Bell Canada Statutory
  Results</B></FONT></P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif">Bell Canada
  &#147;statutory&#148; includes Bell Canada, and Bell Canada&#146;s interests
  in Aliant, Bell ExpressVu (at 52%), and other Canadian telcos.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the fourth
  quarter of 2005, Bell Canada&#146;s reported statutory revenue was $4.5 billion,
  up 3.6% compared to the same period last year. Net earnings applicable to common
  shares were $502 million in the fourth quarter of 2005, compared to net earnings
  of $465 million for the same period last year.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In the full
  year of 2005, Bell Canada&#146;s reported statutory revenue was $17.3 billion,
  up 2.8% compared to the same period last year. Net earnings applicable to common
  shares were $2,098 million in the full year of 2005, compared to net earnings
  applicable to common shares of $1,527 million for the same period last year,
  an increase of 37.4%.</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="LEFT"><FONT SIZE="2"><B>Notes</B></FONT></P>
</font>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
        employee reduction program at Bell Canada in 2004 resulted in a charge
        to earnings in the third quarter of 2004 of $985 million, which adversely
        affected operating income and EPS.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
        term EBITDA (earnings before interest, taxes, depreciation and amortization)
        does not have any standardized meaning prescribed by Canadian generally
        accepted accounting principles (GAAP). Please refer to the section of
        BCE Inc.&#145;s Q4 2005 Investor Briefing dated January 31, 2006, entitled
        &#147;Non-GAAP Financial Measures&#148; included in this news release,
        for more details on EBITDA including a reconciliation of EBITDA to operating
        income.</font></div></td>
  </tr>
</table>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(3)
      </font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">We
        define free cash flow as cash from operating activities after capital
        expenditures, total dividends and other investing activities. Free cash
        flow does not have any standardized meaning prescribed by GAAP. Please
        refer to the section of BCE Inc.&#145;s Q4 2005 Investor Briefing dated
        January 31, 2006, entitled &#147;Non-GAAP Financial Measures&#148; included
        in this news release for more details on free cash flow including a reconciliation
        of free cash flow to cash from operating activities.</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(4)
      </font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">BCE
        declared CGI a discontinued operation in December 2005 and consequently,
        it reduced its forecasted 2005 free cash flow target range accordingly
        from $700 million to $900 million to $600 million to $800 million.</font>
      </div></td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(5)
      </font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">Net
        earnings and EPS before restructuring and other items and net gains on
        investments do not have any standardized meaning prescribed by GAAP. Please
        refer to the section of BCE Inc.&#146;s Q4 2005 Investor Briefing dated
        January 31, 2006, entitled &#147;Non-GAAP Financial Measures&#148; included
        in this news release for more details on net earnings and EPS before</font></div></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="LEFT"><font face="Arial, Helvetica, sans-serif"></font></P>
</font>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="LEFT">&nbsp;</P>
</font>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;
      </font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">
        restructuring and other items and net gains on investments including a
        reconciliation to net earnings applicable to common shares on a total
        and per share basis.</font></div></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif">
<P ALIGN="LEFT"> <FONT SIZE="2"><B>Caution Concerning Forward-Looking Statements</B></FONT></P>
</font><font face="Arial, Helvetica, sans-serif"><font size="2"> </font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Certain
  statements made in this press release, including, but not limited to, anticipated
  cost reductions, the expected disposition of BCE&#146;s remaining interest in
  CGI, the reduction of its interest in Bell Globemedia Inc. to 20% and the expected
  return in cash as a result of the CGI and Bell Globemedia Inc. transactions
  and other statements that are not historical facts, are forward-looking statements
  and are subject to important risks, uncertainties and assumptions. The results
  or events predicted in these forward-looking statements may differ materially
  from actual results or events. As a result, you are cautioned not to place undue
  reliance on these forward-looking statements. Except as otherwise indicated
  by BCE, these statements do not reflect the potential impact of any special
  items or of any dispositions, monetizations, mergers, acquisitions, other business
  combinations or other transactions that may be announced or that may occur after
  the date hereof.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The expected
  closing of the Bell Globemedia Inc. transaction is subject to a number of approvals
  and closing conditions, including approval by the CRTC and the Competition Bureau,
  and other closing conditions that are customary in a transaction of this nature.
  There is no assurance that we will be able to complete the disposition of our
  remaining interest in CGI. Finally, there is no assurance that cost reduction
  initiatives that we may undertake will achieve their objectives.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">For additional
  information with respect to the assumptions underlying the forward-looking statements
  made in this release and the risk factors that could cause the results or events
  predicted in such forward-looking statements to differ materially from actual
  results or events, please refer to the Safe Harbor Notice Concerning Forward-Looking
  Statements dated February 1, 2006 filed by BCE Inc. with the U.S. Securities
  and Exchange Commission, under Form 6-K, and with the Canadian securities commissions.
  The forward-looking statements contained in this press release represent our
  expectations as of February 1, 2006 and, accordingly, are subject to change
  after such date. However, we disclaim any intention and assume no obligation
  to update or revise any forward-looking statements, whether as a result of new
  information, future events or otherwise. For additional information, please
  refer to the presentations made at the Bell Canada Enterprises Business Review
  2006 available on BCE&#146;s website at www.bce.ca.</FONT> </P>
<font size="2" face="Arial, Helvetica, sans-serif"> </font><font face="Arial, Helvetica, sans-serif">
<P ALIGN="LEFT"><FONT SIZE="2"><B>About BCE Inc.</B></FONT></P>
<font size="2"> </font></font>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE is Canada&#146;s
  largest communications company. Through its 28 million customer connections,
  BCE provides the most comprehensive and innovative suite of communication services
  to residential and business customers in Canada. Under the Bell brand, the Company&#146;s
  services include local, long distance and wireless phone services, high-speed
  and wireless Internet access, IP-broadband services, information and communications
  technology services (or value-added services) and direct-to-home satellite and
  VDSL television services. Other BCE businesses include Canada&#146;s premier
  media company, Bell Globemedia, and Telesat Canada, a pioneer and world leader
  in satellite operations and systems management. BCE shares are listed in Canada,
  the United States and Europe.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<div align="left">
  <p>&nbsp;</p>
</div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font face="Times New Roman" size="6" color="#000080"> The
      Year in Review</font> <p><font face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <P align="left"> <font face="Times New Roman" size="2" color="#333333">
        The results for 2005 demonstrate solid progress on our strategic objectives.
        Although the pace of competition accelerated steadily throughout the year,
        particularly as a result of the emergence of cable telephony, we continued
        to execute on our plan to mitigate the impact of this new, more competitive
        telecommunications landscape. Accordingly, we focused further on profitably
        growing our wireless, video and high-speed Internet businesses, which
        helps lay an important foundation for the future growth of the company.
        We also continued to successfully execute on our multi-product household
        consumer strategy. By the end of 2005, nearly 60% of the households in
        our Ontario and Qu&eacute;bec footprint subscribed to two or more products,
        and over 22% subscribed to three or more products. Our Business segment
        made steady progress throughout the year on its Internet Protocol (IP)
        strategy by leading Bell&nbsp;Canada in the shift towards new growth services,
        helping to drive its transition to an Information and Communications Technology
        (ICT) leader. In fact, revenues from growth services (composed mainly
        of wireless, video and data-related products such as high-speed Internet)
        accounted for 47% of total revenues at Bell&nbsp;Canada by the end of
        2005, which exceeded our target of 45% for the year. Moreover, we also
        responded to the rising competitive challenges by proactively taking the
        lead to deliver unmatched features and reliability for our residential
        and business customers with the launch of next-generation services such
        as Bell&nbsp;Digital Voice.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to alleviate the pressure on operating
        margins from the expected erosion in our legacy wireline business, we
        made significant strides in transforming our cost structure in 2005. Under
        our ongoing Galileo Program (Galileo), we continued to deliver significant
        cost savings by improving processes, reviewing procurement activities
        and eliminating work. Our various initiatives allowed us to reduce costs
        by $524&nbsp;million, which was in line with our run-rate savings target
        of $500-$600&nbsp;million for 2005.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also stepped up efforts to secure our
        customers and improve service. Although we faced a number of customer
        service challenges brought about by some residual impacts from our wireless
        billing system migration last year and a four-month labour dispute with
        Entourage Technology Solutions Inc. (Entourage) (renamed Bell Technical
        Solutions Inc. on October 25, 2005) technicians in Ontario, we substantially
        resolved these issues by the end of the third quarter and subsequently
        resolved order backlogs, improved efficiency and dealt with customer issues
        more promptly.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In late 2005, we completed two important
        steps in our ongoing efforts to reshape the company&#146;s asset portfolio
        and bring greater focus to our core businesses by establishing the framework
        for the ultimate disposition of our entire interest in CGI Group&nbsp;Inc.
        (CGI) and the reduction of our interest in Bell&nbsp;Globemedia&nbsp;Inc.
        (Bell&nbsp;Globemedia) to 20%.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our Residential segment (formerly called
        the Consumer segment), revenue growth was fuelled by the strength of our
        growth services as we continued to execute on our strategy of securing
        multi-product households to drive customer loyalty and generate higher
        revenue per household. This growth reflected increased subscriber acquisition
        in our growth services and higher average revenue per user (ARPU), particularly
        for video, offset partly by an accelerated decline in legacy wireline
        revenues.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our Business segment, increased sales
        of IP based connectivity and ICT (or value-added services (VAS)) solutions
        to our Enterprise and small and medium-sized business (SMB) customers
        and improved wireless results drove revenue growth in 2005. This positive
        trend now has contributed to six consecutive quarters of improved revenue
        growth, despite increased competitive pressures and lower demand for legacy
        wireline services.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our Aliant segment, continued strong
        growth in wireless and Internet services, as well as a recovery from the
        2004 labour disruption, offset declines in other areas due to the impact
        of competition, wireless and internet substitution, and regulatory restrictions
        related to customer win-backs and bundling of services.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the Other Bell&nbsp;Canada segment,
        despite a challenging market for our wholesale business, revenues grew
        as a result of the acquisition of the operations of 360networks Corporation,
        including GT Group Telecom&nbsp;Inc. (collectively 360networks), in November&nbsp;2004.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the other BCE segment, Bell&nbsp;Globemedia
        delivered better revenue and operating performance compared with last
        year, driven largely by higher television advertising revenue, reflecting
        strong television ratings and improved </font></P></td>
  </tr>
</table>
<P> <font face="Times New Roman"> &nbsp;</font></P>
<P> <font size="2" face="Times New Roman"> <FONT color="#000080">8</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P>&nbsp; </P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width=18% align=left> <font face="Times New Roman"> &nbsp;</font> <p>&nbsp;
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=80% align=left colspan="5"> <P> <font size="2" face="Times New Roman" color="#333333">
        subscription revenues. Telesat Canada (Telesat) also had a strong year,
        reflecting growth in Ka-band revenues on its Anik F2 satellite, revenue
        gains from the installation and maintenance of an Interactive Distance
        Learning network and the positive impact from its acquisition of The Space-Connection,&nbsp;Inc.
        (SpaceConnection) in January&nbsp;2005.</font> </P>
      <P> <b><font face="Times New Roman" size="3" color="#000080"> Customer Connections<br>
        </font></b></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font color="#333333">
        <B> <font size="2" face="Times New Roman"> Connections</font></B><font size="2" face="Times New Roman" color="#333333">&nbsp;</font>
        </font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">2005</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font color="#333333"> <B><font size="2" face="Times New Roman">31
      Dec. 05</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        (in thousands)&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">Net&nbsp;Activations</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font color="#333333"> <B><font size="2" face="Times New Roman">Connections</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5 width="57%"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        Wireless&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">516</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font color="#333333"> <B><font size="2" face="Times New Roman">5,441</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        High-Speed Internet&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">387</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font color="#333333"> <B><font size="2" face="Times New Roman">2,195</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        Video&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">224</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font color="#333333"> <B><font size="2" face="Times New Roman">1,727</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        NAS&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">(324</font></B>
    </TD>
    <TD width=1% align=left> <font color="#333333"> <B> <font size="2" face="Times New Roman">
      )</font></B><font size="2" face="Times New Roman">&nbsp;</font></font> </TD>
    <TD width=10% align=right> <font color="#333333"> <B><font size="2" face="Times New Roman">12,581</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <tr>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5 width="57%"> <HR noshade size=1> </TD>
  </tr>
  <tr>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5 width="57%"> <HR noshade size=1> </TD>
  </tr>
  <TR>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5 width="57%"> <P><br>
      </P>
      <ul>
        <li>
          <p align="left" style="margin-left: -20"> <B><font size="2" face="Times New Roman" color="#333333">
            Wireless </font> </B><font size="2" face="Times New Roman" color="#333333">
            &#150; Our total cellular and PCS subscriber base grew by 516,000
            in 2005, or 10.5%, to 5,441,000, which was in line with guidance for
            the year. As a result of a record number of gross activations in the
            year, we acquired a similar level of net activations compared with
            2004, despite a year-over-year increase in our overall churn rate
            to 1.6% from 1.3% in 2004.</font></li>
        <li>
          <p align="left" style="margin-left: -20"><B><font size="2" face="Times New Roman" color="#333333">High-Speed
            Internet </font> </B><font size="2" face="Times New Roman" color="#333333">&#150;
            We added 387,000 net new high-speed Internet customers in 2005, increasing
            our customer base by 21% to 2,195,000, which was ahead of our target
            of 15% to 20% for the year. The net activations achieved in 2005 were
            10.6% higher than the 350,000 subscribers acquired in 2004. Subscriber
            growth in 2005 was fuelled largely by the introduction of our Basic
            Lite product and higher net activations at Aliant.</font></li>
        <li>
          <p align="left" style="margin-left: -20"><B><font size="2" face="Times New Roman" color="#333333">Video
            </font> </B><font size="2" face="Times New Roman" color="#333333">&#150;
            We gained significant momentum in our video business in 2005, growing
            the subscriber base by 14.9% to end the year with 1,727,000 customers.
            This was at the upper end of our guidance range of 10% to 15% for
            2005. During the year, we activated service for 224,000 new subscribers,
            an almost two-fold increase over 2004. As a result of our continued
            focus on customer retention and a higher proportion of customers on
            long-term contracts, churn decreased to 0.9% from 1.0% in the previous
            year.</font></li>
        <li>
          <p align="left" style="margin-left: -20"><font color="#333333"><B><font size="2" face="Times New Roman">Network
            Access Services (NAS) </font> </B><font size="2" face="Times New Roman">&#150;
            NAS in service declined by 324,000 in 2005, or 2.5%, representing
            a higher rate of decline compared with 1.1% experienced in the previous
            year. The accelerated rate of erosion reflects an increasingly competitive
            environment as the major cable operators in our Qu&eacute;bec and
            Ontario markets began to offer low-priced cable telephony services,
            offset partly by our new Bell&nbsp;Digital Voice service and higher
            demand for access lines from Shaw Communications to deploy Voice-over-Internet
            Protocol (VoIP) services in western Canada.</font></font></li>
      </ul>
      <P align="left"> <b><font face="Times New Roman" color="#000080" size="3">
        Operating Revenues</font></b></P>
      <P align="left"> <font size="2" face="Times New Roman" color="#333333">
        Our revenues increased by 4.0% year-over-year to reach $19,105&nbsp;million
        in 2005. This result, which reflected improved revenue performance across
        all our segments, surpassed our target growth rate of equal to or greater
        than GDP. At Bell&nbsp;Canada, revenues grew by 2.8%, driven primarily
        by the Business segment where continued wireless strength, growth of ICT
        (or VAS) solution sales arising from both business acquisitions and organic
        growth, as well as focused execution of our Virtual Chief Information
        Officer (VCIO) strategy in SMB led to improved top-line results. Our Residential
        segment delivered solid revenue growth as a result of the performance
        of its video, Internet and wireless services, despite continued decreases
        in legacy wireline services, while Aliant revenues also increased notably
        due in part to its recovery from a labour disruption in 2004. In addition
        to the Bell&nbsp;Canada contribution, overall growth was further enhanced
        by the performance in the Other BCE segment, where revenues grew 9.5%
        at Bell&nbsp;Globemedia and 31% at Telesat.</font></P>
      <P align="left"> <b><font face="Times New Roman" color="#000080" size="3">
        Operating&nbsp;Income and EBITDA<SUP><font size="-1">1</font></SUP></font></b></P>
      <P align="left"> <font size="2" face="Times New Roman" color="#333333">
        Operating income at BCE for 2005 was $4,048&nbsp;million, an increase
        of $1,154&nbsp;million over the previous year, which included restructuring
        and other charges of $1,224&nbsp;million related primarily to the employee
        departure program in 2004. The results for 2005 reflect restructuring
        and other items of $55&nbsp;million associated with new restructuring
        initiatives for involuntary employee departures, as well as </font></P>
      <p align="left"><font face="Times New Roman">&nbsp;</font> </TD>
  </TR>
</TABLE>
&nbsp;
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR>
    <TD nowrap valign=top width="18%"> </TD>
    <TD nowrap valign=top width="2%"> </TD>
    <TD nowrap valign=top width="1%"> <p style="margin-top: -3"> <font size="2" face="Times New Roman" color="#333333">
        (1)&nbsp;</font> </p></TD>
    <TD width="79%"> <font color="#333333"><font size="2" face="Times New Roman">
      EBITDA, operating income before restructuring and other items, net earnings
      before restructuring and other items and net gains on investments, and free
      cash flow do not have any standardized meaning prescribed by Canadian generally
      accepted accounting principles (GAAP) and are therefore unlikely to be comparable
      to similar measures presented by other companies. For more details on these
      measures, including a reconciliation to the most comparable GAAP measure,
      please refer to the section entitled <I>Non-GAAP Financial Measures </I>contained
      herein.<br>
      </font></font> </TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">9</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> <font face="Times New Roman"> &nbsp;</font></P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font color="#000080" face="Times New Roman" size="4"> The
      Year in Review</font> <p><font face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <P> <font size="2" face="Times New Roman" color="#333333">
        the relocation of employees and closing of real estate facilities related
        to last year&#146;s employee departure program. Operating income before
        restructuring and other items<sup>1</sup> decreased $15&nbsp;million or
        0.4% compared with the previous year. Despite an increase in revenues
        across all segments, Galileo cost savings and the recovery from the 2004
        labour disruption at Aliant, operating income was negatively impacted
        by the increased cost of acquiring a substantially higher number of wireless
        subscribers, the Canadian Radio-television and Telecommunications Commission&#146;s
        (CRTC) decision with respect to Competitor Digital Network Services (CDN),
        continued margin pressure from the ongoing transformation of our product
        mix toward growth services, as well as the cost of restoring customer
        service levels following the settlement of the Entourage labour dispute
        in July. Also contributing to the decline in operating income was the
        impact of higher net benefit plans cost and amortization expense for the
        year.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&nbsp;Canada, operating income for
        the year was $3,755&nbsp;million, a $1,060&nbsp;million increase over
        2004 resulting from the charges recognized last year in consideration
        of the employee departure program. Operating income before restructuring
        and other items declined by $105&nbsp;million in 2005 to $3,809&nbsp;million,
        representing a 2.7% decrease from $3,914&nbsp;million in the previous
        year due to the reasons referred to previously.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 2005 EBITDA increased 2.2% or $167&nbsp;million
        to $7,597&nbsp;million compared with the previous year, reflecting improved
        performance at Bell&nbsp;Canada, Bell&nbsp;Globemedia and Telesat. EBITDA
        for Bell&nbsp;Canada was $7,187&nbsp;million, representing a 1.1% increase
        over 2004, driven primarily by increases in our Business segment and at
        Aliant, which were partially offset by decreases in our Residential and
        Other Bell&nbsp;Canada segments.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margins for full-year 2005 were 39.8%
        at BCE and 41.7% at Bell&nbsp;Canada, both down 0.7 percentage points
        compared with 2004. The year-over-year declines reflected operating cost
        pressures, which included higher wireless acquisition costs, continued
        erosion of high-margin legacy voice and data services in all our segments,
        the CRTC&#146;s CDN decision as well as the costs to restore service levels
        subsequent to the resolution of the labour dispute at Entourage. The impact
        of these elements on EBITDA margin was largely offset by the operating
        cost savings achieved through Galileo.</font> </P>
      <P><b><font face="Times New Roman" color="#000080" size="3">Net Earnings
        / Earnings per Share (EPS)</font></b></P>
      <P> <font size="2" face="Times New Roman" color="#333333"> In 2005, net
        earnings applicable to common shares were $1,891&nbsp;million, or $2.04
        per common share, 24% higher than net earnings of $1,523&nbsp;million,
        or $1.65 per common share, for the same period last year.&nbsp;Included
        in earnings this year was a net charge of $10&nbsp;million from restructuring
        and other items and net gains on investments, compared with a net charge
        of $349&nbsp;million for the same period last year. Net earnings before
        restructuring and other items and net gains on investments<SUP>1</SUP>
        of $1,901 million, or $2.05 per common share, were up $29&nbsp;million,
        or $0.03 per share. This represents an increase of 1.5% over last year,
        which was in line with our expectations of single-digit growth for 2005.
        On a year-to-date basis, the improvement in EPS before gains on investments
        and restructuring and other items can be attributed to higher EBITDA combined
        with the impact from the income tax loss monetization program between
        Bell&nbsp;Canada and BCI and net income tax savings. This more than offset
        the increase in net benefit plans cost and amortization expense.</font></P>
      <b><font face="Times New Roman" color="#000080" size="3"> Capital Expenditures</font></b>
      <P> <font size="2" face="Times New Roman" color="#333333"> For the full
        year, capital expenditures of $3,428&nbsp;million were $109&nbsp;million,
        or 3.3%, higher than 2004. Similarly, at Bell&nbsp;Canada, capital expenditures
        increased by 3.2%, or $96&nbsp;million, to $3,122&nbsp;million. As a percentage
        of revenues, Bell&nbsp; Canada&#146;s capital expenditures increased slightly
        to 18.1% in 2005 from 18.0% last year, in line with our guidance range
        of 18% to 19% for 2005. Capital spending in 2005 reflected higher investment
        in the growth areas of the business and reduced expenditures in legacy
        areas. Our key strategic investments this year included the expansion
        of our fibre-to-the-node (FTTN) footprint to deliver higher-speed broadband
        access, our launch of Bell&nbsp;Digital Voice, the deployment of an Evolution,
        Data Optimized (EV-DO) wireless data network in certain of our markets,
        our Digital Subscriber </font></P></td>
  </tr>
</table>
<P> <font face="Times New Roman"> &nbsp;</font></P>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">10</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> <font face="Times New Roman"> &nbsp;</font></P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <P> <font color="#333333" size="2" face="Times New Roman">
        Line (DSL) footprint expansion facilitated through the deployment of new
        high-density remotes, investment in our IP television (IPTV) platform
        and information technology (IT) efficiency projects to deliver cost savings.
        Higher spending also resulted from a return to more normal spending levels
        at Aliant after its labour disruption in 2004 and satellite builds at
        Telesat.</font></P>
      <P> <b><font face="Times New Roman" color="#000080" size="3">Cash from operating
        activities and free cash flow<SUP><font size="-1">1</font></SUP></font></b></P>
      <P> <font color="#333333" size="2" face="Times New Roman"> Cash from operating
        activities was $5,559&nbsp;million in 2005, an increase of 2.1% compared
        to $5,443&nbsp;million in 2004. Cash from operating activities was impacted
        positively by:</font></P>
      <ul>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">an
            improvement in cash earnings resulting from higher EBITDA</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">a
            significant improvement in accounts receivable collections, due to
            the resolution of issues associated with the implementation of our
            new wireless billing platform in 2004&nbsp;</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">an
            increase of $134&nbsp;million in proceeds from the sale of accounts
            receivable</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">a
            decrease of $77&nbsp;million in restructuring payments relating to
            the restructuring initiatives of 2004 and 2005.</font></li>
      </ul>
      <P> <font color="#333333" size="2" face="Times New Roman"> These improvements
        were partly offset by:</font></P>
      <ul>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">higher
            pension and other benefit plan payments mainly at Aliant</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">an
            increase of $73&nbsp;million in income taxes paid, primarily related
            to the final instalment for 2004 made in 2005 as instalments were
            not required at Bell&nbsp;Canada in 2004</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">a
            $75&nbsp;million settlement payment received from MTS in 2004.</font></li>
      </ul>
      <P> <font color="#333333" size="2" face="Times New Roman"> We generated
        $662&nbsp;million of free cash flow for 2005, meeting our target of $600&nbsp;million
        to $800&nbsp;million for the year. On December&nbsp;16,&nbsp;2005, we
        adjusted our 2005 guidance for free cash flow from the range of $700&nbsp;million
        to $900&nbsp;million to $600 million to $800&nbsp;million to reflect the
        pending sale of CGI. Free cash flow of $662&nbsp;million for 2005 was
        $208&nbsp;million lower than the $870&nbsp;million achieved in the previous
        year. The decrease can be attributed to:</font></P>
      <ul>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">a
            decrease of $149&nbsp;million in insurance proceeds received by Telesat</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">an
            increase of $109&nbsp;million in capital expenditures related to our
            investment in next-generation service platforms</font></li>
        <li>
          <p style="margin-left: -20"><font color="#333333" size="2" face="Times New Roman">an
            $87&nbsp;million increase in common dividends paid resulting from
            the $0.03 quarterly increase in dividend per common share.</font></li>
      </ul>
      <P> <font color="#333333" size="2" face="Times New Roman"> These items were
        offset in part by a $116&nbsp;million increase in cash from operating
        activities.</font></P></td>
  </tr>
</table>
<P> <font face="Times New Roman"> &nbsp;</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR>
    <TD nowrap valign=top width="18%"> </TD>
    <TD nowrap valign=top width="2%"> </TD>
    <TD nowrap valign=top width="1%"> <p style="margin-top: -3"> <font size="2" face="Times New Roman" color="#333333">
        (1)&nbsp;</font> </p></TD>
    <TD width="79%"> <font face="Times New Roman" size="2" color="#333333">EBITDA,
      operating income before restructuring and other items, net earnings before
      restructuring and other items and net gains on investments, and free cash
      flow do not have any standardized meaning prescribed by Canadian generally
      accepted accounting principles (GAAP) and are therefore unlikely to be comparable
      to similar measures presented by other companies. For more details on these
      measures, including a reconciliation to the most comparable GAAP measure,
      please refer to the section entitled <I>Non-GAAP Financial Measures </I>contained
      herein.<br>
      </font> </TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman"> &nbsp;</font></P>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">11</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom" height="38">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=80% align=left colspan="5"><font size="6" face="Times New Roman" color="#000080">The
      Quarter at a Glance</font> <p>&nbsp;</p></TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=80% align=left colspan="5"> <P><font size="2" face="Times New Roman" color="#333333">
        In the fourth quarter, we regained momentum in the execution of our strategy
        as evidenced by our strong financial and operating performance. Our cost
        reduction program accelerated and we re-established consistent levels
        of customer service. Improved operating performance in the quarter was
        driven primarily by the results of our Business and Aliant segments, as
        well as by the continuing successful execution of our wireless and video
        subscriber growth strategies, which offset the pressure on operating income
        from the expected further erosion of our legacy voice and data business.
        This translated into overall revenue growth in Q4 2005 of 4.6% at BCE
        and 3.6% at Bell&nbsp;Canada. Revenues from our growth services continued
        to increase, accounting for 47% of total revenues at Bell&nbsp;Canada
        at the end of 2005. Operating income before restructuring and other items
        improved by 6.6% at BCE and 6.3% at Bell&nbsp;Canada this quarter, despite
        higher expected acquisition costs from an increased number of wireless
        gross activations and increasing wireline customer losses.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Residential segment continued to experience
        solid subscriber acquisition in all its growth services (composed mainly
        of wireless, video and data-related products such as high-speed Internet),
        which helped to fully offset the impact on revenues resulting from continued
        local wireline and long-distance erosion. To counter the competitive pressure
        of cable telephony, we continued to focus on securing multi-product households
        and retaining our highest-value customers in order to enhance customer
        loyalty and drive higher revenue per household.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our Business segment, while competitive
        pricing pressures persisted and demand for legacy wireline business services
        lessened, we recorded a sixth consecutive quarter of improved revenue
        growth as a result of increased sales of our IP based connectivity and
        ICT (or VAS) solutions within the Enterprise and SMB markets, as well
        as continued wireless strength.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Aliant segment, higher wireless and
        Internet service revenues, as well as the recovery from the 2004 labour
        disruption, offset declines in its wireline business resulting from the
        impacts of competition, technology substitution and regulatory restrictions.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Other Bell&nbsp;Canada segment, the
        marketplace remained challenging for our wholesale business due to competitive
        market pressures, customers migrating services onto their own network
        facilities and the CRTC&#146;s CDN decision. The performance of this segment
        was positively influenced by the acquisition in November&nbsp;2004 of
        the operations of 360networks.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the Other BCE segment, Bell&nbsp;Globemedia
        delivered double-digit revenue growth as a result of strong advertising
        sales as well as higher subscription revenues. While strong television
        ratings and the end of the hockey lockout favourably impacted revenue
        growth, higher costs associated with NHL hockey broadcasts adversely affected
        operating income in Q4. Continued solid operating performance at Telesat
        was driven largely by its acquisition of SpaceConnection at the beginning
        of 2005 and higher telecommunication carrier revenues stemming from increased
        sales of services from its now retired Anik E2 satellite.</font></P>
      <P> <b><font face="Times New Roman" color="#000080" size="3"> Customer Connections<br>
        </font></b><font face="Times New Roman">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" color="#333333">
        <B><font face="Times New Roman">Connections</font></B><font face="Times New Roman" color="#333333">&nbsp;</font>
        </font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">Q4
      2005</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font size="2" color="#333333"> <B><font face="Times New Roman">31
      Dec. 05</font></B><font face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        (in thousands)&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">Net
      Activations</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font size="2" color="#333333"> <B><font face="Times New Roman">Connections</font></B><font face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5 width="57%"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        Wireless&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">210</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font size="2" color="#333333"> <B><font face="Times New Roman">5,441</font></B><font face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        High-Speed Internet&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">61</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font size="2" color="#333333"> <B><font face="Times New Roman">2,195</font></B><font face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        Video&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">50</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=10% align=right> <font size="2" color="#333333"> <B><font face="Times New Roman">1,727</font></B><font face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=57% align=left> <p style="text-indent: -12; margin-left: 12"> <font size="2" face="Times New Roman" color="#333333">
        NAS&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#333333">(122</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#333333"> <B> <font face="Times New Roman">
      )</font></B><font face="Times New Roman" color="#000080">&nbsp;</font></font>
    </TD>
    <TD width=10% align=right> <font size="2" color="#333333"> <B><font face="Times New Roman">12,581</font></B><font face="Times New Roman" color="#000080">&nbsp;</font>
      </font> </TD>
    <TD width=2% align=right> </TD>
  </TR>
  <tr>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5> <HR noshade size=1> </TD>
  </tr>
  <tr>
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5> <HR noshade size=1> </TD>
  </tr>
  <TR height="144">
    <TD width="18%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=5 width="80%"> <P><br>
      </P>
      <ul>
        <li>
          <p style="margin-left: -20"> <B><font size="2" face="Times New Roman" color="#333333">Wireless
            </font> </B><font size="2" face="Times New Roman" color="#333333">&ndash;
            We grew our wireless base by 210,000 customers this quarter, down
            from net activations of 217,000 in Q4 2004. Notwithstanding a record
            number of gross activations, the decrease in year-over-year net activations
            was due to slightly higher churn. In line with guidance for 2005,
            we expanded our customer base by 10.5% year-over-year to 5,441,000.</font></li>
        <li>
          <p style="margin-left: -20"> <font face="Times New Roman"> <B><font size="2" color="#333333">High-Speed
            Internet </font> </B><font size="2" face="Times New Roman" color="#333333">&ndash;
            We added 61,000 net new high-speed Internet customers this quarter,
            compared with net activations of 91,000 in Q4 2004, resulting in a
            21% expansion of our subscriber base to reach an end-of-year count
            of 2,195,000. Subscriber growth during the quarter slowed primarily
            as a result of aggressive price competition in the entry-level segment
            of the market and increased emphasis by certain</font></font></li>
      </ul></TD>
  </TR>
</TABLE>
&nbsp;
<P> <font size="2" face="Times New Roman"><FONT color="#000080">12</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <P> <font size="2" face="Times New Roman" color="#333333">
        cable operators on selling multi-product bundles at discounted rates.
        This was offset partly by higher net additions at Aliant.</font></P>
      <ul>
        <li>
          <p style="margin-left: -20"><B><font size="2" face="Times New Roman" color="#333333">Video
            </font> </B><font size="2" face="Times New Roman" color="#333333">&#150;
            Our video business had its best Q4 since 2002, activating 50,000 net
            new customers, an increase of 16.3% compared with Q4 2004. Our video
            subscriber base grew by 14.9% in 2005 to reach 1,727,000. Although
            churn increased by 0.2 percentage points year-over-year to 1.0%, reflecting
            aggressive price competition brought about by cable operators&#146;
            emphasis on bundling cable service with other products, it remained
            unchanged compared with the previous quarter.</font></li>
        <li>
          <p style="margin-left: -20"> <B><font size="2" face="Times New Roman" color="#333333">
            Network Access Services (NAS) </font> </B><font size="2" face="Times New Roman" color="#333333">
            &#150; NAS in service declined by 122,000 or 1.0% during the quarter,
            reflecting competitive losses and lower demand for second lines, offset
            partly by higher demand for access lines from Shaw Communications
            to deploy Voice-over-Internet Protocol (VoIP) services in western
            Canada. The increase in the year-over-year NAS rate of decline can
            be attributed mainly to the ramp up in competition from the major
            cable operators in Ontario and Qu&eacute;bec.</font></li>
      </ul>
      <b> <font size="3" color="navy" face="Times New Roman"> Operating Revenues</font></b>
      <p><font size="2" face="Times New Roman" color="#333333">Our revenues increased
        by 4.6% year-over-year to reach $4,986&nbsp;million in the quarter, reflecting
        improved revenue performance across most of our segments. At Bell&nbsp;Canada,
        revenues grew by 3.6%, driven primarily by the Business segment where
        higher data revenues from focused execution of our ICT and VCIO strategies
        and continued wireless strength positively impacted top-line results,
        and by Aliant where recovery from a labour disruption in 2004 and the
        solid performance of its wireless and Internet businesses translated into
        increased revenue growth. In our Residential segment, we delivered positive
        revenue growth in the quarter as the continued loss of legacy wireline
        business was more than offset by growth in video, Internet and wireless
        services. Higher revenues at our Other BCE segment, fuelled by stronger
        advertising and subscriber revenues at Bell&nbsp;Globemedia and higher
        carrier and broadcast revenue at Telesat combined with the positive impact
        from its acquisition of SpaceConnection, further contributed to overall
        revenue growth.</font></p>
      <P> <b> <font size="3" color="navy" face="Times New Roman"> Operating&nbsp;Income
        and EBITDA</font></b></P>
      <P> <font size="2" face="Times New Roman" color="#333333"> Operating income
        at BCE for the quarter was $979&nbsp;million, compared with $814&nbsp;million
        for Q4 2004, while Bell&nbsp;Canada operating income increased to $884&nbsp;million
        from $731&nbsp;million for the same respective period. The results for
        Q4 2004 included the recognition of $126&nbsp;million of restructuring
        and other items related to last year&#146;s employee departure program
        at Aliant and costs related to the relocation of employees and the closure
        of excess real estate facilities at Bell&nbsp;Canada, compared with a
        charge of $23&nbsp;million for Q4 2005 related to new restructuring initiatives
        for involuntary employee departures. Operating income before restructuring
        and other items for Q4 2005 increased by 6.6%, or $62&nbsp;million, at
        BCE and by 6.3%, or $54 million, at Bell&nbsp;Canada, compared with the
        previous year. Higher revenues, cost savings from Galileo and lower cost
        of acquisition (COA) expense in our video unit more than offset continued
        margin pressure from the ongoing transformation of our product mix towards
        growth services, the expected higher COA expense from an increased number
        of wireless gross activations, the CRTC&#146;s CDN decision and higher
        amortization expense at BCE.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our EBITDA for the quarter improved $64&nbsp;million,
        or 3.6%, to $1,858&nbsp;million compared with last year, reflecting an
        increase at Bell&nbsp;Canada offset partly by a decrease at Bell&nbsp;Globemedia.
        At Bell&nbsp;Canada, EBITDA was $1,729&nbsp;million this quarter, representing
        a 3.0% increase over last year, due primarily to improved performance
        at our Business, Aliant and Other Bell&nbsp;Canada segments, which was
        partly offset by a decrease at our Residential segment.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin in the fourth quarter was
        37.3% at BCE and 38.8% at Bell&nbsp;Canada, down 0.3 and 0.2 percentage
        points, respectively, compared with Q4 2004. The year-over-year declines
        reflected a number of expected impacts, including continued loss of higher-margin
        legacy voice and data customers in all our businesses, the ongoing transformation
        of our product mix towards growth services, higher wireless acquisition
        costs and the CRTC&#146;s CDN decision.</font></P></td>
  </tr>
</table>
<P> </P>
<P> <font face="Times New Roman"> <font color="#000080" size="2">13</font><font size="2" face="Times New Roman"><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font color="navy" face="Times New Roman" size="4">The Quarter
      at a Glance</font> <p></p></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><b><font size="3" color="#000080" face="Times New Roman">Net
        Earnings / Earnings per Share</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">Net earnings applicable
        to common shares for Q4 2005 were $413&nbsp;million, or $0.44 per common
        share, compared to net earnings of $417&nbsp;million, or $0.45 per common
        share, for the same period last year.&nbsp;Included in Q4 earnings this
        year was a net charge of $16&nbsp;million for restructuring and other
        items, compared with no charge in Q4 2004. Net earnings before restructuring
        and other items and net gains on investments for Q4 2005 were $429&nbsp;million,
        or $0.46 per common share, up $12&nbsp;million, or $0.01 per share. This
        increase can be attributed to higher EBITDA, partly offset by lower other
        income stemming from unfavourable changes in foreign exchange rates. We
        also recorded a gain of $44&nbsp;million in the quarter associated with
        the phase-out, over the next three years, of a discretionary allowance
        program, which substantially offset the increase in pension expense.</font></p>
      <font face="Times New Roman"><b> <font size="3" color="#000080">Capital
      Expenditures</font></b></font> <p><font size="2" color="#333333" face="Times New Roman">Capital
        expenditures were $831&nbsp;million this quarter, or 20% lower than the
        same period last year. As a percentage of revenues, capital expenditures
        decreased this quarter to 16.7% from 22% last year, reflecting a reduction
        at Bell&nbsp;Canada partly as a result of higher spending earlier in the
        year. Greater investment in IT systems and other efficiency-related processes
        to deliver future cost savings was more than offset by lower expenditures
        on network infrastructure and DSL footprint expansion, lower spending
        to support business customer contracts and the timing of spending on certain
        strategic initiatives such as our FTTN footprint expansion and IPTV platform
        development.</font></p>
      <p><b><font size="3" color="navy" face="Times New Roman">Cash from operating
        activities and free cash flow</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">In Q4 2005, cash
        from operating activities was $1,585&nbsp;million, an increase of 24%
        compared with $1,279&nbsp;million in Q4 2004. Cash from operating activities
        was impacted positively by:</font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">an
            improvement in cash earnings from higher EBITDA </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">an
            increase of $84&nbsp;million in proceeds from the sale of accounts
            receivable </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">a
            decrease of $191&nbsp;million in restructuring payments relating to
            the restructuring initiatives of 2004 and 2005. </font>
      </ul>
      <p><font size="2" color="#333333" face="Times New Roman">These improvements
        were partly offset by lower accounts receivable collections in our wireless
        business during Q4 2005, compared with a higher-than-usual collection
        volume in Q4 2004 as a result of the implementation of our new wireless
        billing platform, notwithstanding a significant improvement year-over-year
        in days sales outstanding.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow of $423&nbsp;million generated
        in Q4 2005 was $544&nbsp;million better than the negative $121&nbsp;million
        reported for Q4 2004. The improvement can be attributed to:</font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">the
            $306&nbsp;million increase in cash from operating activities</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">an
            improvement of $212&nbsp;million in capital expenditures, as described
            previously</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">$30&nbsp;million
            in insurance proceeds received by Telesat in Q4 2005.</font>
      </ul>
      <p><font size="2" color="#333333" face="Times New Roman">These items were
        offset in part by a $29&nbsp;million increase in common dividends paid,
        resulting from the $0.03 quarterly increase in dividend per common share.</font></p>
      <font face="Times New Roman"><b> <font size="3" color="navy"> Strategic
      Priorities</font></b></font> <p><font size="2" color="#333333" face="Times New Roman">Our
        strategy is to deliver unrivalled integrated communication services to
        customers and to take a leadership position in setting the standard in
        Internet Protocol (IP). During the quarter, we made significant progress
        on each of our three key strategic priorities.</font></p>
      <p><i><font size="2" color="#333333" face="Times New Roman">1) Enhancing
        customer experience while targeting lower costs (our Galileo program)</font></i></p>
      <p><font size="2" color="#333333" face="Times New Roman">In our Residential
        segment:</font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">We
            continued to execute on our multi-product household strategy. At the
            end of 2005, nearly 60% of the total households in our Ontario and
            Qu&eacute;bec footprint subscribed to two or more products (a combination
            of local wireline, Internet, video and long distance services) and
            over 22% of total households subscribed to three or more products.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">By
            the end of 2005, 2.3&nbsp;million customers in Ontario and Qu&eacute;bec
            were enjoying the benefits of a single bill for their wireline, Internet,
            and video services, representing more than a two-fold increase since
            the</font> </ul></td>
  </tr>
</table>
&nbsp;
<P> <font size="2" face="Times New Roman"><FONT color="#000080">14</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><font size="2" color="#333333" face="Times New Roman">beginning
        of 2005. Simplification of the billing process not only improves the customer
        experience, but also lowers costs since we issue fewer invoices. During
        the fourth quarter, we initiated the process to migrate Bell&nbsp;Mobility
        customers who receive a single invoice for their other Bell&nbsp;Canada
        services to the one bill platform.</font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">We
            expanded the scope of OrderMax, our order entry tool that enables
            customers to order any Bell&nbsp;Canada product from any channel,
            to include Bell&nbsp;ExpressVu. OrderMax is currently available to
            over 50% of our customer service agents. </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">We
            launched the &lsquo;beta&rsquo; site of our new Bell.ca website to
            the general public. The new website enhances the customer experience
            through a simplified and consistent page layout, a single shopping
            process for all our products, an improved search engine and easy access
            to online bills. </font>
      </ul>
      <font size="2" color="#333333" face="Times New Roman"> In our Business segment:
      </font> <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">We
            continued making progress on moving our core traffic to a national
            IP multi-protocol label-switching (IP-MPLS) network. At the end of
            2005, 78% of the migratable traffic on our core network was IP-based,
            which surpassed our year-end objective of 75%. </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">As
            part of our shift to IP, we continued the process of rationalizing
            legacy data services. In 2005, we stopped selling 28 legacy data services.
            Since we began this initiative in 2004, we have discontinued 47 legacy
            data services. </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">The
            move to IP continued this quarter with 12 large enterprise customers
            contracted to implement IP Virtual Private Networks (IPVPN), including
            Royal Bank Financial Group and Xerox. This brought the total number
            of Enterprise customers implementing IPVPN networks as of the end
            of 2005 to 143. </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">At
            the end of 2005, 656 Enterprise customers were enrolled on &lsquo;Service
            Promise&rsquo;, which is our commitment to provide customers with
            a clearly defined and consistent level of service in the delivery
            of connectivity services. </font>
      </ul>
      <p><font size="2" color="#333333" face="Times New Roman">Overall, our various
        Galileo initiatives led to cost reductions in Q4 of $171&nbsp;million,
        bringing total savings for the year to $524&nbsp;million, which were in
        line with our run-rate savings target of $500-$600&nbsp;million for 2005.
        These cost savings resulted mainly from:</font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">the
            employee departures that took place in 2004 </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">reduced
            procurement costs </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">call
            centre efficiencies and optimization </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">the
            elimination of network elements and standardization of core operating
            processes. </font>
      </ul>
      <p><font size="2" color="#333333" face="Times New Roman">As part of our
        commitment to transform our cost structure, we began a comprehensive program
        to review procurement spending and related processes during the fourth
        quarter with the goal of implementing improved spending controls and reducing
        our approximate $8.5&nbsp;billion of annual external operating and capital
        expenditures.</font></p>
      <p><i><font size="2" color="#333333" face="Times New Roman">2) Deliver abundant
        bandwidth to enable next-generation services</font></i></p>
      <p><font size="2" color="#333333" face="Times New Roman">We continued our
        FTTN rollout by deploying another 194 neighbourhood nodes in Q4, raising
        the total number to 2,048, which surpassed our objective to deploy more
        than 2,000 nodes by the end of 2005.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During Q4, we extended the availability
        of our EV-DO wireless data network to western Canada. EV-DO technology
        is the third generation (3G) of wireless networks delivering average data
        download speeds of 400-700 kilobits per second (Kbps) with peaks of up
        to 2.4 Mbps. Given these speeds, EV-DO enables a new generation of sophisticated
        wireless data solutions, as well as fuels the speed and potential for
        current tools such as e-mail, file downloads, instant messaging, streaming
        video and games.</font></p>
      <p><i><font size="2" color="#333333" face="Times New Roman">3) Create next-generation
        services to drive future growth</font></i></p>
      <p><font size="2" color="#333333" face="Times New Roman">We ended 2005 with
        approximately 81,000 wireless subscribers on our &lsquo;10-4&rsquo; push-to-talk
        service, which included a significant number of non-business consumers.</font></p>
      <p><font size="2" color="#333333" face="Times New Roman">In addition, our
        Residential segment:</font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Introduced
            our first GSM-compatible handset and launched Canada&rsquo;s first
            flat per-minute rate billing service for global roaming on GSM networks
            in up to 150 countries for Bell&nbsp;Mobility customers. </font></ul></td>
  </tr>
</table>
<p></p>
<p><font size="2" face="Times New Roman"><FONT color="#000080">15&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></p>
<HR noshade align="center" width="100%" size=1 color="#333333">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font color="navy" face="Times New Roman" size="4"> The Quarter
      at a Glance</font> <p>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Announced
            the launch of the first mobile streaming video clip service in Canada.
            Bell&nbsp;Mobility customers who subscribe to the service can instantly
            view the latest in news, weather, sports and entertainment highlights.
            </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Introduced
            a new full-track mobile music download service. Subscribers will have
            instant access to a music library allowing for the ability to browse,
            review, download and share music with others. </font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Announced
            the addition of more High Definition (HD) sports programming, offering
            Bell&nbsp;ExpressVu customers the most HD channels currently available
            in Canada. </font>
      </ul>
      <font size="2" color="#333333" face="Times New Roman"> Our SMB unit: </font>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Grew
            its VAS service offerings primarily through Enterprise Resource Planning
            (ERP), hosting and other managed services, which are important growth
            drivers given their ability to create incremental connectivity revenues
            and to solidify customer relationships.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Began
            to market and sell customized digital video surveillance solutions
            to Canadian businesses that are being developed at our newly opened
            innovation centre established to develop IP-based technology and applications
            for SMB customers and governmental bodies.</font>
      </ul>
      <font size="2" color="#333333" face="Times New Roman"> Our Enterprise unit:
      </font> <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Sold
            275,000 IP-enabled lines on customer premises equipment (CPE) by the
            end of the year, representing a 90% increase in 2005.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Continued
            its focus on developing productivity-enhancing solutions for the health
            sector by launching a fully integrated wireless communications solution
            for Kingston General Hospital that features a secure wireless medical
            record system, a point-of-care computer that accommodates various
            clinical procedures, and a new wireless phone system throughout the
            patient care areas.</font>
      </ul>
      <p><font face="Times New Roman" color="#000080" size="3"><b>Other Corporate
        Developments</b></font></p>
      <p><font size="2" color="#333333" face="Times New Roman">Under our asset
        review program, we announced on December&nbsp;2,&nbsp;2005 an agreement
        to reduce our equity interest in Bell&nbsp;Globemedia from 68.5% to 20%.
        Following completion of all closing conditions and subject to receipt
        of the required regulatory approvals expected later in 2006, we will sell
        an 8.5% equity interest in Bell&nbsp;Globemedia to The Woodbridge Company
        Limited (&#147;Woodbridge&#148;) and a 20% stake to each of Ontario Teachers&rsquo;
        Pension Plan Board and Torstar Corporation for aggregate cash proceeds
        of $685&nbsp;million. In conjunction with the agreement to make these
        ownership changes, Bell&nbsp;Globemedia has restructured its capital on
        a basis more appropriate to ongoing operations through additional borrowing
        and a return of capital to its existing shareholders. The recapitalization,
        which was completed in January&nbsp;2006, resulted in a cash distribution
        of $607&nbsp;million to us. By retaining a 20% equity interest in the
        company, we have maintained our strong relationship with Bell&nbsp;Globemedia,
        allowing us to continue participating in the growth of Canada&rsquo;s
        leading media property, and secured ongoing access to media content thereby
        enhancing our growth services platforms.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;16,&nbsp;2005, we announced
        our decision to sell our stake in CGI following a review of our investment
        determining that it was no longer strategically essential for BCE to hold
        an equity interest in CGI given our focus on providing network-centric
        managed services and applications. On the closing date of the transaction
        (January&nbsp;12,&nbsp;2006), we received cash proceeds of $859&nbsp;million
        from CGI, reducing our ownership stake from 29.8% to 8.6%. We also extended
        our long-term commercial relationship with CGI. Our existing information
        systems and technology (IS/IT) outsourcing contract, commercial alliance
        agreement and network management agreement making Bell&nbsp;Canada CGI&rsquo;s
        preferred telecom services provider all have been extended by four years
        until June&nbsp;2016.</font></p>
      <p><b><font color="navy" face="Times New Roman" size="4">Financial Results
        Analysis</font></b></p>
      <b><font face="Times New Roman" color="#000080" size="3"> Residential segment</font></b>
      <p><font size="2" color="#333333" face="Times New Roman">Residential revenues
        increased by 0.7% in the fourth quarter of 2005 to $1,924&nbsp;million,
        reflecting the continued expansion of our wireless, video and high-speed
        Internet subscriber bases and an increase in video ARPU, offset almost
        entirely by lower wireline (local and access and long distance) revenues.
        Although overall Residential revenue growth slowed somewhat compared with
        previous</font></p></td>
  </tr>
</table>
<p></p>
<P> <font face="Times New Roman"> <font color="#000080" size="2">16</font><font size="2" face="Times New Roman"><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P ALIGN="justify">&nbsp;</P>
<P><font face="Times New Roman"></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><font size="2" color="#333333" face="Times New Roman">quarters,
        this result was anticipated given increased competition from cable telephony,
        which adversely affected long distance and local and access service revenues.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues, which represents
        the largest proportion of our Residential segment revenues, declined this
        quarter compared with the fourth quarter of 2004, due mainly to NAS declines
        which resulted in lower basic service and related SmartTouch feature revenues,
        offset partly by an increase in wireline maintenance plan revenues following
        price increases implemented in the previous quarter. NAS decreased this
        quarter primarily as a result of losses to competitive local exchange
        carriers (CLECs), cable telephony and continued pressure from growth in
        high-speed Internet access which reduces the need for second telephone
        lines, while the impact from other VoIP providers and customers substituting
        wireline with wireless telephone service remained minimal. The rate of
        year-over-year NAS losses increased this quarter as several major cable
        operators operating in our territory increased their marketing efforts
        and expanded the footprint of their low-priced local telephony offerings
        in certain of our Ontario and Qu&eacute;bec markets.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues this quarter decreased
        year-over-year as a result of lower average revenue per minute (ARPM)
        and lower international prepaid calling card revenue. Lower ARPM reflected
        increased competition from non-traditional long distance providers, the
        impact of our $5 Long Distance Bundle (which was discontinued in July&nbsp;2005)
        and Block-of-Time (BOT) minute plans, as well as a lower volume of higher
        priced overseas minutes. Overall minutes also declined compared with the
        same quarter last year as usage gains stemming from our bundle product
        were more than offset by losses of domestic and overseas minutes to alternative,
        non-traditional long distance service providers.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential data revenues grew this quarter,
        fuelled by further growth of our high-speed Internet subscriber base,
        an increase in revenues from our Sympatico.MSN.ca web portal and Bell&nbsp;Sympatico
        value-added services. Our Sympatico.MSN.ca portal revenues increased by
        65% over the fourth quarter of 2004. The portal currently averages 17.2&nbsp;million
        unique visitors per month, or 87% of online Canadians.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential wireless revenues for the quarter
        increased year-over-year as a result of a higher average number of customers
        compared with last year, price increases for certain services and features
        implemented earlier in the year and increased adoption of feature and
        data services. Overall revenue growth was dampened by the loss of high-value
        customers in the early part of 2005 due to billing system conversion issues
        and a higher proportion of customers choosing prepaid service or postpaid
        monthly packages that include a large number of in-plan minutes and free
        unlimited local airtime usage for up to six months.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Video revenues increased significantly in
        Q4 2005, driven by substantial year-over-year subscriber growth and higher
        ARPU reflecting the impact from price increases implemented during the
        year and the success of our strategy to upsell customers to higher priced
        programming packages.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Residential segment reported operating
        income of $444&nbsp;million this quarter, down 4.3% compared with the
        fourth quarter of 2004. This decrease was due primarily to a higher rate
        of decline in our high-margin residential NAS wireline customer base and
        higher wireless marketing costs related to an increased level of advertising
        and sales activity. These factors were offset partially by higher revenues,
        lower contact centre costs driven by an improvement in the first-call
        resolution rate and outsourcing, and cost savings associated with Galileo.</font></p>
      <font face="Times New Roman" color="#000080" size="3"><b>Business segment</b></font>
      <p><font size="2" color="#333333" face="Times New Roman">Business segment
        revenues for the fourth quarter of 2005 increased by 6.0% over the same
        quarter last year to reach $1,627&nbsp;million, reflecting higher revenues
        from our Enterprise and SMB units, and the positive impact from the acquisition
        of 360networks in November&nbsp;2004 which increased our customer base
        and gave us an extensive fibre network across major cities in western
        Canada. This solid revenue performance was offset slightly by a decline
        in total revenues at Bell&nbsp;West, due mainly to revenues received in
        2004 from the Government of Alberta (GOA) to build a next-generation broadband
        access network (Alberta SuperNet).</font></p></td>
  </tr>
</table>
<P></P>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">17&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P><font face="Times New Roman">&nbsp;</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font color="navy" face="Times New Roman" size="4">The Quarter
      at a Glance</font> <p>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" color="#333333" face="Times New Roman">Continued
        growth of higher-value wireless subscribers and increased data revenues
        drove solid revenue improvement at our Enterprise unit. Data delivered
        strong year-over-year performance, due to solid growth in IP-based connectivity
        and ICT (or VAS) revenues. ICT revenues grew by 28% in Q4 2005, compared
        with last year, mostly as a result of acquisitions, organic growth, and
        outsourcing. These increases in data and wireless revenues were partially
        offset by declines in long distance and local and access revenues, due
        to further erosion of our legacy voice and data business, the reprice
        of some existing wireline business in response to competitive market pressures
        and the continued migration of our voice and data traffic to IP-based
        systems.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Enterprise unit also signed a five-year
        contract with RBC Financial Group, Canada&rsquo;s largest financial institution,
        to implement a fully managed IP solution, converting approximately 8,400
        of the bank&rsquo;s phone lines at its head office in Toronto to VoIP.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SMB unit delivered its best quarter
        of the year, contributing significantly to the solid financial performance
        of our Business segment. Revenues generated from SMB customers increased
        this quarter as increases in data products and services and wireless revenues
        more than compensated for the decreases in long distance and local and
        access revenues and the sale of our conferencing solutions operations
        in the United States. Despite a highly competitive market environment,
        data revenue growth in Q4 2005 was driven by the continued strong adoption
        of our VCIO strategy and cross-selling opportunities with companies acquired
        in 2005 (including Nexxlink Technologies&nbsp;Inc., and CSB Systems, which
        are a part of Bell&nbsp;Business Solutions&nbsp;Inc.). This resulted in
        higher VAS and equipment sales year-over-year, which grew organically
        by 60% in the quarter, as well as an increase in the number of new DSL
        high-speed Internet access service connections. Long distance revenues
        decreased, due mainly to the combined impact of lower volumes and competitive
        pricing pressures, and a weakening of our pay-phone business that is directly
        attributable to wireless and Internet substitution. Similarly, local and
        access revenues were also lower due to pressure from our declining pay-phone
        business and NAS losses to alternative telephony providers.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;West continued to grow its Enterprise
        and SMB customer bases during Q4 2005, leading to increases in local and
        access and long distance revenues, as well as the sale of services on
        the Alberta SuperNet completed and accepted by the GOA in the fourth quarter.
        These increases were more than offset by revenues earned in Q4 2004 for
        construction of the Alberta SuperNet.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business segment operating income for the
        fourth quarter of 2005 increased by 29% to $236&nbsp;million, due largely
        to a year-over-year increase in revenues and the positive impact from
        our Galileo cost-reduction initiatives. This was mitigated by continued
        margin pressure from competitive pricing and lower demand, the loss of
        higher-margin legacy voice and data business, the ongoing shift of voice
        and data traffic to lower-margin IP-based growth services and a slight
        increase in net benefits plans cost.</font></font></p>
      <ul>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">In
            the Enterprise unit, operating income increased in the quarter, despite
            the negative margin impact from steady progress in transforming our
            product mix towards growth services, due mainly to solid revenue growth
            and focused cost management.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Similarly,
            our SMB unit also had higher fourth-quarter operating income year-over-year,
            due to strong revenue performance, lower selling, general and administrative
            costs and a decrease in amortization expense, offset partially by
            higher operating expenses stemming from recent business acquisitions
            and margin erosion related to the shift from legacy voice and data
            services to VCIO revenues.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Bell&nbsp;West
            recorded lower operating income in the fourth quarter of 2005, due
            primarily to lower data revenues and higher amortization expense.</font>
      </ul>
      <font face="Times New Roman" size="3" color="#000080"><b> Aliant</b></font>
      <p><font size="2" color="#333333" face="Times New Roman">Aliant segment
        revenues were $535&nbsp;million in the fourth quarter, reflecting an increase
        of $29&nbsp;million, or 5.7%, compared with the same period last year.
        Continued strong growth in wireless and Internet services, as well as
        a recovery from the 2004 labour disruption, offset declines in other areas
        due to impacts of competition, wireless and Internet substitution, and
        regulatory restrictions.</font></p></td>
  </tr>
</table>
<P></P>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">18&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> <font face="Times New Roman"> &nbsp;</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><font size="2" color="#333333" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aliant&rsquo;s
        wireless revenue increased in the fourth quarter, driven by an 11.9% year-over-year
        increase in its wireless customer base and higher ARPU. Subscriber results
        included a 23% increase in digital customers, reflecting Aliant&rsquo;s
        expanded service area coverage and digital wireless network, enhanced
        dealer network that improved market penetration and broad product selection.
        In addition, ARPU increased in the quarter, reflecting the impacts of
        a higher percentage of customers subscribing to digital service and an
        increase in average minutes of use.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues increased in the fourth quarter
        as higher Internet revenues and recovery from the 2004 labour disruption
        were offset slightly by other data revenue declines from the continued
        rationalization of circuit networks by customers and the negative impact
        of the CRTC&rsquo;s CDN decision, which amounted to $1.9&nbsp;million
        in the quarter. The growth in Internet revenues was attributable to year-over-year
        subscriber growth of 7.9%, reflecting a 42% growth in Aliant&rsquo;s high-speed
        Internet customer base. The expansion of the subscriber base reflected
        expansion of high-speed Internet service into new areas, the migration
        of dial-up customers to higher-speed products, successful marketing programs
        and an emphasis on bundling Internet service with other products.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues declined in the fourth
        quarter, due to lower per-minute pricing and a decline in minutes of use
        arising from intense competition, substitution of long distance calling
        with Internet and wireless options, and the use of contact centre management
        tools (such as integrated voice response systems) that reduce the duration
        of calls.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues also decreased
        on a year-over-year basis in the quarter. This resulted mainly from a
        1.5% decline in the NAS customer base since Q4 2004, reflecting losses
        to the competition and technology substitution. In addition, the CRTC&rsquo;s
        regulatory restrictions continue to place pressure on Aliant&rsquo;s local
        and access revenue with respect to bundling and packaging of local services
        with other non-regulated services, and limitations imposed with respect
        to customer win-back promotions. Moreover, enhanced service features revenue
        also declined as a higher number of customers received bundling discounts.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminal sales and other revenues increased
        for the fourth quarter, due mainly to higher product sales reflecting
        Aliant&rsquo;s recovery from its 2004 labour disruption.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income at Aliant in the fourth
        quarter was $105&nbsp;million or $82&nbsp;million higher compared with
        the same period last year. The full impact of growth and recovery from
        the 2004 labour disruption and the non-recurrence in 2005 of a $67&nbsp;million
        restructuring charge related to the voluntary early retirement program
        in December&nbsp;2004 was partially offset by the impact of the CDN decision
        and an increase in net benefit plans cost. Operating expense increases
        required to drive revenue growth were contained by sound expense management
        and reflected the cost savings from Aliant&rsquo;s 2004 voluntary early
        retirement program.</font></p>
      <font face="Times New Roman" size="3" color="#000080"><b>Other Bell&nbsp;Canada
      segment</b></font> <p><font size="2" color="#333333" face="Times New Roman">Other
        Bell&nbsp;Canada segment revenues for the fourth quarter of 2005 were
        $494&nbsp;million, representing a decrease of $17&nbsp;million or 3.3%
        compared with the same period in 2004. The decline was due mainly to the
        performance of our wholesale unit that was affected by the impact of the
        CRTC&rsquo;s CDN decision (which reduced revenues by $15&nbsp;million
        in the quarter), lower long distance revenues resulting from a decline
        in switched minute volumes and continued competitive pricing pressure,
        and weaker data revenues as a result of customers migrating services onto
        their own network facilities. This was offset partially by the contribution
        to revenues from the acquisition of 360networks late in the fourth quarter
        of 2004 and a contract to help restore telecommunications service to the
        areas affected in the United States by hurricane Katrina.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income for the Other Bell&nbsp;Canada
        segment was $99&nbsp;million this quarter, up from $61&nbsp;million in
        Q4 2004. The amount reported in Q4 2004 included restructuring and other
        charges of $56&nbsp;million, relating to the relocation of employees and
        closure of excess real estate facilities associated with our employee
        departure program. Operating income before restructuring items increased
        5.1% to $123&nbsp;million this quarter compared with $117&nbsp;million
        in the same period last year, reflecting lower costs due to fulfillment
        of our cross-border exchange traffic commitments for the year and the
        consequent purchase of</font></p></td>
  </tr>
</table>
<P></P>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">19&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> <font face="Times New Roman"> &nbsp;</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font color="navy" face="Times New Roman" size="4">The Quarter
      at a Glance</font> <p>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><font size="2" color="#333333" face="Times New Roman">termination
        minutes for southbound U.S. traffic at a lower rate. Lower revenues partly
        offset the positive impacts on operating income.</font></p>
      <font face="Times New Roman" size="3" color="#000080"><b>Other BCE segment</b></font>
      <p><font size="2" color="#333333" face="Times New Roman">Other BCE segment
        revenues were $596&nbsp;million this quarter or 13.3% higher than the
        same period in 2004, reflecting higher revenues at Bell&nbsp;Globemedia
        and Telesat.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Globemedia&rsquo;s revenues for
        the quarter were $465&nbsp;million, up 14.8% from Q4 2004. Total advertising
        revenues grew by 15.7% in Q4 2005, reflecting the strength of CTV Television&rsquo;s
        schedule, which included 9 of the top 10 and 14 of the top 20 regularly
        scheduled programs during the fall season among all viewers, higher national
        and careers advertising at The Globe and Mail, as well as increased advertising
        from the resumption of hockey broadcasts on our sports specialty channels
        TSN and RDS following the end of the NHL players&rsquo; lockout in Q3
        2005. Bell&nbsp;Globemedia&rsquo;s subscriber revenues grew by 11.7% this
        quarter, due primarily to strong specialty channel growth and increased
        online subscription at The Globe and Mail, as well as a larger number
        of subscribers and an increase in the home delivery rate for The Globe
        and Mail implemented at the beginning of 2005.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat&rsquo;s revenues increased by 15.7%
        to $118&nbsp;million this quarter, primarily as a result of higher revenues
        from its acquisition of SpaceConnection, increased sales of services from
        its Anik E2 satellite (which was retired in November&nbsp;2005), and higher
        overall broadcast revenues. </font></p>
      <ul>
        <li>
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">SpaceConnection
            was acquired in January&nbsp;2005 and is a provider of programming-related
            satellite transmission services to major U.S. television networks
            and cable programmers.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">On
            October&nbsp;1,&nbsp;2005, Telesat&rsquo;s new Anik F1R satellite
            was placed into service and is now providing capacity for broadcasters,
            home satellite television services and telecommunications.</font>
        <li type="disc">
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">On
            January&nbsp;17,&nbsp;2006, Telesat announced plans to build and launch
            Nimiq&nbsp;4, a new direct broadcast satellite that will carry a wide
            range of digital television services and enable Bell&nbsp;ExpressVu
            to continue to enhance advanced services such as HD television, specialty
            channels and foreign language programming.</font>
      </ul>
      <p><font size="2" color="#333333" face="Times New Roman">Operating income
        for the Other BCE segment increased by 14.5% this quarter to $95&nbsp;million,
        despite lower operating income at both Bell&nbsp;Globemedia and Telesat,
        as a result of lower corporate expenses at BCE&nbsp;Inc.</font></p>
      <ul>
        <li>
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Bell&nbsp;Globemedia&rsquo;s
            operating income decreased by 1.9% this quarter, despite solid revenue
            growth, primarily as a result of higher sports specialty programming
            costs due to the resumption of NHL hockey broadcasts, increased sales
            and circulation costs at The Globe and Mail and higher net benefit
            plans cost.</font>
        <li>
          <p style="margin-left: -20"><font size="2" color="#333333" face="Times New Roman">Telesat&rsquo;s
            operating income decreased by 8.1% this quarter, reflecting SpaceConnection&rsquo;s
            operating expenses, network equipment costs for Interactive Distance
            Learning services and higher amortization expense related to its newest
            satellites (Anik F2 and Anik F1R).</font>
      </ul>
      <p><b><font color="navy" face="Times New Roman" size="4">Product Line Analysis</font></b></p>
      <p><b><font face="Times New Roman" size="3" color="#000080">Local and access</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">Local and access
        revenues for the quarter decreased by 3.9% to $1,343&nbsp;million, compared
        with the same period in 2004, as a result of accelerating NAS erosion
        and lower Smart-Touch feature revenues, offset partly by gains from wireline
        insurance and maintenance plans.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAS in service declined by 324,000 or 2.5%
        since the beginning of the year, as a result of losses to cable operators
        offering local telephone service, other VoIP providers and CLECs, wireline
        to wireless substitution, as well as continued pressure from growth in
        high-speed Internet access that reduces the need for second telephone
        lines. This decrease in 2005 reflected a higher level of NAS losses than
        the previous year, as several major cable operators in our incumbent territories
        increased their marketing efforts and expanded the footprint of their
        low-priced local telephony offerings in certain of our Ontario and Qu&eacute;bec
        markets. This was offset partly by customers subscribing to our new Bell&nbsp;Digital
        Voice service and higher demand for access lines from Shaw Communications
        to offer VoIP services in western Canada.</font></p></td>
  </tr>
</table>
<p></p>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">20&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> <font face="Times New Roman"> &nbsp;</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><b><font face="Times New Roman" size="3" color="#000080">Long
        distance</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">Long distance revenues
        were $478&nbsp;million for the quarter, reflecting a year-over-year decrease
        of 14.6% compared with Q4 2004. Lower long distance revenues affected
        all Bell&nbsp;Canada segments, particularly our Residential and Business
        segments. Overall minute volumes for the fourth quarter of 2005 increased
        marginally year-over-year, by 0.2%, to 4,567&nbsp;million conversation
        minutes. However, ARPM decreased by $0.013 during the same period to reach
        $0.096, reflecting competitive pricing pressures in our Residential, Business
        and Wholesale markets.</font></p>
      <font face="Times New Roman" color="#000080" size="3"><b>Wireless</b></font>
      <p><font size="2" color="#333333" face="Times New Roman">Gross wireless
        activations increased by 9.9% this quarter to a record 455,000, up from
        414,000 in Q4 2004. Although the percentage of total gross activations
        from postpaid rate plans in the fourth quarter decreased to 68% this year
        from 71% in 2004, due to the impact of Solo Mobile and Virgin Mobile performance
        on our prepaid gross activations, the absolute number of postpaid activations
        increased by 5.1% year-over-year to 308,000. Prepaid gross activations
        comprised the remaining 147,000, representing a 22% increase compared
        with Q4 2004. Postpaid growth was stimulated by the success of our of
        holiday-season advertising campaign and attractive promotions, new handsets,
        continued traction from innovative services such as our &lsquo;10-4&rsquo;
        service, our growing presence in western Canada, as well as continued
        success with the business market segments. Although prepaid activations
        are traditionally the highest in Q4 due to the commitment-free, gift-giving
        nature of the product, growth was also fuelled by the success of our two
        youth-oriented brands, Solo Mobile and Virgin Mobile.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our postpaid churn rate in Q4 increased
        on a year-over-year basis to 1.3% from 1.2%, but decreased when compared
        to the previous quarter&rsquo;s churn rate of 1.5% due primarily to the
        impact of various retention initiatives targeted mainly at our higher-value
        subscribers. The year-over-year increase reflected increased competitive
        pressures, price increases implemented at the beginning of Q3 and the
        enforcement of tighter policies on customer credits and upgrades. Prepaid
        churn increased to 2.2% for the fourth quarter of 2005 from 1.9% for the
        same period last year, representing the cancellation of a higher number
        of inactive, non-revenue-generating customer accounts. Accordingly, our
        blended churn rate for Q4 increased to 1.5% this year compared with 1.4%
        for the same quarter in 2004.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&nbsp;31,&nbsp;2005, our cellular
        and PCS subscriber base totalled 5,441,000, representing a 10.5% increase
        in 2005. Postpaid rate plans accounted for 74% of our total subscriber
        base at the end of the year. Net additions of 210,000 for the fourth quarter
        were lower than net additions of 217,000 in Q4 2004, despite solid year-over-year
        growth in gross activations, as a result of higher customer churn. For
        the quarter, 60% of the net additions were on postpaid rate plans, compared
        with 59% in Q4 2004 and 41% in the previous quarter, while the remaining
        40% customers activated prepaid service.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenues for the quarter
        increased to $812&nbsp;million from $742&nbsp;million for the same quarter
        in 2004, reflecting a higher average number of customers in our subscriber
        base in combination with higher ARPU.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU increased by $3 year-over-year
        to $64 per month in Q4 2005, compared with the same quarter last year.
        This improvement was achieved primarily as a result of higher value-added
        service and data revenues, fuelled by the growing popularity of text messaging
        and our &lsquo;10-4&rsquo; service, increased penetration of Blackberry
        customers and other heavy users subscribing to higher-priced rate plans,
        the positive impact from price increases for certain features (including
        911, 411, outbound text messaging), out-of-bundle minutes and other miscellaneous
        charges introduced earlier this year, and the continued strong wireless
        performance of our Business segment particularly in western Canada. This
        was offset by lower out-of-bundle airtime usage, resulting from the popularity
        of price plans offering a large number of bundled minutes or an unlimited
        local usage option. Prepaid ARPU increased to $14 per month this quarter,
        compared with $13 per month for Q4 2004, due to the growing presence of
        higher-than-average ARPU Solo and Virgin Mobile subscribers in our prepaid
        customer base and higher usage. As a result of both higher postpaid and
        prepaid ARPU and offset by a slight decrease in the percentage of total</font></p></td>
  </tr>
</table>
<p> </p>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">21&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P><font face="Times New Roman"></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"><font color="navy" face="Times New Roman" size="4">The Quarter
      at a Glance</font> <p>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td width="80%"> <p><font size="2" color="#333333" face="Times New Roman">subscribers
        on postpaid rate plans, blended ARPU also increased in the quarter reaching
        $51 per month, up from $50 in Q4 2004.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless EBITDA increased by 13.5%, year-over-year,
        to $311&nbsp;million in Q4 2005, reflecting wireless revenue growth of
        9.5% and lower call centre expenses due to resolution of residual billing
        system conversion issues. These factors contributed to wireless EBITDA
        margin of 37.1% for the quarter, representing a 0.9 percentage point improvement
        in margin compared with the fourth quarter of 2004.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA increased 1.7% to $409 per
        gross activation in Q4 2005 from $402 per gross activation for the same
        quarter in 2004. Despite a larger number of gross activations, higher
        COA was driven primarily by an increase in advertising and marketing spend
        for the holiday period, an increase in sales of more expensive handsets
        to higher-ARPU generating customers and promotional incentives offered
        to acquire higher-value and longer-term contract customers.</font></p>
      <p><b><font face="Times New Roman" size="3" color="#000080">Data</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">Our data revenues
        for Q4 2005 increased by 13.9% year-over-year to $1,097&nbsp;million.
        The improvement was a result of growth in our high-speed Internet customers,
        increased penetration of IP-based connectivity and ICT (or VAS) solutions
        within our Enterprise and SMB business units, and the contribution from
        business acquisitions completed in the past year, which more than offset
        a decline in legacy data revenues, price competition, the continued rationalization
        of circuit networks by wholesale customers, lower construction revenues
        from the GOA contract and the CDN decision which adversely affected revenues
        by $17&nbsp;million in Q4 2005.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of high-speed Internet subscribers
        increased by 61,000 this quarter, compared with 91,000 in Q4 2004, bringing
        the total subscriber count at the end of the year to 2,195,000. Subscriber
        growth during the quarter was affected by aggressive price competition
        in both our Ontario and Qu&eacute;bec markets arising from cable operators&rsquo;
        increased emphasis on selling multi-product bundles at discounted rates.
        Moreover, a $5 price increase on our Basic high-speed service for new
        customers in Ontario implemented during the quarter was not matched by
        a major competitor until the end of the year. Although our Residential
        segment experienced slower high-speed Internet subscriber growth, we benefited
        from higher net additions at Aliant and in our SMB unit.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The introduction of lower priced high-speed
        services, such as Basic Lite, that are tailored to the very price sensitive
        segments of the market has expanded the overall high-speed market, stimulating
        high-speed service growth and accelerating the rate of erosion of dial-up
        Internet service. Total dial-up customers decreased to 586,000 at the
        end of 2005 from 743,000 at the end of 2004.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our high-speed Internet access footprint
        in Ontario and Qu&eacute;bec reached 85% of homes and business lines passed
        at the end of the fourth quarter, compared with 83% at the end of 2004.</font></p>
      <p><b><font face="Times New Roman" color="#000080" size="3">Video</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">Our video revenues
        grew by 22% this quarter to $268&nbsp;million from $219&nbsp;million last
        year, driven by year-over-year growth in our subscriber base and higher
        ARPU.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our video business had its best Q4 since
        2002 activating 50,000 new net customers, an increase of 16.3% compared
        with the 43,000 net activations recorded for the same period last year.
        At the end of 2005, we provided video services to 1,727,000 customers,
        representing a 14.9% year-over-year increase in our video customer base.
        The solid improvement in net activations this quarter was fuelled by the
        continued success of our set-top box (STB) rental program, which accounted
        for more than 70% of our new activations in the quarter. Our video churn
        rate increased by 0.2 percentage points, year-over-year, to 1.0% this
        quarter, reflecting aggressive price competition brought about by cable
        operators&rsquo; emphasis on bundling cable service with other products.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ARPU this quarter increased to $52 per
        month from $49 per month in Q4 2004 as a result of various price increases
        implemented during the year, a shift in the product mix towards higher
        priced programming packages and higher pay-per-view revenues, offset partly
        by bundle and retention discounts. In March&nbsp;2005, we applied a $3
        rate increase to our existing subscriber base and on</font></p></td>
  </tr>
</table>
<p> </p>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">22&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <td colspan="9" align=left width="80%"> <p><font size="2" color="#333333" face="Times New Roman">October&nbsp;1,&nbsp;2005,
        we brought into effect $2 and $3 increases, respectively, on our basic
        and theme packages for all new customers.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Video EBITDA for Q4 2005 increased to $23&nbsp;million
        from negative $4&nbsp;million for the same period in 2004, reflecting
        strong double-digit revenue growth and lower subscriber acquisition costs
        due to an increased number of new activations choosing our STB rental
        option, offset partly by higher costs incurred to handle increased call
        volumes at our contact centres.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The COA for video services decreased by
        52% to $258 per gross activation in Q4 2005 from $537 per gross activation
        in Q4 2004. The significant improvement resulted mainly from the capitalization
        of STB and installation costs associated with our new rental program and
        fewer promotional offers, partly offset by an increased number of new
        customers purchasing additional STBs. </font></p>
      <b><font face="Times New Roman" size="3" color="#000080">Terminal sales
      and other</font></b> <p><font size="2" color="#333333" face="Times New Roman">Terminal
        sales and other revenues were $459&nbsp;million this quarter, or 8.8%
        higher than Q4 2004. The year-over-year improvement was attributable to
        higher wireless equipment revenues resulting from an increased volume
        of devices sold, which included the purchase by customers of a larger
        number of premium-priced handsets, higher product sales at Aliant reflecting
        its recovery from a labour disruption in 2004, the favourable impact from
        several acquisitions (including those of 360networks and Entourage), as
        well as incremental revenues from a contract secured by Expertech (a Bell&nbsp;Canada
        majority-owned provider of installation and network infrastructure services)
        to help restore telecommunications service to the areas affected in the
        United States by hurricane Katrina. This was offset partly by lower legacy
        voice equipment sales to business customers.</font></p>
      <p><b><font face="Times New Roman" size="3" color="#000080">Non-GAAP Financial
        Measures</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">This section describes
        the non-GAAP financial measures we used in this Q4 2005 Investor Briefing
        to explain our financial results. It also provides reconciliations of
        the non-GAAP financial measures to the most comparable Canadian GAAP financial
        measures.<br>
        <br>
        </font></p></td>
  </tr>
  <tr valign="bottom">
    <td width=18% align=left valign="top"> <p><font color="#000080" size="2" face="Times New Roman"><i>EBITDA</i><br>
        We define EBITDA (earnings before interest, taxes, depreciation and amortization)
        as operating revenues less operating expenses, which means it represents
        operating income before amortization expense, net benefit plans cost,
        and restructuring and other items.</font></p>
      <p>&nbsp;</td>
    <td width=2% align=left></td>
    <td colspan="9" align=left width="80%"> <b><font face="Times New Roman" color="#000080" size="3">EBITDA</font></b>
      <p><font size="2" color="#333333" face="Times New Roman">The term EBITDA
        does not have any standardized meaning prescribed by Canadian generally
        accepted accounting principles (GAAP). It is therefore unlikely to be
        comparable to similar measures presented by other companies. EBITDA is
        presented on a consistent basis from period to period.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA, among other measures, to
        assess the operating performance of our ongoing businesses without the
        effects of amortization expense, net benefit plans cost, and restructuring
        and other items. We exclude amortization expense and net benefit plans
        cost because they largely depend on the accounting methods and assumptions
        a company uses, as well as non-operating factors, such as the historical
        cost of capital assets and the fund performance of a company&rsquo;s pension
        plans. We exclude restructuring and other items because they are transitional
        in nature.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating
        performance on a consistent basis. We believe that certain investors and
        analysts use EBITDA to measure a company&rsquo;s ability to service debt
        and to meet other payment obligations, or as a common valuation measurement
        in the telecommunications industry.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial
        measure is operating income. The tables below are reconciliations of EBITDA
        to operating income on a consolidated basis for BCE and Bell&nbsp;Canada.</font><br>
        &nbsp;</p></td>
  </tr>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"> <font face="Times New Roman" size="2">
        BCE&nbsp;</font> </p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">Q4
      2005</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      Q4 2004 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2004 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><B><font size="2"><font color="#333333" face="Times New Roman">EBITDA</font></font></B><font size="2"><font color="#333333" face="Times New Roman">&nbsp;</font></font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,858</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,794 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">7,597</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7,430 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Amortization expense&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(791</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (787 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(3,114</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (3,056 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Net benefit plans cost&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(65</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (67 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(380</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (256 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">Restructuring
        and&nbsp;other items&nbsp; </font></p></TD>
    <TD width=10% align=right><B><font size="2" color="#000080" face="Times New Roman">(23</font></B></TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (126 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><B><font size="2" color="#000080" face="Times New Roman">(55</font></B></TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (1,224 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><B><font size="2"><font color="#333333" face="Times New Roman">Operating
        income</font></font></B><font size="2"><font color="#333333" face="Times New Roman">&nbsp;</font></font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">979</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      814 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">4,048</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,894 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td colspan="9"> <HR noshade size=1> </td>
  </tr>
</TABLE>
<font face="Times New Roman"> <BR>
</font>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        BELL&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">Q4
      2005</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      Q4 2004 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2004 </font></TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><B><font size="2" face="Times New Roman"><font color="#333333">EBITDA</font></font></B><font size="2" face="Times New Roman"><font color="#333333">&nbsp;</font></font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,729</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,679 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">7,187</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7,111 </font></TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Amortization expense&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(755</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (763 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(2,989</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (2,962 </font></TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> )&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Net benefit plans cost&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(66</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (62 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(389</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (235 </font></TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> )&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">Restructuring
        and&nbsp;other items&nbsp; </font></p></TD>
    <TD width=10% align=right><B><font size="2" color="#000080" face="Times New Roman">(24</font></B></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (123 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><B><font size="2" color="#000080" face="Times New Roman">(54</font></B></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (1,219 </font></TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> )&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><B><font size="2" face="Times New Roman"><font color="#333333">Operating
        income</font></font></B><font size="2" face="Times New Roman"><font color="#333333">&nbsp;</font></font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">884</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      731 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,755</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,695 </font></TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td colspan="9"> <HR noshade size=1> </td>
  </tr>
</TABLE>
<font face="Times New Roman"><BR>
</font>
<P> <font size="2" face="Times New Roman"><FONT color="#000080">23&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <td colspan="9" align=left><font color="navy" face="Times New Roman" size="4">The
      Quarter at a Glance</font> <p>&nbsp;</p></td>
  </tr>
  <tr valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <td colspan="9" align=left width="80%"> <p><b><font face="Times New Roman" color="#000080" size="3">Operating&nbsp;Income
        Before Restructuring and Other Items</font></b></p>
      <p><font size="2" color="#333333" face="Times New Roman">The term operating
        income before restructuring and other items does not have any standardized
        meaning prescribed by Canadian GAAP. It is therefore unlikely to be comparable
        to similar measures presented by other companies.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use operating income before restructuring
        and other items, among other measures, to assess the operating performance
        of our ongoing business without the effects of restructuring and other
        items. We exclude these items because they affect the comparability of
        our financial results and could potentially distort the analysis of trends
        in business performance. The exclusion of these items does not imply they
        are non-recurring.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial
        measure is operating income. The tables below are reconciliations of operating
        income to operating income before restructuring and other items on a consolidated
        basis for BCE and Bell&nbsp;Canada.</font><br>
        &nbsp;</p></td>
  </tr>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left><p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman">BCE&nbsp;</font></p></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">Q4
      2005</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      Q4 2004&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">2005</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2004&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><B><font face="Times New Roman" size="2"><font color="#333333">Operating&nbsp;Income</font></font></B><font face="Times New Roman" size="2"><font color="#333333">&nbsp;</font></font></p></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">979</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      814&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">4,048</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,894&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">Restructuring
        and other items&nbsp;</font></p></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">23</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      126&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">55</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,224&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><B><font face="Times New Roman" size="2"><font color="#333333">Operating
        income</font></font></B><font face="Times New Roman" size="2"><font color="#333333">&nbsp;<B>before
        restructuring and other items</B>&nbsp;</font></font></p></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">1,002</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      940&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font face="Times New Roman" size="2" color="#000080">4,103</font></B><font face="Times New Roman" size="2" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      4,118&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td colspan="9"> <HR noshade size=1> </td>
  </tr>
</TABLE>
<font face="Times New Roman"> <BR>
</font>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        BELL&nbsp; </font></p></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">Q4
      2005</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      Q4 2004&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">2005</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2004&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left> <p style="text-indent: -12; margin-left: 12"><B><font size="2" face="Times New Roman"><font color="#333333">Operating&nbsp;Income</font></font></B><font size="2" face="Times New Roman"><font color="#333333">&nbsp;</font></font></p></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">884</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      731&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">3,755</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,695&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman">Restructuring
        and other items&nbsp;</font></p></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">24</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      123&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">54</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,219&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><B><font size="2" face="Times New Roman"><font color="#333333">Operating
        income before restructuring</font></font></B><font size="2" face="Times New Roman"><font color="#333333">&nbsp;<B>and
        other items</B>&nbsp;</font></font></p></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">908</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      854&nbsp; </font></TD>
    <TD width=1%><font size="2" color="#333333" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><B><font size="2" face="Times New Roman" color="#000080">3,809</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=1%><font size="2" color="#000080" face="Times New Roman"> &nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,914&nbsp; </font></TD>
    <td width=2% align=right></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td colspan="9"> <HR noshade size=1> </td>
  </tr>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td colspan="9" width="80%"><font size="2" color="#333333" face="Times New Roman"><BR>
      </font> <b><font face="Times New Roman" size="3" color="#000080">Net Earnings
      Before Restructuring and Other Items and Net Gains on Investments</font></b>
      <p><font size="2" color="#333333" face="Times New Roman">The term net earnings
        before restructuring and other items and net gains on investments does
        not have any standardized meaning prescribed by Canadian GAAP. It is therefore
        unlikely to be comparable to similar measures presented by other companies.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use net earnings before restructuring
        and other items and net gains on investments, among other measures, to
        assess the operating performance of our ongoing business without the effects
        of after-tax restructuring and other items and net gains on investments.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We exclude these items because they affect
        the comparability of our financial results and could potentially distort
        the analysis of trends in business performance. The exclusion of these
        items does not imply they are non-recurring.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial
        measure is net earnings applicable to common shares. The table below is
        a reconciliation of net earnings applicable to common shares to net earnings
        before restructuring and other items and net gains on investments on a
        consolidated basis and per common share.<br>
        &nbsp;</font></p></td>
  </tr>
</TABLE>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <td rowspan="8" valign="top" width="18%"> <p></p></td>
    <td width=2% align=left></td>
    <TD width=23% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman" color="#333333">
        &nbsp; </font></p></TD>
    <TD colspan=3 align=center><B><font color="#000080"><font size="2" face="Times New Roman">Q4
      2005</font></font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td align=center width="1%"></td>
    <TD colspan=3 align=center><font size="2" face="Times New Roman" color="#333333">
      Q4 2004 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD colspan=3 align=center> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD colspan=3 align=center><font size="2" face="Times New Roman" color="#333333">
      2004 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR valign="bottom">
    <td width=2% align=left></td>
    <TD width=23%> <p style="text-indent: -12; margin-left: 12"> <font color="#333333" size="2" face="Times New Roman">
        &nbsp;</font> </p></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#000080">
      &nbsp; <B>TOTAL</B></font></TD>
    <td width=1% align=left></td>
    <TD width=6% align=right><B><font size="2" face="Times New Roman" color="#000080">PER<br>
      SHARE</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      TOTAL </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">PER<br>
      SHARE </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD align="right" width=6%><B><font size="2" face="Times New Roman" color="#000080">TOTAL</font></B></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" face="Times New Roman" color="#000080">PER<br>
      SHARE</font></B></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      TOTAL </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">PER<br>
      SHARE </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR>
    <td width="2%"></td>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=2% align=left></td>
    <TD width=23% align=left> <p style="text-indent: -12; margin-left: 12"><B><font size="2" face="Times New Roman" color="#333333">Net
        earnings applicable to common shares</font></B></p></TD>
    <TD width=6% align=right><B><font size="2" face="Times New Roman" color="#000080">413
      </font></B> </TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><B><font size="2" face="Times New Roman" color="#000080">0.44</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      417 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      0.45 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">1,891</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2.04</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      1,523 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      1.65 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR valign="bottom">
    <td width=2% align=left></td>
    <TD width=23% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman" color="#333333">
        Restructuring and other items&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font color="#000080"><font size="2" face="Times New Roman">16</font></font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><B><font color="#000080"><font size="2" face="Times New Roman">0.02</font></font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      62 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      0.04 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">38</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">0.04</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      772 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      0.83 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR valign="bottom">
    <td width=2% align=left></td>
    <TD width=23% align=left> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman" color="#333333">
        Net gains on investments&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font color="#000080"><font size="2" face="Times New Roman">&#150;</font></font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><B><font color="#000080"><font size="2" face="Times New Roman">&#150;</font></font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      (62 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      (0.04 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(28</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;</font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(0.03</font></B>
    </TD>
    <TD width=1% align=left><font color="#333333" size="2" face="Times New Roman"><B>)</B>&nbsp;</font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      (423 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      (0.46 </font></TD>
    <td width=2% align=left><font size="2" face="Times New Roman" color="#333333">)</font></td>
  </TR>
  <TR>
    <td width="2%"></td>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=2% align=left></td>
    <TD width=23% align=left> <p style="text-indent: -12; margin-left: 12"><font color="#333333" size="2" face="Times New Roman"><B>Net
        earnings before restructuring</B> <B>and other items and net gains</B>
        <B>on investments</B>&nbsp;</font></p></TD>
    <TD width=6% align=right><font size="2" color="navy" face="Times New Roman"><b>429</b>&nbsp;</font><font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><font size="2" color="navy" face="Times New Roman"><b>
      0.46&nbsp; </b></font></TD>
    <td width=1% align=right></td>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      417 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      0.45 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">1,901</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2.05</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      1,872 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" face="Times New Roman" color="#333333">
      2.02 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <tr valign="bottom">
    <td valign="top" width="18%"></td>
    <td width=2% align=left></td>
    <td colspan="17" align=left> <HR noshade size=1 color="#333333"> </td>
  </tr>
  <tr valign="bottom">
    <td valign="top" width="18%"></td>
    <td width=2% align=left></td>
    <td colspan="17" align=left> <HR noshade size=1 color="#333333"> </td>
  </tr>
</TABLE>
&nbsp;
<P> <font size="2" face="Times New Roman"><FONT color="#000080">24</FONT><FONT color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td width=18% align=left valign="top"><font face="Times New Roman"><i><font size="2" color="navy">Free
      Cash Flow<br>
      </font></i><font size="2" color="navy">We define free cash flow as cash
      from operating activities after capital expenditures, total dividends and
      other investing activities.</font></font></td>
    <td width=2% align=left></td>
    <td colspan="9" align=left width="80%"> <p><b><font size="3" color="navy" face="Times New Roman">Free
        Cash Flow</font></b></p>
      <p><font face="Times New Roman" size="2" color="#333333">The term free cash
        flow does not have any standardized meaning prescribed by Canadian GAAP.
        It is therefore unlikely to be comparable to similar measures presented
        by other companies. Free cash flow is presented on a consistent basis
        from period to period.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider free cash flow to be an important
        indicator of the financial strength and performance of our business because
        it shows how much cash is available to repay debt and to reinvest in our
        company. We believe that certain investors and analysts use free cash
        flow when valuing a business and its underlying assets.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial
        measure is cash from operating activities. The table below is a reconciliation
        of free cash flow to cash from operating activities on a consolidated
        basis.</font><br>
        &nbsp;</p></td>
  </tr>
  <tr valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <td width=35% align=left></td>
    <td width=10% align=right></td>
    <td width=1% align=left></td>
    <td width=10% align=right></td>
    <td width=1% align=left></td>
    <td width=10% align=right></td>
    <td width=1% align=left></td>
    <td width=10% align=right></td>
    <td width=2% align=left></td>
  </tr>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD width=35% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">Q4
      2005</font></B> </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      Q4 2004 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      2004 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=left></td>
    <td width=2% align=left></td>
    <TD align=left width="35%"> <p style="text-indent: -12; margin-left: 12"><font color="#333333" face="Times New Roman" size="2"><B>Cash
        from operating activities</B>&nbsp;</font></p></TD>
    <td align="right" width="10%"><B><font size="2" face="Times New Roman" color="#000080">1,585</font></B></td>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD align="right" width=10%><font size="2" face="Times New Roman" color="#333333">1,279
      </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD align="right" width=10%><B><font size="2" face="Times New Roman" color="#000080">5,559</font></B></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD align="right" width=10%><font size="2" face="Times New Roman" color="#333333">
      5,443 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman" color="#333333">
        Capital expenditures&nbsp; </font></p></TD>
    <TD align="right" width="10%"><B><font size="2" face="Times New Roman" color="#000080">(831</font></B></TD>
    <td width="1%"><B><font size="2" face="Times New Roman" color="#000080">)</font></B></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman" color="#333333">
      (1,043 </font></td>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">(3,428</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080" face="Times New Roman" size="2"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      (3,319 </font></TD>
    <td width=2% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></td>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman" color="#333333">
        Total dividends paid&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">(363</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080" face="Times New Roman" size="2"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      (347 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">(1,473</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080" face="Times New Roman" size="2"><B>)</B>&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      (1,381 </font></TD>
    <td width=2% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></td>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font color="#333333" face="Times New Roman" size="2">Other
        investing&nbsp;activities&nbsp;</font></p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">32</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right> <font size="2" face="Times New Roman" color="#333333">
      (10 </font> </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )</font></TD>
    <TD width=10% align=left> <p align="right"> <B><font size="2" face="Times New Roman" color="#000080">4</font></B>
      </p></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">
        127 </font></p></TD>
    <td width=2% align=left></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font color="#333333" face="Times New Roman" size="2"><B>Free
        cash flow</B>&nbsp;</font></p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">423</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      (121 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      )&nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">662</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      870 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2" face="Times New Roman" color="#333333">
        Restructuring and&nbsp;other items&nbsp;</font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">23</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      126 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">55</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      1,224 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <td width=18% align=center></td>
    <td width=2% align=center></td>
    <TD width=35%> <p style="text-indent: -12; margin-left: 12"><font size="2"><B><font face="Times New Roman" color="#333333">Free
        cash flow before restructuring and </font></B><font face="Times New Roman" color="#333333"><B>other
        items</B>&nbsp; </font></font></p></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">446</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      5 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#333333">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">717</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman" color="#333333">
      2,094 </font></TD>
    <td width=2% align=left></td>
  </TR>
  <TR>
    <td width="18%"></td>
    <td width="2%"></td>
    <TD colspan=9> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td width="18%"></td>
    <td width="2%"></td>
    <td colspan="9"> <HR noshade size=1> </td>
  </tr>
</TABLE>
&nbsp;
<P> <font size="2" face="Times New Roman"><FONT color="#000080">25&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<a name="supplementary"></a>
<P> <font size="6" face="Times New Roman" color="#000080"> Supplementary Financial
  Information</font></P>
<P> <font size="4" face="Times New Roman" color="#000080">BCE Consolidated </font><font size="2" face="Times New Roman" color="#000080"><SUP>(1)</SUP></font></P>
<P> <font size="2" color="#333333" face="Times New Roman"> Consolidated Operational
  Data</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        &nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">Q4</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      Q4</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">Total</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      Total</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <I>($ millions, except per share amounts)</I>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      2004</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      $ change</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      % change</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      2004</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      $ change</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      % change</font> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Operating revenues</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">4,986</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      4,769</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      217</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">4.6%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">19,105</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      18,368</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      737</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">4.0%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Operating expenses&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(3,128</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (2,975</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (153</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(5.1%</font>
    </TD>
    <TD width=1% align=right valign="bottom"> <p align="left"><font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      (11,508</font> </B> </TD>
    <TD width=1% align=right valign="bottom"> <p align="left"><B><font size="2" color="#000080" face="Times New Roman">)</font></B>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(10,938</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (570</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(5.2%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>EBITDA</B>&nbsp;<SUP>(2)</SUP>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">1,858</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,794</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      64</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">3.6%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">7,597</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      7,430</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      167</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">2.2%</font></TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B><I>EBITDA margin </I></B><SUP>(3)</SUP>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><I><font size="2" color="#000080" face="Times New Roman">37.3%</font></I></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <I><font size="2" color="#333333" face="Times New Roman">37.6%</font></I>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <I><font size="2" color="#333333" face="Times New Roman">(0.3)
      pts</font></I> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><I><font size="2" color="#000080" face="Times New Roman">39.8</font></I></B><font color="#000080"><B><font size="2" face="Times New Roman"><I>%</I></font></B></font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"><I><font size="2" color="#333333" face="Times New Roman">40.5%</font></I></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <I><font size="2" color="#333333" face="Times New Roman">(0.7)
      pts</font></I> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Amortization expense&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(791</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (787</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (4</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(0.5%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(3,114</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (3,056</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (58</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(1.9%</font></TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Net benefit plans cost&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(65</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (67</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      2</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">3.0%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(380</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (256</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (124</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(48.4%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Restructuring and other items&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(23</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (126</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      103</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">81.7%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(55</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (1,224</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,169</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">95.5%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Operating income</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">979</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      814</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      165</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">20.3%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">4,048</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      2,894</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,154</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">39.9%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Other income&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(17</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      17</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (34</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      n.m.</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">8</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      407</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (399</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(98.0%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Interest expense&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(246</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (244</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (2</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(0.8%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(981</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (999</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      18</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">1.8%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Pre-tax earnings from continuing operations</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">716</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      587</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      129</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">22.0%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">3,075</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      2,302</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      773</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">33.6%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Income taxes&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(224</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (193</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (31</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(16.1%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(893</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (681</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (212</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(31.1%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Non-controlling interest&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(74</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (40</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (34</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(85.0%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(267</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (174</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (93</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(53.4%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Earnings from continuing operations</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">418</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      354</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      64</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">18.1%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">1,915</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,447</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      468</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">32.3%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Discontinued operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">12</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      11</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">9.1%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">46</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      77</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <p align="right"> <font size="2" color="#333333" face="Times New Roman">
        (31</font></p></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(40.3%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Net earnings before extraordinary gain</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">430</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      365</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      65</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">17.8%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">1,961</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,524</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      437</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">28.7%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Extraordinary gain&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      69</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (69</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(100.0%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      69</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (69</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(100.0%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Net earnings</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">430</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      434</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (4</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(0.9%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">1,961</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,593</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      368</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">23.1%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Dividends on preferred shares&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(17</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (17</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &#150;</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">0.0%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(70</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (70</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &#150;</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">0.0%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Net earnings applicable to common shares</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">413</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      417</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (4</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(1.0%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">1,891</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      1,523</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      368</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">24.2%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="17"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Net earnings per common share &#150; basic</B>&nbsp;</font></p></TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Continuing
        operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.43</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.37</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.06</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">16.2%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$1.99</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$1.49</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.50</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">33.6%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Discontinued
        operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.01</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.01</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      $ &#150;</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">0.0%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.05</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.09</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.04</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(44.4%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Extraordinary
        gain&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(100.0%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(100.0%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Net
        earnings&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.44</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.45</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.01</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(2.2%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$2.04</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$1.65</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.39</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">23.6%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Net earnings per common share &#150; diluted</B>&nbsp;</font></p></TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Continuing
        operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.43</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.37</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.06</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">16.2%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$1.99</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$1.49</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.50</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">33.6%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Discontinued
        operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.01</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.01</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      $ &#150;</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">0.0%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.05</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.09</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.04</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(44.4%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Extraordinary
        gain&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(100.0%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.07</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">(100.0%</font>
    </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Net
        earnings&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.44</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.45</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.01</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">(2.2%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">)</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$2.04</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$1.65</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.39</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">23.6<B><I>%</I></B></font></TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Dividends per common share</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.33</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.30</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.03</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">10.0%</font></TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$1.32</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$1.20</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.12</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">
      10.0<B><I>%</I></B></font></TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Average number of common shares outstanding &#150; basic (millions)</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">927.3</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      925.3</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> <div align="right"> <font size="2" color="navy" face="Times New Roman"><b>
        926.8</b></font></div></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">
      924.6</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="17"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>The following items are included in net earnings:</B>&nbsp;</font></p></TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Net
        gains (losses) on investments&nbsp;</font></p></TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Continuing
        operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      64</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">29</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      389</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Discontinued
        operations&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (2</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(1</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      34</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Restructuring
        and other items&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(16</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (62</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(38</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (772</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Total</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(16</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &#150;</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">(10</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      (349</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <TR>
    <TD colspan=17> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        <B>Impact on net earnings per share</B>&nbsp;</font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$(0.02</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      $ &#150;</font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$(0.01</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <B> <font size="2" color="#000080" face="Times New Roman">
      )</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font>
    </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$(0.37</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      )&nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=left valign="bottom"> </TD>
    <TD width=2% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
  </TR>
  <tr>
    <TD align=left width="41%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>EPS
        before net gains (losses) on investments and</B>&nbsp;<B>restructuring
        and&nbsp;other&nbsp;items&nbsp;</B><SUP>(2)</SUP></font></p></TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$0.46</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.45</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.01</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">2.2%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" color="#000080" face="Times New Roman">$2.05</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$2.02</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"> <font size="2" color="#333333" face="Times New Roman">$0.03</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#333333" face="Times New Roman">
      &nbsp;</font> </TD>
    <TD width=6% align=right valign="bottom"><font size="2" color="#333333" face="Times New Roman">1.5%</font></TD>
    <TD width=2% align=left valign="bottom"> </TD>
  </tr>
  <tr>
    <TD align=left colspan="17"> <HR noshade size=1> </TD>
  </tr>
  <TR valign="bottom">
    <TD align=left colspan="17"> <HR noshade size=1> </TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman">n.m.: not meaningful</font><BR>
<p><font size="2" face="Times New Roman"><font color="#000080">26&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<P><font size="4" color="navy" face="Times New Roman">BCE Consolidated </font><font size="2" color="navy" face="Times New Roman"><SUP>(1)</SUP></font></P>
<P><font size="2" color="#333333" face="Times New Roman"> Consolidated Operational
  Data &#150; Historical Trend</font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width="26%"><font color="#333333" face="Times New Roman" size="2">
      &nbsp;</font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">Total</font></B>
    </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman" color="#000080">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Total </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><I><font size="2" color="#333333" face="Times New Roman">($
        millions, except per share amounts)</font></I><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">Q4
      05</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q3 05 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q2 05 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q1 05 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2004 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q4 04 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q3 04 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q2 04 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">Q1
      04 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Operating
        revenues</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">19,105</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">4,986</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,732 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,757 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,630 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      18,368 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,769 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,556 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,577 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,466 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Operating expenses&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(11,508</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(3,128</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(2,868</font></TD>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td width="6%"> <p align="right"><font size="2" color="#333333" face="Times New Roman">(2,785</font></p></td>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td width="6%"> <p align="right"><font size="2" color="#333333" face="Times New Roman">
        (2,727</font></p></td>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td width="6%"> <p align="right"><font size="2" color="#333333" face="Times New Roman">
        (10,938</font></p></td>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td width="6%"> <p align="right"><font size="2" color="#333333" face="Times New Roman">
        (2,975</font></p></td>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">)</font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">(2,655)
      </font></TD>
    <td width="1%"></td>
    <td width="6%"> <p align="right"><font size="2" color="#333333" face="Times New Roman">(2,657</font></p></td>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td width="6%"> <p align="right"><font size="2" color="#333333" face="Times New Roman">
        (2,651</font></p></td>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">)</font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">EBITDA
        </font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;<SUP>(2)</SUP></font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">7,597</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,858</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,864 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,972 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,903 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      7,430 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,794 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,901 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,920 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,815 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><I><font size="2" color="#333333" face="Times New Roman">EBITDA
        margin </font> </I></B><font size="2" color="#333333" face="Times New Roman"><SUP>(3)</SUP>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><I><font size="2" color="#000080" face="Times New Roman">39.8%</font></I></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <B><I><font size="2" color="#000080" face="Times New Roman">37.3%</font></I></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">39.4%</font></I>
    </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">41.5%</font></I>
    </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">41.1%</font></I>
    </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">40.5%</font></I>
    </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">37.6%</font></I>
    </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">41.7%</font></I>
    </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right><I><font size="2" color="#333333" face="Times New Roman">41.9%</font></I></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <I><font size="2" color="#333333" face="Times New Roman">40.6%</font></I>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Amortization expense&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(3,114</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(791</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (786 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (776 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (761 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (3,056 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (787 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (754 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (757 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (758 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Net benefit plans cost&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(380</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(65</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (108 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (104 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (103 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (256 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (67 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (61 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (65 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (63 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Restructuring and other items&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(55</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(23</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (31 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (5 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (1,224 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (126 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (1,081 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (14 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (3 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Operating
        income</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">4,048</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">979</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      939 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,087 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,043 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2,894 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      814 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      5 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,084 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      991 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Other income&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">8</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(17</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (2 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      19 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      8 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      407 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      17 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      332 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      23 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      35 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Interest expense&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(981</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(246</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (245 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (245 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (245 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (999 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (244 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (252 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (253 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (250 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Pre-tax
        earnings from continuing operations</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,075</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">716</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      692 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      861 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      806 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2,302 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      587 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      85 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      854 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      776 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Income taxes&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(893</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(224</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (187 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (218 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (264 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (681 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (193 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      52 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (286 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (254 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Non-controlling interest&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(267</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(74</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (57 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (73 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (63 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (174 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (40 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (47 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (39 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (48 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Earnings
        from continuing operations</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,915</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">418</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      448 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      570 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      479 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,447 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      354 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      90 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      529 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      474 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Discontinued operations&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">46</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">12</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      11 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      11 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      12 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      77 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      11 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      10 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      42 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      14 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Net
        earnings before extraordinary gain</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,961</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">430</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      459 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      581 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      491 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,524 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      365 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      100 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      571 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      488 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Extraordinary gain&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      69 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      69 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Net
        earnings</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,961</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">430</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      459 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      581 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      491 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,593 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      434 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      100 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      571 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      488 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        Dividends on preferred shares&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(70</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(17</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (18 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (18 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (17 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (70 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (17 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (18 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (17 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (18 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Net
        earnings applicable to common shares</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,891</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">413</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      441 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      563 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      474 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,523 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      417 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      82 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      554 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      470 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="21"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Net
        earnings per common share &#150; basic</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Continuing
        operations&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$1.99</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.43</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.46</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.60</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.50</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$1.49</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.37</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.08</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.55</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.49</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Discontinued
        operations&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.05</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.01</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.02</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.09</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.05</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.02</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Extraordinary
        gain&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.07</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.07</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Net
        earnings&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$2.04</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.44</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.48</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.61</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.51</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$1.65</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.45</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.09</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.60</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.51</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Net
        earnings per common share &#150; diluted</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Continuing
        operations&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$1.99</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.43</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.46</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.60</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.50</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$1.49</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.37</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.08</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.55</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.49</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Discontinued
        operations&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.05</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.01</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.02</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.09</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.05</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.02</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Extraordinary
        gain&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">$
      &#150;</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.07</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.07</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Net
        earnings&nbsp; </font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$2.04</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.44</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.48</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.61</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.51</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$1.65</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.45</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.09</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.60</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.51</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Dividends
        per common share</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$1.32</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.33</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.33</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.33</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.33</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$1.20</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.30</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.30</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.30</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.30</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Average
        number of common shares outstanding &#150; basic&nbsp;(millions)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">926.8</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">927.3</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      927.0 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      926.6 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      926.2 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      924.6 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      925.3 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      924.6 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      924.3 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      924.1 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="21"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">The
        following items are included in net earnings:</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Net
        gains (losses) on investments&nbsp; </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 36"><font size="2" color="#333333" face="Times New Roman">Continuing
        operations&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">29</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      28 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      389 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      64 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      325 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 36"><font size="2" color="#333333" face="Times New Roman">Discontinued
        operations&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(1</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">&#150;</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (1 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      34 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (2 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (2 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      31 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      7 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Restructuring
        and other items&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(38</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(16</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (21 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (3 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (772 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (62 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (725 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      16 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (1 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Total</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(10</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(16</font></B>
    </TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (21 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      25 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (349 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (402 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      47 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      6 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><B><font size="2" color="#333333" face="Times New Roman">Impact
        on net earnings per share</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$(0.01</font></B></TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$(0.02</font></B></TD>
    <TD width=1% align=left><font color="#000080"><B><font size="2" face="Times New Roman">)</font></B><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$(0.02</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.03</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$(0.37</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      $ &#150; </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$(0.43</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.05</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.01</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="26%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">&nbsp;<B>EPS
        before net gains (losses) on investments and</B>&nbsp;<B>restructuring
        and other items&nbsp;</B><SUP>(2)</SUP></font></p></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$2.05</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><B><font size="2" color="#000080" face="Times New Roman">$0.46</font></B></TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.50</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.58</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.51</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$2.02</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.45</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.52</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.55</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">$0.50</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <tr valign="bottom">
    <td colspan="21" align=left> <HR noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td colspan="21" align=left> <HR noshade size=1> </td>
  </tr>
</TABLE>
<BR>
<p><font size="2" face="Times New Roman"><font color="#000080">27&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P><font size="2" color="#333333" face="Times New Roman"> Supplementary Financial
  Information</font></P>
<P><font size="4" color="navy" face="Times New Roman"> BCE Consolidated <SUP>(1)</SUP></font></P>
<P><font size="2" color="#333333" face="Times New Roman"> Segmented Data</font></P>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td align=left width="42%"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font face="Times New Roman" size="2" color="#000080">Q4</font></b></td>
    <td width=1% align=left><font face="Times New Roman" size="2" color="#000080">&nbsp;
      </font></td>
    <td width=6% align=right><font face="Times New Roman" size="2">Q4 </font></td>
    <td width=1% align=left><font face="Times New Roman" size="2">&nbsp; </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font face="Times New Roman" size="2">&nbsp; </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font face="Times New Roman" size="2">&nbsp; </font></td>
    <td width=6% align=right><b><font face="Times New Roman" size="2" color="#000080">Total</font></b></td>
    <td width=1% align=left><font face="Times New Roman" size="2" color="#000080">&nbsp;
      </font></td>
    <td width=6% align=right><font face="Times New Roman" size="2">Total </font></td>
    <td width=1% align=left><font face="Times New Roman" size="2">&nbsp; </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font face="Times New Roman" size="2">&nbsp; </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font face="Times New Roman" size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><i>($
        millions, except where otherwise indicated)</i>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">2005</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2004
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">$
      change </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">%
      change </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">2005</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2004
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">$
      change </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">%
      change </font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Revenues</b>&nbsp;
        </font></p></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Residential</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">1,924</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,911
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">13
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">0.7%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">7,599</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">7,502
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">97
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1.3%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Business</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">1,627</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,535
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">92
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">6.0%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;</font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">6,120</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">5,851
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">269
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">4.6%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Aliant</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">535</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">506
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">29
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">5.7%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">2,097</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2,033
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">64
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">3.1%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Other
        Bell Canada</b>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">494</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">511
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(17
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(3.3
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">1,958</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,939
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">19
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1.0%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Inter-segment
        eliminations&nbsp; </font></p></td>
    <td width=6% align=right> <p style="text-indent: -12; margin-left: 24"><b><font size="2" color="#000080" face="Times New Roman">(123</font></b></p></td>
    <td width=1% align=left> <p align="left"><b><font size="2" color="#000080" face="Times New Roman">)</font></b><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></p></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(160
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">37
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">23.1%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">(524</font></b></td>
    <td width=1% align=left><b><font size="2" color="#000080" face="Times New Roman">)</font></b><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(538
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">14
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2.6%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">&nbsp;Total
        Bell Canada&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">4,457</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">4,303
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">154
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">3.6%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">17,250</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">16,787
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">463</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2.8%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Other
        BCE</b>&nbsp; </font></p></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Bell
        Globemedia&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">465</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">405
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">60
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">14.8%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">1,555</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,420
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">135</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">9.5%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%" bordercolor="#333333" style="border-left-style: solid; border-top-style: solid;">
      <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Advertising&nbsp;
        </font></p></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><b><font size="2" color="#000080" face="Times New Roman">354</font></b></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">306
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">48
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">15.7%</font></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><b><font size="2" color="#000080" face="Times New Roman">1,148</font></b></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">1,041
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">107</font></td>
    <td width=1% align=left bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">10.3%</font></td>
    <td width=2% align=left bordercolor="#333333" style="border-right-style: solid; border-top-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%" bordercolor="#333333" style="border-left-style: solid">
      <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Subscriber&nbsp;
        </font></p></td>
    <td width=6% align=right bordercolor="#333333"><b><font size="2" color="#000080" face="Times New Roman">86</font></b></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">77
      </font></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">9
      </font></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">11.7%</font></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><b><font size="2" color="#000080" face="Times New Roman">320</font></b></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">298
      </font></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">22</font></td>
    <td width=1% align=left bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">7.4%</font></td>
    <td width=2% align=left bordercolor="#333333" style="border-right-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="42%" bordercolor="#333333" style="border-left-style: solid; border-bottom-style: solid">
      <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Production
        and Sundry&nbsp; </font></p></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><b><font size="2" color="#000080" face="Times New Roman">25</font></b></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">22
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">3
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">13.6%</font></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><b><font size="2" color="#000080" face="Times New Roman">87</font></b></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">81
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">6
      </font></td>
    <td width=1% align=left bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right bordercolor="#333333" style="border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">7.4%</font></td>
    <td width=2% align=left bordercolor="#333333" style="border-right-style: solid; border-bottom-style: solid"><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Telesat&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">118</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">102
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">16
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">15.7%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">475</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">362
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">113</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">31.2%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Other&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">13</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">19
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(6)
      </font></td>
    <td width="1%"></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(31.6%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">63</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">60
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">3</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">5.0%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">&nbsp;
        &nbsp; Total Other BCE&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">596</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">526
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">70
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">13.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">2,093</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,842
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">251</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">13.6%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Inter-segment
        eliminations&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">(67</font></b></td>
    <td width=1% align=left><b><font size="2" color="#000080" face="Times New Roman">)</font></b><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(60
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(7)
      </font></td>
    <td width="1%"></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(11.7%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">(238</font></b></td>
    <td width=1% align=left><b><font size="2" color="#000080" face="Times New Roman">)</font></b><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(261
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">23
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">8.8%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Total
        revenues</b>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">4,986</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">4,769
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">217
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">4.6%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">19,105</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">18,368
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">737
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">4.0%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr>
    <td colspan="17"> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Operating
        income</b>&nbsp; </font></p></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Residential</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">444</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">464
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(20
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(4.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">2,001</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2,119
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(118</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(5.6%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Business</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">236</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">183
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">53
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">29.0%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">910</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">896
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">14</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1.6%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Aliant</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">105</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">23
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">82
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">n.m.
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">396</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">268
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">128</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">47.8%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Other
        Bell Canada</b>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">99</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">61
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">38
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">62.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">448</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(588
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,036</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">n.m.
      </font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">&nbsp;
        &nbsp; &nbsp;Total Bell Canada&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">884</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">731
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">153
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">20.9%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">3,755</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2,695
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,060</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">39.3%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Other
        BCE</b>&nbsp; </font></p></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Bell
        Globemedia&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">101</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">103
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(2
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(1.9%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">289</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">240
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">49</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">20.4%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Telesat&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">34</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">37
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(3
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(8.1%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">157</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">141
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">16</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">11.3%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Other&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">(40</font></b></td>
    <td width=1% align=left><b><font size="2" color="#000080" face="Times New Roman">)</font></b><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(57
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">17
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">29.8%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">(153</font></b></td>
    <td width=1% align=left><b><font size="2" color="#000080" face="Times New Roman">)</font></b><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(182
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">29</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">15.9%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Other BCE&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">95</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">83
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">12
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">14.5%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">293</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">199
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">94</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">47.2%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Total
        operating income</b>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">979</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">814
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">165
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">20.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">4,048</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2,894
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,154</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">39.9%</font></td>
    <td width=2% align=left></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Capital
        expenditures </b><sup>(4)</sup>&nbsp; </font></p></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Residential</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">350</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">418
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">68
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">16.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">1,519</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,371
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(148</font></td>
    <td width="1%"><font size="2">)</font></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(10.8%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Business</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">206</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">330
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">124
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">37.6%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">897</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,008
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">111</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">11.0%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Aliant</b>&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">77</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">114
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">37
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">32.5%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">363</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">295
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(68</font></td>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(23.1%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Other
        Bell Canada</b>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">103</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">123
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">20
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">16.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">343</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">352
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">9</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">2.6%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Bell Canada&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">736</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">985
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">249
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">25.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">3,122</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">3,026
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(96</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(3.2%
      </font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Other
        BCE</b>&nbsp; </font></p></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=left></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Telesat&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">62</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">40
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(22)
      </font></td>
    <td width="1%"></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(55.0%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">260</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">257
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(3</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(1.2%
      </font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">&nbsp;Other&nbsp;
        </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">33</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">18
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(15)
      </font></td>
    <td width="1%"></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(83.3%</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">46</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">36
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td align=right width="6%"><font size="2" color="#333333" face="Times New Roman">(10
      </font></td>
    <td width="1%"><font size="2" color="#333333" face="Times New Roman">)</font></td>
    <td align="right" width="6%"><font size="2" color="#333333" face="Times New Roman">(27.8%</font></td>
    <td width=2% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><b>Total
        capital expenditures</b>&nbsp; </font></p></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">831</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">1,043
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">212
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">20.3%
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><b><font size="2" color="#000080" face="Times New Roman">3,428</font></b></td>
    <td width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">3,319
      </font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(109</font></td>
    <td width=1% align=left><font size="2" color="#333333" face="Times New Roman">)&nbsp;
      </font></td>
    <td width=6% align=right><font size="2" color="#333333" face="Times New Roman">(3.3%</font></td>
    <td width=2% align=left><font size="2" color="#333333">)&nbsp; </font></td>
  </tr>
  <tr>
    <td colspan=17> <hr noshade size=1> </td>
  </tr>
  <tr>
    <td colspan="17"> <hr noshade size=1> </td>
  </tr>
</table>
<font size="2" face="Times New Roman">n.m.: not meaningful</font> <BR>
<p><font size="2" face="Times New Roman"><font color="#000080">28&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P><font size="4" color="navy" face="Times New Roman"> BCE Consolidated </font><font size="2" color="navy" face="Times New Roman"><SUP>(1)</SUP></font></P>
<P><font color="#333333" face="Times New Roman" size="2"> Segmented Data &#150;
  Historical Trend</font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        &nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font color="#000080" size="2" face="Times New Roman">Total</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">
      &nbsp;</font> </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font color="#000080" size="2" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font color="#333333" size="2" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font color="#333333" size="2" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font color="#333333" size="2" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font color="#333333" size="2" face="Times New Roman">
      Total </font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman"> &nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><I>($
        millions, except where otherwise indicated)</I>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">Q4
      05</font></B> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q3 05 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q2 05 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q1 05 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2004 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q4 04 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q3 04 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q2 04 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      Q1 04 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Revenues</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Residential</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">7,599</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,924</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,929 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,890 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,856 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      7,502 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,911 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,908 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,858 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,825 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Business</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">6,120</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,627</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,516 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,499 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,478 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      5,851 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,535 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,440 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,441 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,435 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Aliant</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">2,097</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">535</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      520 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      518 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      524 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2,033 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      506 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      497 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      526 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      504 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        Bell Canada</B>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,958</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">494</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      500 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      485 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      479 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,939 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      511 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      486 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      468 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      474 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">
        Inter-segment eliminations&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(524</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(123</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (139 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (134 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (128 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (538 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (160 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (125 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (121 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (132 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Bell Canada&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">17,250</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">4,457</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,326 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,258 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,209 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      16,787 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,303 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,206 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,172 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,106 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        BCE</B>&nbsp; </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Bell
        Globemedia&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,555</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">465</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      335 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      399 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      356 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,420 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      405 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      302 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      371 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      342 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%" style="border-left-style: solid; border-top-style: solid" bordercolor="#333333">
      <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Advertising&nbsp;
        </font></p></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333">
      <B><font size="2" color="#000080" face="Times New Roman">1,148</font></B>
    </TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333">
      <B><font size="2" color="#000080" face="Times New Roman">354</font></B>
    </TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      233 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      300 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      261 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      1,041 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      306 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      209 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      277 </font></TD>
    <TD width=1% align=left style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      249 </font></TD>
    <TD width=2% align=left style="border-right-style: solid; border-top-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%" style="border-left-style: solid" bordercolor="#333333">
      <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Subscriber&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">320</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">86</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      79 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      78 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      77 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      298 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      77 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      73 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      74 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      74 </font></TD>
    <TD width=2% align=left style="border-right-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" style="border-left-style: solid; border-bottom-style: solid" bordercolor="#333333">
      <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">
        Production and Sundry&nbsp; </font></p></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333">
      <B><font size="2" color="#000080" face="Times New Roman">87</font></B> </TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333">
      <B><font size="2" color="#000080" face="Times New Roman">25</font></B> </TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      23 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      21 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      18 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      81 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      22 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      20 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      20 </font></TD>
    <TD width=1% align=left style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right style="border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      19 </font></TD>
    <TD width=2% align=left style="border-right-style: solid; border-bottom-style: solid" bordercolor="#333333"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Telesat&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">475</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">118</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      112 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      137 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      108 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      362 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      102 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      91 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      85 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      84 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Other&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">63</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">13</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      15 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      24 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      11 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      60 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      19 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      12 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      19 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      10 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Other BCE&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">2,093</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">596</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      462 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      560 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      475 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,842 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      526 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      405 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      475 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      436 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">
        Inter-segment eliminations&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(238</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(67</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (56 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (61 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (54 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (261 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (60 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (55 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (70 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (76 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        revenues</B>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">19,105</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">4,986</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,732 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,757 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,630 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      18,368 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,769 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,556 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,577 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4,466 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%" height="10"> </TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=6% align=left height="10"> </TD>
    <TD width=2% align=left height="10"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Operating
        income</B>&nbsp; </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Residential</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">2,001</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">444</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      479 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      552 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      526 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2,119 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      464 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      569 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      560 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      526 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Business</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">910</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">236</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      213 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      221 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      240 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      896 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      183 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      245 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      227 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      241 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Aliant</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">396</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">105</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      105 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      99 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      87 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      268 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      23 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      71 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      92 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      82 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        Bell Canada</B>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">448</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">99</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      111 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      109 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      129 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (588 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      61 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (898 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      138 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      111 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Bell Canada&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,755</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">884</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      908 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      981 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      982 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2,695 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      731 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (13 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,017 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      960 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        BCE</B>&nbsp; </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Bell
        Globemedia&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">289</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">101</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      29 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      95 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      64 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      240 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      103 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      23 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      74 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      40 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Telesat&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">157</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">34</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      43 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      43 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      37 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      141 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      37 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      39 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      34 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      31 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Other&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(153</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">(40</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (41 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (32 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (40 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (182 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (57 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (44 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (41 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      (40 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Other BCE&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">293</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">95</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      31 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      106 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      61 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      199 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      83 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      18 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      67 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      31 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        operating income</B>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">4,048</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">979</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      939 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,087 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,043 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      2,894 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      814 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      5 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,084 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      991 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="21"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Capital
        expenditures </B><SUP>(4)</SUP>&nbsp; </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Residential</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,519</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">350</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      434 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      394 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      341 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,371 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      418 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      377 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      331 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      245 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Business</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">897</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">206</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      249 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      246 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      196 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,008 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      330 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      183 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      281 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      214 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Aliant</B>&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">363</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">77</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      100 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      104 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      82 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      295 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      114 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      51 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      45 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      85 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        Bell Canada</B>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">343</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">103</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      90 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      103 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      47 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      352 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      123 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      125 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      58 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      46 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Total
        Bell Canada&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,122</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">736</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      873 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      847 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      666 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      3,026 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      985 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      736 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      715 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      590 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        BCE</B>&nbsp; </font></p></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Telesat&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">260</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">62</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      91 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      53 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      54 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      257 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      40 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      64 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      88 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      65 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Other&nbsp;
        </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">46</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">33</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      5 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      36 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      18 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      5 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      9 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      4 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="29%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        capital expenditures</B>&nbsp; </font></p></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,428</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right> <B><font size="2" color="#000080" face="Times New Roman">831</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      968 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      905 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      724 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      3,319 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      1,043 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      805 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      812 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=6% align=right><font size="2" color="#333333" face="Times New Roman">
      659 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=21> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="21"> <HR noshade size=1> </td>
  </tr>
</TABLE>
<BR>
<p><font size="2" face="Times New Roman"><font color="#000080">29&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P><font size="2" color="#333333" face="Times New Roman"> Supplementary Financial
  Information</font></P>
<P><font size="4" color="navy" face="Times New Roman"> BCE Consolidated </font><font size="2" color="navy" face="Times New Roman"><SUP>(1)</SUP></font></P>
<P><font size="2" color="#333333" face="Times New Roman"> Consolidated Balance
  Sheet Data</font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width="42%"><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right> <B><font size="2" face="Times New Roman" color="#000080">December
      31</font></B> </TD>
    <TD width=1% align=left> <font color="#000080"> &nbsp;</font> </TD>
    <TD width=10% align=right><font size="2" face="Times New Roman"> September
      30 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman"> June 30 </font></TD>
    <TD width=1% align=left><font size="2" face="Times New Roman"> &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" face="Times New Roman"> March 31
      </font></TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=right><font size="2" face="Times New Roman"> December
      31 </font></TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><I>($
        millions, except where otherwise indicated)</I>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">2005</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2005 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2005 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2005 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2004 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>ASSETS</B>&nbsp;
        </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Current
        assets</B>&nbsp; </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Cash
        and cash equivalents&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">363</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      415 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      332 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      482 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      313 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Accounts
        receivable&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,766</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,806 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,728 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,914 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,951 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Other
        current assets&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,142</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,333 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,060 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,205 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,061 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Current
        assets of discontinued operations&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">402</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      378 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      369 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      368 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      383 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        current assets</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,673</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,932 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,489 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,969 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,708 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Capital
        assets</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">22,062</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      21,941 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      21,761 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      21,087 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      21,104 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        long-term assets</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">2,914</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,667 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,667 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,720 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,628 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Indefinite-life
        intangible assets</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,031</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,973 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,973 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,951 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,916 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Goodwill</B>&nbsp;
        </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">7,887</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7,900 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7,854 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7,814 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7,756 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Non-current
        assets of discontinued operations</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,063</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,073 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,070 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,034 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,028 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        assets</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">40,630</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      40,486 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      39,814 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      39,575 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      39,140 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="11"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>LIABILITIES</B>&nbsp;
        </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Current
        liabilities</B>&nbsp; </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Accounts
        payable and accrued liabilities&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">3,435</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,287 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,060 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,052 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      3,444 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Interest
        payable&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">182</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      266 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      189 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      283 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      183 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Dividends
        payable&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">343</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      325 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      325 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      325 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      297 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Debt
        due within one year&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,373</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,260 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,494 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,423 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,272 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">
        Current liabilities of discontinued operations&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">281</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      279 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      280 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      272 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      271 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        current liabilities</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">5,614</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      5,417 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      5,348 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      5,355 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      5,467 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Long-term
        debt</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">12,119</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,558 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,407 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,185 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      11,685 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Other
        long-term liabilities</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">5,028</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      4,758 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      4,506 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      4,718 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      4,834 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Non-current
        liabilities of discontinued operations</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">250</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      251 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      170 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      195 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      222 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        liabilities</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">23,011</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      22,984 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      22,431 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      22,453 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      22,208 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Non-controlling
        interest</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">2,898</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,892 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,905 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,914 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      2,908 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="11"> <HR noshade size=1> </td>
  </tr>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>SHAREHOLDERS&#146;
        EQUITY</B>&nbsp; </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Preferred
        shares</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,670</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,670 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,670 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,670 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,670 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Common
        shareholders&#146; equity</B>&nbsp; </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Common
        shares&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">16,806</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      16,806 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      16,794 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      16,790 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      16,781 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Contributed
        surplus&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1,081</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,076 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,071 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,065 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1,061 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Deficit&nbsp;
        </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(4,763</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (4,871 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (5,005 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (5,264 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (5,432 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 24"><font size="2" color="#333333" face="Times New Roman">Currency
        translation adjustment&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">(73</font></B>
    </TD>
    <TD width=1% align=left><B><font size="2" color="#000080" face="Times New Roman">)</font></B><font size="2" color="#000080" face="Times New Roman">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (71 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (52 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (53 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      (56 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      )&nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        common shareholders&#146; equity</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">13,051</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,940 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,808 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,538 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,354 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        shareholders&#146; equity</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">14,721</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      14,610 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      14,478 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      14,208 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      14,024 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        liabilities and shareholders&#146; equity</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">40,630</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      40,486 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      39,814 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      39,575 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      39,140 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%" height="10"> </TD>
    <TD width=10% align=right height="10"> </TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=10% align=right height="10"></TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=10% align=right height="10"></TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=10% align=right height="10"></TD>
    <TD width=1% align=left height="10"></TD>
    <TD width=10% align=right height="10"></TD>
    <TD width=2% align=left height="10"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Number
        of common shares outstanding</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">927.3</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      927.3 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      926.7 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      926.4 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      925.9 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <HR noshade size=1> </TD>
  </TR>
  <tr>
    <td colspan="11"> <HR noshade size=1> </td>
  </tr>
  <TR>
    <TD colspan=11> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        &nbsp; </font></p></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        Net Debt</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">13,129</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      13,403 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      13,569 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      13,126 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      12,644 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Total
        Capitalization</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">30,748</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      30,905 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      30,952 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      30,248 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      29,576 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR>
    <TD colspan=11> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman">
        &nbsp; </font></p></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Key
        ratios</B>&nbsp; </font></p></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Net
        debt: Total Capitalization</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">42.7%</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">43.4%</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">43.8%</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">43.4%</font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">42.8%</font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>Net
        debt: Trailing 12 month EBITDA</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">1.73</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1.78 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1.79 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1.75 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      1.70 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </TR>
  <tr>
    <TD align=left width="42%"> <p style="text-indent: -12; margin-left: 12"><font size="2" color="#333333" face="Times New Roman"><B>EBITDA:
        Interest (trailing 12 month)</B>&nbsp; </font></p></TD>
    <TD width=10% align=right> <B><font size="2" color="#000080" face="Times New Roman">7.74</font></B>
    </TD>
    <TD width=1% align=left><font size="2" color="#000080" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7.69 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7.68 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7.56 </font></TD>
    <TD width=1% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
    <TD width=10% align=right><font size="2" color="#333333" face="Times New Roman">
      7.44 </font></TD>
    <TD width=2% align=left><font size="2" color="#333333" face="Times New Roman">
      &nbsp; </font></TD>
  </tr>
</TABLE>
<BR>
<p><font size="2" face="Times New Roman"><font color="#000080">30&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P><font size="4" color="navy" face="Times New Roman"> BCE Consolidated</font></P>
<P><FONT face="Times New Roman" color=#333333 size=2>Consolidated Cash Flow Data</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR vAlign=bottom>
      <TD align=left width="29%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>Q4</FONT></B></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp;</FONT> </TD>
      <TD align=right width="10%"><FONT face="Times New Roman" size=2>Q4</FONT>
      </TD>
      <TD align=left width="1%"><FONT face="Times New Roman"
      size=2>&nbsp;</FONT> </TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman"
      size=2>&nbsp;</FONT> </TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>Total</FONT></B></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp;</FONT> </TD>
      <TD align=right width="10%"><FONT face="Times New Roman"
      size=2>Total</FONT> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman"
      size=2>&nbsp;</FONT> </TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="2%"><FONT face="Times New Roman"
      size=2>&nbsp;</FONT> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><I><FONT
      face="Times New Roman" color=#333333>($ millions, except where otherwise
          indicated)</FONT></I><FONT face="Times New Roman"
      color=#333333>&nbsp;</FONT></FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>2005</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>2004 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>$ change </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>2005</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>2004 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>$ change </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Cash flows from operating activities</FONT></B><FONT face="Times New Roman"
      color=#333333>&nbsp;</FONT></FONT></P></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Earnings from continuing operations&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>418</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>354 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>64 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>1,915</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,447 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>468 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Adjustments to reconcile earnings
          from continuing&nbsp;operations to cash flows from operating activities:&nbsp;
          </FONT></P></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Amortization expense&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>791</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>787 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>4 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>3,114</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>3,056 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>58 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Net benefit plans cost&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>65</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>67 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(2 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>380</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>256 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>124 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Restructuring and other items&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>23</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>126 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(103 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>55</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,224 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1,169 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Net gains on investments&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>1</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>12 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(11 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(33</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(320 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>287 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Future income taxes&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>465</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>62 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>403 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>746</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(35 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>781 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Non-controlling interest&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>74</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>40 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>34 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>267</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>174 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>93 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Contributions to employee pension
          plans&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(65</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(24 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(41 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(226</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(112 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(114 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Other employee future benefit
          plan payments&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(24</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(22 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(2 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(93</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(81 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(12 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Payments of restructuring and
          other items&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(23</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(214 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>191 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(176</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(253 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>77 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Operating assets and liabilities</FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(140</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>91 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(231 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(390</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>87 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(477 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>1,585</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,279 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>306 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>5,559</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>5,443 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>116 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Capital expenditures&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(831</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1,043 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>212 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(3,428</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(3,319 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(109 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Other investing activities&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>32</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(10 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>42 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>4</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>127 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(123 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash dividends paid on preferred
          shares&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(22</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(21 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(86</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(85 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash dividends paid by subsidiaries
          to non-controlling interest&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(35</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(49 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>14 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(192</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(188 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(4 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Free Cash Flow from operations, before
          common dividends</FONT>&nbsp;</B><FONT face="Times New Roman"
      color=#333333><SUP>(2)</SUP> </FONT></FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>729</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>156 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>573 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>1,857</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,978 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(121 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash dividends paid on common
          shares&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(306</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(277 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(29 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(1,195</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1,108 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(87 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Free Cash Flow from operations, after
          common dividends</FONT>&nbsp;</B><FONT face="Times New Roman"
      color=#333333><SUP>(2)</SUP> </FONT></FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>423</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(121 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>544 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>662</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>870 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(208 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Business acquisitions&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(50</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(334 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>284 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(228</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1,118 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>890 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Business dispositions&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>&#150;
</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>&#150;
 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>&#150;
 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>&#150;
</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>20 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(20 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Increase in investments&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(17</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(38 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>21 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(233</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(58 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(175 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Decrease in investments&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>12</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>&#150;
 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>12 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>19</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>713 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(694 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Free Cash Flow after investments and
          divestitures</FONT></B><FONT face="Times New Roman"
      color=#333333>&nbsp;</FONT></FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>368</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(493 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>861 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>220</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>427 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(207 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Other financing activities</FONT></B><FONT face="Times New Roman"
      color=#333333>&nbsp;</FONT></FONT></P></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Increase (decrease) in notes
          payable and bank advances&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(187</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>7 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(194 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(66</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>130 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(196 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Issue of long-term debt&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>&#150;
</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>56 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(56 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>1,190</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,306 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(116 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Repayment of long-term debt&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(196</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(580 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>384 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(1,178</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(2,256 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,078 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Issue of common shares&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>&#150;
</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>16 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(16 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>25</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>32 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(7 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Issue of equity securities by
          subsidiaries to non-controlling interest&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>&#150;
</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>1</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>8 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(7 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Redemption of equity securities
          by subsidiaries from non-controlling interest&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(18</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>&#150;
 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(18 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(78</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(58 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(20 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Other financing activities&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(19</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(18 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(64</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(81 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>17 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(420</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(518 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>98 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(170</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(919 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>749 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash provided by (used in) continuing
          operations&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(52</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1,011 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>959 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>50</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(492 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>542 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash provided by (used in) discontinued
          operations&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>22</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>5 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>17 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>15</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>150 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(135 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Net increase (decrease) in cash
          and cash equivalents&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>(30</FONT></B> </TD>
      <TD align=left width="1%"><FONT color=#000080 size=2><B><FONT
      face="Times New Roman">)</FONT></B><FONT
      face="Times New Roman">&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(1,006 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>976 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>65</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(342 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>407 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash and cash equivalents at
          beginning of period&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>475</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>1,386 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(911 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>380</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>722 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(342 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>)&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Cash and cash equivalents at end of
          period</FONT></B><FONT face="Times New Roman"
      color=#333333>&nbsp;</FONT></FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>445</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>380 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>65 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>445</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>380 </FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>65 </FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD align=left width="29%" height=10> <P style="MARGIN-LEFT: 24px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Consists of:</FONT> </P></TD>
      <TD align=left width="10%" height=10></TD>
      <TD align=left width="1%" height=10></TD>
      <TD align=left width="10%" height=10></TD>
      <TD align=left width="1%" height=10></TD>
      <TD align=left width="10%" height=10></TD>
      <TD align=left width="1%" height=10></TD>
      <TD align=left width="10%" height=10></TD>
      <TD align=left width="1%" height=10></TD>
      <TD align=left width="10%" height=10></TD>
      <TD align=left width="1%" height=10></TD>
      <TD align=left width="10%" height=10></TD>
      <TD align=left width="2%" height=10></TD>
    </TR>
    <TR>
      <TD align=left width="29%" height=10> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash and cash equivalents of
          continuing operations</FONT> </P></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#000080 size=2><B>363</B></FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>313</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>50</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><B><FONT
      face="Times New Roman" color=#000080 size=2>363</FONT></B> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>313</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>50</FONT> </TD>
      <TD align=left width="2%" height=10></TD>
    </TR>
    <TR>
      <TD align=left width="29%" height=10> <P style="MARGIN-LEFT: 36px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash and cash equivalents of
          discontinued operations</FONT> </P></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#000080 size=2><B>82</B></FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>67</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>15</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><B><FONT
      face="Times New Roman" color=#000080 size=2>82</FONT></B> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>67</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>15</FONT> </TD>
      <TD align=left width="2%" height=10></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD align=left width="29%" height=10><FONT face="Times New Roman"
      color=#333333 size=2><B>Total</B></FONT> </TD>
      <TD vAlign=bottom align=right width="10%" height=10><B><FONT
      face="Times New Roman" color=#000080 size=2>445</FONT></B> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>380</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>65</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><B><FONT
      face="Times New Roman" color=#000080 size=2>445</FONT></B> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>380</FONT> </TD>
      <TD vAlign=bottom align=right width="1%" height=10></TD>
      <TD vAlign=bottom align=right width="10%" height=10><FONT
      face="Times New Roman" color=#333333 size=2>65</FONT> </TD>
      <TD align=left width="2%" height=10></TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD colSpan=13> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333></FONT>&nbsp;</P></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT size=2><B><FONT
      face="Times New Roman" color=#333333>Other information</FONT></B><FONT
      face="Times New Roman" color=#333333>&nbsp;</FONT></FONT></P></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=left width="10%"></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Capital expenditures as a percentage
          of revenues&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>16.7%</FONT></B> </TD>
      <TD align=left width="1%"><FONT size=2><FONT face="Times New Roman"
      color=#000080>&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>21.9%</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>5.2 pts</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>17.9%</FONT></B> </TD>
      <TD align=left width="1%"><FONT size=2><FONT face="Times New Roman"
      color=#000080>&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>18.1%</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>0.2 pts</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Cash flow per share <SUP>(5)</SUP>&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>$0.81</FONT></B></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>$0.26</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>$0.55</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>$2.30</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>$2.30</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>$0.00</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" color=#333333 size=2>Annualized cash flow yield <SUP>(6)</SUP>&nbsp;
          </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>11.3%</FONT></B> </TD>
      <TD align=left width="1%"><FONT size=2><FONT face="Times New Roman"
      color=#000080>&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>2.3%</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>9.0 pts</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>7.2%</FONT></B> </TD>
      <TD align=left width="1%"><FONT size=2><FONT face="Times New Roman"
      color=#000080>&nbsp;</FONT></FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>7.4%</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" color=#333333
      size=2>(0.2)&nbsp;pts</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman" color=#333333
      size=2>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left width="29%"> <P style="MARGIN-LEFT: 12px; TEXT-INDENT: -12px"><FONT
      face="Times New Roman" size=2>Common dividend payout&nbsp; </FONT></P></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>74.1%</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman"
      size=2>66.4%</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman" size=2>7.7 </FONT><FONT face="Times New Roman" color=#333333 size=2>pts</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><B><FONT face="Times New Roman" color=#000080
      size=2>63.2%</FONT></B> </TD>
      <TD align=left width="1%"><FONT face="Times New Roman" color=#000080
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman"
      size=2>72.8%</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman"
      size=2>(9.6)&nbsp;pts</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman"
    size=2>&nbsp;</FONT></TD>
    </TR>

</TABLE>
<P><BR>
</P>
<p><font size="2" face="Times New Roman"><font color="#000080">31&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P> <font size="2" face="Times New Roman" color="#333333">Supplementary Financial
  Information</font></P>
<P> <font face="Times New Roman" size="4" color="#000080">BCE Consolidated</font></P>
<P> <font size="2" face="Times New Roman" color="#333333">Consolidated Cash Flow
  Data &#150; Historical Trend</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Total</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Total
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <I><font size="2">($ millions,
        except where otherwise indicated)</font></I><font size="2">&nbsp; </font>
        </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Q4
      05</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q3
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q2
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q1
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q4
      04 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q3
      04 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q2
      04 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q1
      04 </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Cash flows
        from operating activities</font></B><font size="2">&nbsp; </font> </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Earnings
        from continuing operations&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,915</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">418</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">448
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">570
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">479
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,447
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">354
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">90
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">529
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">474
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Adjustments
        to reconcile earnings from continuing operations to cash flows from operating
        activities:&nbsp; </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Amortization
        expense</font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">3,114</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">791</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">786
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">776
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">761
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">3,056
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">787
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">754
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">757
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">758
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Net
        benefit plans cost&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">380</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">65</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">108
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">104
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">103
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">256
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">67
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">61
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">65
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Restructuring
        and other items&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">55</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">23</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">31
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">5
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,224
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">126
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,081
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">14
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">3
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Net
        (gains) losses on investments&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(33</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(32
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(2
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(320
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(327
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(5
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Future
        income taxes&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">746</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">465</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">111
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">107
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(35
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">62
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(184
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">34
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">53
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Non-controlling
        interest&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">267</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">74</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">57
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">73
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">174
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">40
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">47
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">39
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">48
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Contributions
        to employee pension plans&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(226</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(65</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(33
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(34
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(94
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(112
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(24
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(32
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(27
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(29
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Other
        employee future benefit plan payments&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(93</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(24</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(24
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(22
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(23
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(81
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(22
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(13
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(22
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(24
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Payments
        of restructuring and other items&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(176</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(23</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(24
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(28
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(101
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(253
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(214
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(19
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%"> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Operating
        assets and liabilities&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(390</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(140</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">195
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(72
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(373
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">87
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">91
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">368
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(284
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(88
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,559</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,585</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,655
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,403
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">916
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">5,443
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,279
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,833
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,097
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,234
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="100%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Capital
        expenditures&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(3,428</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(831</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(968
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(905
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(724
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(3,319
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,043
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(805
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(812
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(659
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Other
        investing activities&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">32</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(3
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(15
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">127
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(2
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">120
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">19
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Cash
        dividends paid on preferred shares&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(86</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(22</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(22
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(85
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(22
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Cash
        dividends paid by subsidiaries to non-controlling interest&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(192</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(35</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(47
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(60
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(188
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(44
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(52
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(43
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font face="Times New Roman" color="#333333"><font size="2">&nbsp;</font><B><font size="2">Free
        Cash Flow from operations, before</font></B><font size="2">&nbsp;<B>common
        dividends </B><SUP>(2)</SUP></font></font></p></TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,857</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">729</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">616
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">406
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">106
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,978
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">156
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">961
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">332
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">529
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Cash
        dividends paid on common shares&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(1,195</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(306</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(306
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(305
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(278
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,108
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(277
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(277
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(277
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(277
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;</font><font face="Times New Roman" color="#333333"><B><font size="2">Free
        Cash Flow from operations, after</font></B><font size="2"> </font></font><font size="2" face="Times New Roman" color="#333333"><B>common
        dividends&nbsp;</B><SUP>(2)</SUP></font></TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">662</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">423</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">310
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">101
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(172
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">870
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(121
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">684
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">55
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">252
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Business
        acquisitions&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(228</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(50</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(56
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(35
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(87
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,118
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(334
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(646
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(79
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(59
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Business
        dispositions&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">20
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">16
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Increase
        in investments&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(233</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(17</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(75
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(13
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(128
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(58
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(38
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Decrease
        in investments&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">19</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">12</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">5
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">2
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">713
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">707
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">6
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Free Cash
        Flow after investments and divestitures</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">220</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">368</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">179
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">58
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(385
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">427
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(493
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">737
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(32
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">215
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Other
        financing activities</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Increase
        (decrease) in notes payable and bank advances&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(66</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(187</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(65
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">341
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(155
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">130
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">7
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">173
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(69
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">19
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Issue
        of long-term debt&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,190</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">200
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">205
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">785
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,306
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">56
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">11
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,238
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Repayment
        of long-term debt&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(1,178</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(196</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(209
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(719
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(54
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(2,256
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(580
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(98
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(714
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(864
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Issue
        of common shares&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">25</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">9
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">32
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">16
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Issue
        of equity securities and convertible debentures by subsidiaries to non-controlling
        interest&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">7
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Redemption
        of equity securities by subsidiaries from non-controlling interest&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(78</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(18</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(22
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(17
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(58
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(42
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Other
        financing activities&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(64</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(19</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(13
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(18
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(14
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(81
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(18
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(18
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">3
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(48
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(170</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(420</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(96
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(208
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">554
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(919
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(518
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">72
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(787
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">314
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cash
        provided by (used in) continuing operations&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">50</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(52</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">83
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(150
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">169
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(492
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,011
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">809
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(819
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">529
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cash
        provided by (used in) discontinued operations&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">15</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">22</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(23
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">150
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">5
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(115
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">260
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Net
        increase (decrease) in cash and cash equivalents&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">65</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(30</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">95
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(146
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">146
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(342
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,006
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">809
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(934
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">789
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cash
        and cash equivalents at beginning of period&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">380</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">475</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">526
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">722
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,386
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">577
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,511
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">722
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Cash and
        cash equivalents at end of period</font></B><font size="2">&nbsp; </font>
        </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">445</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">445</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">475
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">526
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,386
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">577
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,511
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Consists
        of:&nbsp; </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 36px"><font size="2" face="Times New Roman" color="#333333">Cash
        and cash equivalents of continuing operations&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">363</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">363</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">415
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">332
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">482
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">313
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">313
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,327
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">521
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,085
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=right> <p style="text-indent: -12px; margin-left: 36px" align="left"><font size="2" face="Times New Roman" color="#333333">Cash
        and cash equivalents of discontinued operations&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">82</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">82</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">60
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">48
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">44
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">67
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">67
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">59
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">56
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">426
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        &nbsp; &nbsp;<B>Total</B>&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">445</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">445</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">475
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">526
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">380
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,386
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">577
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,511
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="100%" align=left colspan="21"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#000080"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#000080"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="6%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="2%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Other
        information</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Capital
        expenditures as a percentage of revenues&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">17.9%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">16.7%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">20.5%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right><font size="2" face="Times New Roman" color="#333333">19.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">15.6%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">18.1%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">21.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right><font size="2" face="Times New Roman" color="#333333">17.7%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">17.7%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">14.8%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cash
        flow per share <SUP>(5)</SUP>&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">$2.30</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">$0.81</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$0.74
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$0.54
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$0.21
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$2.30
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$0.26
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$1.11
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$0.31
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">$0.62
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Annualized
        cash flow yield <SUP>(6)</SUP>&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7.2%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right><B><font size="2" face="Times New Roman" color="#000080">11.3%</font></B></TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">8.3%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">6.0%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1.5%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">7.4%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right><font size="2" face="Times New Roman" color="#333333">2.3%
      </font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">15.3%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">5.4%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">8.3%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Common
        dividend payout&nbsp; </font> </TD>
    <TD width="6%" align=right valign="bottom"> <B><font size="2" face="Times New Roman" color="#000080">63.2%</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <B><font size="2" face="Times New Roman" color="#000080">74.1%</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">69.4%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">54.2%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">58.6%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">72.8%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">66.4%
      </font> </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">337.8%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman" color="#333333">50.0%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman" color="#333333">58.9%</font></TD>
    <TD width="2%" align=left valign="bottom"> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </tr>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<p><font size="2" face="Times New Roman"><font color="#000080">32&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<p><font size="2" face="Times New Roman">Proportionate Net Debt, Preferreds and
  EBITDA</font></p>
<P> <B><font size="2" face="Times New Roman">BCE Corporate and Bell Canada Net
  debt and preferreds</font></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <I><font size="2" face="Times New Roman" color="#333333">At December 31,
        2005</font></I><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="10%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">Bell</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">Inter-
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">Total</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">Bell
      Canada </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">Canada</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">company
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">Bell</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">BCE
      Inc.</font></B> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <I><font size="2" face="Times New Roman" color="#333333">($ millions,
        except where otherwise indicated)</font></I><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">(excl.
      Aliant) </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">Aliant
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">Statutory</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">eliminations
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">Canada</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Corporate</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left colspan="13"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cash
        and cash equivalents&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">(38
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">(195
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">(233</font></B>
    </TD>
    <TD width="1%" align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">(233</font></B>
    </TD>
    <TD width="1%" align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">3</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Long-term
        debt&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">9,279
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">898
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">10,177</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(339
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">9,838</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,700</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Debt
        due within one year&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">818
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">18
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">836</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(96
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">740</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">300</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Long-term
        note receivable from BCH&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">(498
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">(498</font></B>
    </TD>
    <TD width="1%" align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">498
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">PPA
        fair value increment <SUP>(7)</SUP>&nbsp; </font> </TD>
    <TD width="10%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">99</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="43%" align=left colspan="13"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <B><font size="2" face="Times New Roman" color="#333333">Net debt</font></B><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">9,561
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">721
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">10,282</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">10,444</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,003</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Preferred
        shares &#150; Bell Canada <SUP>(8)</SUP>&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">1,100
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">1,100</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">1,100</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Preferred
        shares &#150; Aliant <SUP>(8)</SUP>&nbsp; </font> </TD>
    <TD width="10%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">172
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">172</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">172</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Perpetual
        Preferred shares &#150; BCE&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,670</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Nortel
        common shares at market&nbsp; </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(52</font></B>
    </TD>
    <TD width=2% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
  </TR>
  <tr>
    <TD width="43%" align=left colspan="13"> <hr size="1" color="#333333"> </TD>
  </tr>
  <tr>
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <B><font size="2" face="Times New Roman" color="#333333">Net debt and
        preferreds</font></B><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="10%" align=right> <font size="2" face="Times New Roman" color="#333333">10,661
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <font size="2" face="Times New Roman" color="#333333">893
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">11,554</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width=8% align=right> <B><font size="2" face="Times New Roman" color="#000080">11,716</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">3,621</font></B>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </tr>
  <tr>
    <TD width="45%" align=left colspan="13"> <hr size="1" color="#333333"> </TD>
  </tr>
  <tr>
    <TD width="45%" align=left colspan="13"> <hr size="1" color="#333333"> </TD>
  </tr>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<P> <B><font size="2" face="Times New Roman" color="#333333">Proportionate net
  debt and preferreds, Trailing EBITDA</font></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom">
    <td colspan="6" align=left><font face="Times New Roman" color="#333333"><I><font size="2">For
      the quarter ended December 31, 2005</font></I><font size="2">&nbsp;</font></font></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=right></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width=1% align=left></td>
    <td width="6%" align=left></td>
    <td width="2%" align=left></td>
  </tr>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"><font size="2"> </font></font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Propor-</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">&nbsp;
        </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">tionate</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">% </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">net
      debt</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> <p align="right"></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left rowspan="2"> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <I><font size="2">($ millions,
        except where otherwise indicated)</font></I><font size="2">&nbsp; </font>
        </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">owned
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">and
      pre-</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="27%" colspan="7" align="center"> <p><font size="2" face="Times New Roman" color="#333333">Total&nbsp;EBITDA
        </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="27%" align=center colspan="7"><p><font size="2" face="Times New Roman" color="#333333">Proportionate&nbsp;EBITDA</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">by
      BCE </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">ferreds</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q4
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q3
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q2
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q1
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Trailing
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q4
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q3
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q2
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Q1
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">Trailing
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left colspan="25"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Bell
        Canada (excluding Aliant)&nbsp; </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">100%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> <p align="right"> <B><font size="2" face="Times New Roman" color="#000080">10,823</font></B>
    </TD>
    <TD width="1%" align=left> <B><font size="2" face="Times New Roman" color="#000080">*</font></B></TD>
    <TD width="6%" align=left> <p align="right"><font face="Times New Roman" color="#333333"><B><font size="2">&nbsp;</font></B><font size="2">1,504</font></font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,578
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,618
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,605
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">6,305
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,504
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,578
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,618
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,605
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">6,305
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Aliant&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">53.2%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">475</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">225
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">226
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">221
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">210
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">882
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">120
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">120
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">117
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">112
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">469
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=25> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="21%" colspan=2 align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333"><B>Total
        Bell Canada Consolidated</B> </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">11,298</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,729
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,804
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,839
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,815
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">7,187
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,624
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,698
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,735
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">1,717
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">6,774
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Other
        BCE</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Bell
        Globemedia&nbsp; </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">68.5%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">260</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">120
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">46
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">114
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">83
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">363
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">73
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">23
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">68
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">213
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Telesat&nbsp;
        </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">100%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">276</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">65
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">70
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">71
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">269
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">65
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">70
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">71
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">269
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Corporate
        and other&nbsp; </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">100%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">3,613</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(36
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(36
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(39
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(37
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(148
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(36
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(36
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(39
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(37
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">(148
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=25> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Total
        Other BCE&nbsp; </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,149</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">149
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">80
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">146
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">109
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">484
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">102
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">57
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">100
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">75
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman" color="#333333">334
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Inter-segment
        eliminations&nbsp; </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD valign="bottom" width="6%" align=right></TD>
    <TD valign="bottom" width=1% align=left><font face="Times New Roman" color="#000080"><font size="2">&nbsp;
      </font></font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" color="#333333" face="Times New Roman">(20</font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(20
      </font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(13</font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(21
      </font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(74
      </font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(20
      </font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(20</font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(13
      </font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(21
      </font></TD>
    <TD valign="bottom" width=1% align=left><font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font></TD>
    <TD valign="bottom" width="6%" align=right><font size="2" face="Times New Roman" color="#333333">(74</font></TD>
    <TD valign="bottom" width="2%" align=left><font size="2" face="Times New Roman" color="#333333">)</font></TD>
  </tr>
  <tr>
    <TD align=left colspan="25"> <hr size="1" color="#333333"> </TD>
  </tr>
  <tr>
    <TD width="15%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Total</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">15,447</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,858</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,864</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,972</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,903</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7,597</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,706</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,735</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,822</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,771</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7,034</font></B>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
  </tr>
  <TR valign="bottom">
    <TD align=left colspan="25"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left colspan="25"> <hr size="1" color="#333333"> </TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="1%" align=left valign="top"> <font size="2" face="Times New Roman" color="#333333">*</font></TD>
    <TD width="99%" align=left valign="top"> <font size="2" face="Times New Roman" color="#333333">Bell
      Canada (excl. Aliant) net debt and preferreds of $10,661 million plus $63
      million of inter-company eliminations plus $99 million upon consolidation
      (PPA fair value increment).</font></TD>
  </TR>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<p><font size="2" face="Times New Roman"><font color="#000080">33&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P> <font size="2" face="Times New Roman">Supplementary Financial Information</font></P>
<P> <font face="Times New Roman" size="4" color="#000080">Bell Canada Consolidated
  </font><font size="2" face="Times New Roman" color="#000080"><SUP>(1)</SUP></font></P>
<P> <font size="2" face="Times New Roman">Operational Data</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" height="10">
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;</font>
    </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Q4</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Total</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Total
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <I><font size="2">($ millions,
        except where otherwise indicated)</font></I><font size="2">&nbsp; </font>
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">$
      change </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">%
      change </font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">$
      change </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">%
      change </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Revenues</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Local
        and access&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,343</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,397
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(54
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(3.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,446</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">5,572
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(126
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(2.3%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Long
        distance&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">478</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">560
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(82</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(14.6%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,044</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,327
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(283
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(12.2%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">812</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">742
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">70
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">9.5%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">3,097</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,818
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">279
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">9.9%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Data&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,097</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">963
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">134
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">13.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,015</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,640
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">375
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10.3%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Video&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">268</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">219
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">22.4%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">976</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">850
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">126
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">14.8%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Terminal
        sales and other&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">459</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">422
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">37
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8.8%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,672</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,580
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">92
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">5.8%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Total
        operating revenues</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,457</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,303
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">154
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3.6%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">17,250</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">16,787
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">463
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2.8%</font>
    </TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Operating
        expenses&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(2,728</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(2,624
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(104
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(4.0%</font>
    </TD>
    <TD width="1%" align=right> <p align="left"><font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(10,063</font></B></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">)
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(9,676
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(387
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(4.0%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">EBITDA</font>&nbsp;</B><font size="2"><SUP>(2)</SUP></font></font></TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,729</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,679
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3.0%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7,187</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">7,111
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">76
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.1%</font></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><I><font size="2">EBITDA
        margin (%) </font> </I></B><font size="2"><SUP>(3)</SUP>&nbsp; </font>
        </font> </TD>
    <TD width="7%" align=right> <B><I><font size="2" face="Times New Roman" color="#000080">38.8%</font></I></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <I><font size="2" face="Times New Roman" color="#333333">39.0%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <I><font size="2" face="Times New Roman" color="#333333">(0.2)&nbsp;pts</font></I>
    </TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width="7%" align=right> <B><I><font size="2" face="Times New Roman" color="#000080">41.7%</font></I></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <I><font size="2" face="Times New Roman" color="#333333">42.4%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <I><font size="2" face="Times New Roman" color="#333333">(0.7)&nbsp;pts</font></I>
    </TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Amortization
        expense&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(755</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(763
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.0%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(2,989</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(2,962
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(27
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">(0.9%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Net
        benefit plans cost&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(66</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(62
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">(6.5%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(389</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(235
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(154
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">(65.5%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Restructuring
        and other items&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(24</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(123
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">99
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">80.5%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(54</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,219
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,165
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">95.6%</font></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Operating
        income</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">884</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">731
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">153
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">20.9%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">3,755</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,695
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,060
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">39.3%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Other
        income&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">20
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(20</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD align="right" width="7%"> <font size="2" face="Times New Roman" color="#333333">(100.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">39</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">183
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(144
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">(78.7%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Interest
        expense&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(208</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(212
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(827</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(863
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">36
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">4.2%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Pre-tax
        earnings</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">676</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">539
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">137
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">25.4%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,967</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,015
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">952
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">47.2%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Income
        taxes&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(138</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(140
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.4%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(743</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(506
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(237
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">(46.8%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Non-controlling
        interest&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(22</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(30
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(71</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">9
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(80
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Net earnings
        before extraordinary gain</font></B><font size="2">&nbsp; </font> </font>
    </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">516</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">407
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">109
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">26.8%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,153</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,518
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">635
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">41.8%</font></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Extraordinary
        gain&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">69
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">&nbsp;(69</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(100.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">69
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">&nbsp;(69</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD align="right" width="7%"> <font size="2" face="Times New Roman" color="#333333">(100.0%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Net earnings</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">516</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">476
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">40
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8.4%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,153</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,587
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">566
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">35.7%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Dividends
        on preferred shares&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(14</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(11
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(3
        </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(27.3%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(55</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(60
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">5
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">8.3%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Net earnings
        applicable to common shares</font></B><font size="2">&nbsp; </font> </font>
    </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">502</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">465
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">37
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">8.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,098</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,527
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">571
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">37.4%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Other
        information</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Cash flow
        information</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Free Cash
        Flow (FCF)</font>&nbsp;</B><font size="2"><SUP>(2)</SUP></font></font></TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Cash
        from operating activities&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,630</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,293
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">337
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">26.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,508</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">5,333
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">175
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">3.3%</font></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Capital
        expenditures&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(736</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(985
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">249
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">25.3%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(3,122</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(3,026
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(96
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(3.2%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Dividends
        and distributions&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(404</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(351
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">&nbsp;(53</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)</font></TD>
    <TD width="7%" align=left> <p align="right"><font size="2" face="Times New Roman" color="#333333">(15.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(1,747</font></B>
    </TD>
    <TD width=1% align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(1,736
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(11
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.6%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Other
        investing items&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(8
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">9
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(15
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">20
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Total</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">491</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(51
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">542
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">644</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">556
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">88
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">15.8
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">%&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=17 width="35%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <tr>
    <TD width="100%" align=left colspan="17"> <hr size="1" color="#333333"> </TD>
  </tr>
  <tr>
    <TD width="35%" align=left> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="7%" align=right> <font face="Times New Roman" color="#000080">
      &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> &nbsp;</font></TD>
    <TD width="7%" align=right> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="7%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="7%" align=right> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="7%" align=right> <font face="Times New Roman" color="#000080">
      &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> &nbsp;</font></TD>
    <TD width="7%" align=right> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="7%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
    <TD width="7%" align=right> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="2%" align=left> <font face="Times New Roman" color="#333333"> &nbsp;</font></TD>
  </tr>
  <tr>
    <TD width="35%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Capital
        expenditures as a percentage of revenues (%)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">16.5%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">22.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">6.4&nbsp;pts</font></TD>
    <TD width=1% align=left></TD>
    <TD width="7%" align=right><B><font size="2" face="Times New Roman" color="#000080">18.1%</font></B></TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">18.0%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.1)
      pts</font> </TD>
    <TD width="2%" align=left></TD>
  </tr>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<p>&nbsp;</p>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="83%" align=left> <font face="Times New Roman"> <B><font size="2">Balance
      Sheet Information</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Dec.
      31</font></B> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">Dec. 31
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">2004 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=5 width="83%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font face="Times New Roman"> <B><font size="2">Net
      Debt</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">&nbsp; &nbsp;
      &nbsp;Long-term debt&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10,177</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">9,166 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">&nbsp; &nbsp;
      &nbsp;Debt due within one year&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">836</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">1,352 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=center> <p align="left"><font size="2" face="Times New Roman">Less:
        Cash and cash equivalents&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(233</font></B>
    </TD>
    <TD width="1%" align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">(32 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=5 width="83%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font face="Times New Roman"> <B><font size="2">Total
      Net Debt</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10,780</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">10,486 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">Non-controlling
      interest&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,212</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">1,229 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">Total shareholders&#146;
      equity&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10,135</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">9,670 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=5 width="83%"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font face="Times New Roman"> <B><font size="2">Total
      Capitalization</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">22,127</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">21,385 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=5 width="83%"> <hr size="1" color="#333333"> </TD>
  </TR>
  <tr>
    <TD colspan=5 width="83%"> <hr size="1" color="#333333"> </TD>
  </tr>
  <TR>
    <TD colspan=5 width="83%"> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">Net Debt:
      Total Capitalization&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">48.7%</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">49.0%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="83%" align=left> <font size="2" face="Times New Roman">Net Debt:
      Trailing 12 month EBITDA&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.50</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">1.47 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <tr>
    <TD width="83%" align=left> <font size="2" face="Times New Roman">EBITDA :
      Interest (trailing 12 month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">8.69</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman">8.24 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </tr>
  <tr>
    <td width="83%" align=left><font size="2">n.m.: not meaningful</font></td>
    <td width="7%" align=right></td>
    <td width="1%" align=left></td>
    <td width="7%" align=right></td>
    <td width="2%" align=left></td>
  </tr>
</TABLE>
<p>&nbsp;</p>
<p><font size="2" face="Times New Roman"><font color="#000080">34&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<P> <font face="Times New Roman" size="4" color="#000080">Bell Canada Consolidated
  </font><font size="2" face="Times New Roman" color="#000080"><SUP>(1)</SUP></font></P>
<P> <font size="2" face="Times New Roman">Operational Data &#150; Historical Trend</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">&nbsp;
        </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">Total</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Total </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <I><font size="2">($ millions, except where
        otherwise indicated)</font></I><font size="2">&nbsp; </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Q4
      05</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q3 05 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q2 05 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q1 05 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">2004 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q4 04 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q3 04 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q2 04 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">Q1 04 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Revenues</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Local
        and access&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">5,446</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,343</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,367 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,368 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,368 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">5,572 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,397 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,395 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,401 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,379 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Long
        distance&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2,044</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">478</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">510 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">518 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">538 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">2,327 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">560 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">589 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">572 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">606 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Wireless&nbsp;
        </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">3,097</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">812</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">801 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">771 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">713 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">2,818 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">742 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">727 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">698 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">651 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Data&nbsp;
        </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">4,015</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,097</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,001 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">966 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">951 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">3,640 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">963 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">915 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">870 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">892 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Video&nbsp;
        </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">976</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">268</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">251 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">236 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">221 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">850 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">219 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">213 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">211 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">207 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Terminal
        sales and other&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">1,672</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">459</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">396 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">399 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">418 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,580 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">422 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">367 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">420 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">371 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Total operating revenues</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">17,250</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,457</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,326 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,258 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,209 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">16,787 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,303 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,206 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,172 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4,106 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Operating
        expenses&nbsp; </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(10,063
      </font> </B> </TD>
    <TD width="1%" align=right> <p align="left"> <B><font size="2" face="Times New Roman" color="#000080">)</font></B></TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(2,728
      </font> </B> </TD>
    <TD width="1%" align=right> <p align="left"><b><font size="2" face="Times New Roman" color="#000080">)</font></b></TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,522 </font>
    </TD>
    <TD width="1%" align=right> <p align="left"><font size="2" face="Times New Roman">)</font></TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,419 </font>
    </TD>
    <TD width="1%" align=right> <p align="left"><font size="2" face="Times New Roman">)</font></TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,394</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(9,676 </font>
    </TD>
    <TD width="1%" align=right> <p align="left"><font size="2" face="Times New Roman">)</font></TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,624</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)</font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,350 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,351 </font>
    </TD>
    <TD width="1%" align=right> <p align="left"><font size="2" face="Times New Roman">)</font></TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,351</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">EBITDA</font>&nbsp;</B><font size="2"><SUP>(2)</SUP></font></font></TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">7,187</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,729</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,804 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,839 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,815 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">7,111 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,679 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,856 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,821 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,755 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><I><font size="2">EBITDA margin (%) </font>
        </I></B><font size="2"><SUP>(3)</SUP>&nbsp; </font> </font> </TD>
    <TD width=6% align=right> <B><I><font size="2" face="Times New Roman" color="#000080">41.7%</font></I></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><I><font size="2" face="Times New Roman" color="#000080">38.8%</font></I></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">41.7%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">43.2%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">43.1%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">42.4%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right><I><font size="2" face="Times New Roman">39.0%</font></I></TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">44.1%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">43.6%</font></I>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
    <TD width="6%" align=right> <I><font size="2" face="Times New Roman">42.7%</font></I>
    </TD>
    <TD width="2%" align=left> <font face="Times New Roman"><font size="2">&nbsp;
      </font></font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Amortization
        expense&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(2,989</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(755</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(756 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(746 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(732 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(2,962 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(763 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(734 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(733 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(732 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Net
        benefit plans cost&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(389</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(66</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(110 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(107 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(106 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(235 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(62 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(55 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(58 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(60 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Restructuring
        and other items&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(54</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(24</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(30 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(5 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">5 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(1,219 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(123 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(1,080 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(13 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(3 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Operating income (loss)</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">3,755</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">884</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">908 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">981 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">982 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">2,695 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">731 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(13 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,017 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">960 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Other
        income&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">39</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">15 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">13 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">11 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">183 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">20 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">114 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">19 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">30 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Interest
        expense&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(827</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(208</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(207 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(206 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(206 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(863 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(212 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(215 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(216 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(220 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Pre-tax earnings (loss)</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2,967</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">676</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">716 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">788 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">787 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">2,015 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">539 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(114 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">820 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">770 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Income
        taxes&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(743</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(138</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(198 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(178 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(229 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(506 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(140 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">75 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(245 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(196 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Non-controlling
        interest&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(71</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(22</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(16 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(17 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(16 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">9 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">8 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">2 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">9 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(10 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Net earnings (loss) before
        extraordinary&nbsp;gain</font></B></font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2,153</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">516</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">502 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">593 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">542 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,518 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">407 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(37 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">584 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">564 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Extraordinary
        gain&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">&#150;</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">&#150; </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">&#150; </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">&#150; </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">69 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">69 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">&#150; </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">&#150; </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">&#150; </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Net earnings</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2,153</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">516</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">502 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">593 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">542 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,587 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">476 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(37 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">584 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">564 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Dividends
        on preferred shares&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(55</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(14</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(14 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(13 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(14 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(60 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(11 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(16 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(17 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(16 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Net earnings applicable
        to common shares</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">2,098</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">502</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">488 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">580 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">528 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,527 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">465 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(53 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">567 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">548 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%" height="10"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Other information</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Cash flow information</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Free Cash Flow (FCF)</font>&nbsp;</B><font size="2"><SUP>(2)</SUP></font></font></TD>
    <TD width=6% align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman">Cash
        from operating activities&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">5,508</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,630</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,551 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,467 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">860 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">5,333 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,293 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,756 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,089 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1,195 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman">Capital
        expenditures&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(3,122</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(736</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(873 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(847 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(666 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(3,026 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(985 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(736 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(715 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(590 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman">Dividends
        and distributions&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">(1,747</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(404</font></B>
    </TD>
    <TD width=1% align=left> <font face="Times New Roman" color="#000080"> <B><font size="2">)</font></B><font size="2">&nbsp;
      </font> </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(468 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(453 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(422 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(1,736 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(351 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(445 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(437 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(503 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman">Other
        investing items&nbsp; </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">5</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">4 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(4 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(15 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(8 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">1 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(1 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(7 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman"> <B><font size="2">Total</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width=6% align=right> <B><font size="2" face="Times New Roman" color="#000080">644</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <B><font size="2" face="Times New Roman" color="#000080">491</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">214 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">171 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(232 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">556 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(51 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">576 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">(64 </font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman">)&nbsp; </font>
    </TD>
    <TD width="6%" align=right> <font size="2" face="Times New Roman">95 </font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman">&nbsp; </font>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="29%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">&nbsp;
        </font> </TD>
  </TR>
  <tr>
    <TD width="29%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman">Capital
        expenditures as a percentage of revenues (%)&nbsp; </font> </TD>
    <TD width=6% align=right valign="bottom"> <B><font size="2" face="Times New Roman" color="#000080">18.1%</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <B><font size="2" face="Times New Roman" color="#000080">16.5%</font></B>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"> <font size="2" face="Times New Roman">20.2%</font>
    </TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">19.9%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">15.8%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">18.0%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">22.9%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">17.5%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">17.1%</font></TD>
    <TD width=1% align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="6%" align=right valign="bottom"><font size="2" face="Times New Roman">14.4%</font></TD>
    <TD width="2%" align=left valign="bottom"> <font size="2" face="Times New Roman">&nbsp;
      </font> </TD>
  </tr>
</TABLE>
&nbsp;
<p>&nbsp;</p>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Balance
        Sheet Information</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Dec.
      31</font></B> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">Sept.
      30 </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">June
      30 </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">March
      31 </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">Dec.
      31 </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2005
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2005
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2005
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=11 width="54%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Net Debt</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Long-term
        debt&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10,177</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10,171
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10,023
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9,657
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9,166
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Debt
        due within one year&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">836</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,365
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,500
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,634
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,352
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=center> <p align="left" style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Less:
        Cash and cash equivalents&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">(233</font></B>
    </TD>
    <TD width="1%" align=left> <B><font size="2" face="Times New Roman" color="#000080">)</font></B><font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(298
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(169
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(308
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(32
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=11 width="54%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Total
        Net Debt</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10,780</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">11,238
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">11,354
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10,983
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10,486
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Non-controlling
        interest&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,212</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,125
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,162
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,202
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,229
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Total
        shareholders&#146; equity&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10,135</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10,067
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9,957
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9,796
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9,670
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=11 width="54%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Total
        Capitalization</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">22,127</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">22,430
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">22,473
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">21,981
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">21,385
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=11 width="54%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="100%" align=left colspan="11"> <HR noshade size=1 color="#333333">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="8%" align=right height="10"> <font face="Times New Roman" color="#000080">
      &nbsp;</font></TD>
    <TD width="1%" align=left height="10"> <font face="Times New Roman" color="#000080">
      &nbsp;</font></TD>
    <TD width="8%" align=right height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="1%" align=left height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="8%" align=right height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="1%" align=left height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="8%" align=right height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="1%" align=left height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width="8%" align=right height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
    <TD width=2% align=left height="10"> <font face="Times New Roman" color="#333333">
      &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Net
        Debt: Total Capitalization&nbsp; </font> </TD>
    <TD width="8%" align=right><B><font size="2" face="Times New Roman" color="#000080">48.7%</font></B></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">50.1%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">50.5%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">50.0%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">49.0%</font>
    </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Net
        Debt : Trailing 12 month EBITDA&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.50</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.57
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.58
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.53
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.47
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="54%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">EBITDA
        : Interest (trailing 12 month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">8.69</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">8.59
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">8.57
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">8.45
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">8.24
      </font> </TD>
    <TD width=2% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </tr>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<p><font size="2" face="Times New Roman"><font color="#000080">35&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<P ALIGN="left"><font size="2" face="Times New Roman">Supplementary Financial
  Information</font></P>
<P> <font face="Times New Roman" size="4" color="#000080">Bell Canada Consolidated
  </font><font size="2" face="Times New Roman" color="#000080"><SUP>(1)</SUP></font></P>
<P> <font size="2" face="Times New Roman">Statistical Data</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;</font>
    </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Q4</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">Q4
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Total</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">Total
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">%
      change </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">%
      change </font> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Wireline</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Local</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Network
        access services (k)&nbsp; </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Residential&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7,985</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">8,392
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(4.8%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7,985</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">8,392
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(4.8%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Business&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,596</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,513
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.8%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,596</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,513
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.8%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Total&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">12,581</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">12,905
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="3%" align=right> <font size="2" face="Times New Roman" color="#333333">(2.5%
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman" color="#333333">)&nbsp;</font></TD>
    <TD width="2%" align=right> <B><font size="2" face="Times New Roman" color="#000080">12,581</font></B></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">12,905
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(2.5%
      </font> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">SmartTouch
        feature revenues ($M)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">217</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">233
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(6.9%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">890</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">939
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(5.2%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Long Distance
        (LD)</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Conversation
        minutes (M)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,567</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,559
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">0.2%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">18,306</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">18,070
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.3%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Average
        revenue per minute ($)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">0.096</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">0.109
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(11.9%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">0.102</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">0.117
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(12.8%
      </font> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%" height="19"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Data</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Equivalent
        access lines <SUP>(9) </SUP>(k) &#150; Ontario and Quebec&nbsp; </font>
    </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Digital
        equivalent access lines (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,034</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,335
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">16.1%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,034</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,335
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">16.1%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Internet
        subscribers <SUP>(10) </SUP>(k)&nbsp; </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">High
        Speed Internet net activations (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">61</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">91
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(33.0%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">387</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">350
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10.6%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">High
        Speed Internet subscribers (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,195</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,808
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">21.4%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,195</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,808
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">21.4%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Dial-up
        Internet subscribers (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">586</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">743
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(21.1%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">586</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">743
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(21.1%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,781</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2,551
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">9.0%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,781</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">2,551
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9.0%</font>
    </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Wireless</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cellular
        &amp; PCS net activations (k)&nbsp; </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">83</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">88
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(5.7%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">227</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">142
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">59.9%
      </font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">127</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">129
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(1.6%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">289</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">371
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(22.1%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">210</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">217
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(3.2%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">516</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">513
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">0.6%</font></TD>
    <TD width=4% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cellular
        &amp; PCS subscribers (k)&nbsp; </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,428</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,201
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">18.9%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,428</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,201
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">18.9%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,013</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">3,724
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">7.8%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,013</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">3,724
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">7.8%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,441</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,925
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">10.5%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,441</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">4,925
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">10.5%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Average
        revenue per unit (ARPU) ($/month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">51</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">2.0%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">49</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">0.0%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">14</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">13
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">7.7%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">14</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">16.7%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">64</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">61
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">4.9%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">61</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">61
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">0.0%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Churn
        (%) (average per month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.5%</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.4%
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.1)
      pts </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.6</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.3%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.3)&nbsp;pts</font>
    </TD>
    <TD width=4% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right><B><font size="2" face="Times New Roman" color="#000080">2.2</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">1.9%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.3)
      pts </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.9</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.9%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">0.0&nbsp;pts</font>
    </TD>
    <TD width=4% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.3</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.2%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.1)
      pts </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><B><font size="2" face="Times New Roman" color="#000080">1.4</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.1%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.3)&nbsp;pts</font>
    </TD>
    <TD width=4% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Usage
        per subscriber (min/month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">261</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">252
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">3.6%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">255</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">248
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">2.8%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cost
        of acquisition (COA) <SUP>(11) </SUP>($/sub)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">409</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">402
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(1.7%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">406</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">411
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">1.2%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        EBITDA ($ millions)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">311</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">274
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">13.5%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,307</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,187
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">10.1%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        EBITDA margin <SUP>(12)</SUP>&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">37.1</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">36.2%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">0.9&nbsp;pts
      </font> </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">41.2</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">41.5%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.3)&nbsp;pts</font>
    </TD>
    <TD width=4% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        capital expenditures ($ millions)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">58</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">125
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">53.6%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">343</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">362
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">5.2%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        capital expenditures as a percentage of revenue&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7.1</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">16.8%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9.7&nbsp;pts</font>
    </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">11.1</font></B><font color="#000080"><B><font size="2" face="Times New Roman">%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">12.8%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.7&nbsp;pts</font>
    </TD>
    <TD width=4% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Paging
        subscribers (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">347</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">427
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(18.7%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">347</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">427
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">(18.7%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Paging
        average revenue per unit ($/month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">9
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">11.1%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">11</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">10.0%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=13 width="43%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Video
        (DTH and VDSL)</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=left> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Total
        subscribers (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,727</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,503
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">14.9%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,727</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1,503
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">14.9%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Net
        subscriber activations (k)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">50</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">43
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">16.3%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">224</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">116
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">93.1%</font></TD>
    <TD width=4% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">ARPU
        ($/month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">52</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">6.1%
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">50</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">2.0%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">COA
        ($/sub)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">258</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">537
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">52.0%</font></TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">375</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">571
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right><font size="2" face="Times New Roman" color="#333333">34.3%</font></TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Video
        EBITDA ($ millions)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">23</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(4
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">45</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(19
      </font> </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">n.m.
      </font> </TD>
    <TD width=4% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="43%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Churn
        (%) (average per month)&nbsp; </font> </TD>
    <TD width="8%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.0%</font></B>
    </TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">0.8%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">(0.2)&nbsp;pts</font>
    </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right> <font color="#000080"> <B><font size="2" face="Times New Roman">0.9%</font></B></font></TD>
    <TD width="1%" align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">1.0%</font>
    </TD>
    <TD width="1%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman" color="#333333">0.1&nbsp;pts</font>
    </TD>
    <TD width=4% align=left></TD>
  </TR>
  <tr valign="bottom">
    <td width="43%" align=left><font size="1">n.m.: not meaningful</font></td>
    <td width="8%" align=right></td>
    <td width="1%" align=left></td>
    <td width="8%" align=right></td>
    <td width="1%" align=left></td>
    <td width="8%" align=right></td>
    <td width="1%" align=left></td>
    <td width="8%" align=right></td>
    <td width="1%" align=left></td>
    <td width="8%" align=right></td>
    <td width="1%" align=left></td>
    <td width="8%" align=right></td>
    <td width=4% align=left></td>
  </tr>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<p><font size="2" face="Times New Roman"><font color="#000080">36&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<P> <font face="Times New Roman" size="4" color="#000080">Bell Canada Consolidated
  </font><font size="2" face="Times New Roman" color="#000080"><SUP>(1)</SUP></font></P>
<P> <font size="2" face="Times New Roman">Statistical Data &#150; Historical Trend</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Total</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Total
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2005</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">Q4
      05</font></B> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q3
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q2
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q1
      05 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2004
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q4
      04 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q3
      04 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q2
      04 </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">Q1
      04 </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Wireline</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Local</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Network
        access services&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Residential&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7,985</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,133
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,189
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,332
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,392
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,427
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,390
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">8,476
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Business&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,596</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,570
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,538
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,518
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,513
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,535
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,548
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,541
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Total&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">12,581</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12,703
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12,727
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12,850
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12,905
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12,962
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12,938
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">13,017
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">SmartTouch
        feature revenues ($M)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">890</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">217</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">221
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">225
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">227
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">939
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">233
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">234
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">235
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">237
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Long Distance
        (LD)</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Conversation
        minutes (M)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">18,306</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,567</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,484
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,667
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,588
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">18,070
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,559
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,435
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,498
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,578
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Average
        revenue per minute ($)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">0.102</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">0.096</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.105
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.101
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.107
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.117
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.109
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.120
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.118
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.120
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <hr noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width="2%" align=left height="10"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Data</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left><p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Equivalent
        access lines <SUP>(9) </SUP>(k) &#150; Ontario&nbsp;and&nbsp;Quebec</font></TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Digital
        equivalent access lines&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,034</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,847
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,634
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,469
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,335
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,197
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,083
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,983
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Internet
        subscribers <SUP>(10)</SUP>&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">High
        Speed Internet net activations&nbsp;(k)</font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">387</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">61</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">106
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">92
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">128
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">350
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">91
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">84
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">65
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">110
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">High
        Speed Internet subscribers&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,195</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,134
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,028
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,936
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,808
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,717
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,633
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,568
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Dial-up
        Internet subscribers&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">586</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">621
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">666
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">696
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">743
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">775
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">807
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">836
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2,781</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,755
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,694
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,632
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,551
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,492
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,440
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">2,404
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <hr noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width="2%" align=left height="10"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Wireless</font></B><font size="2">&nbsp;
        </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cellular
        &amp; PCS net activations&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">227</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">83</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">73
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">29
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">42
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">142
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">88
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">14
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">17
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">23
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">289</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">127</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">117
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(5
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">371
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">129
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">95
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">78
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">69
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">516</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">210</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">123
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">146
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">37
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">513
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">217
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">109
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">95
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">92
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cellular
        &amp; PCS subscribers&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,428</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,345
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,272
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,243
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,201
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,113
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,099
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,082
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">4,013</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,886
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,836
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,719
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,724
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,595
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,500
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">3,422
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">&nbsp;
        </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">5,441</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">5,231
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">5,108
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,962
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,925
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,708
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,599
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4,504
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Average
        revenue per unit (ARPU) ($/month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">49</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">51</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">51
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">46
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">47
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">14</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">14</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">14
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">16
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">11
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">13
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">11
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">11
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">61</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">64</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">61
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">57
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">61
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">61
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">62
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">59
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Churn
        (%) (average per month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.6%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.5%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.5%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.6%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.6%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.3%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.4%
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.2%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.3%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.3%</font>
    </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Pre-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.9%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">2.2%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.6%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">2.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.8%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.9%
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.9%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.9%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.7%</font></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Times New Roman" color="#333333">Post-paid&nbsp;
        </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.4%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.3%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1.5%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.4%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.6%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.2%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.1%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Usage
        per subscriber (min/month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">255</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">261</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">265
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">262
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">232
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">248
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">252
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">258
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">257
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">224
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Cost
        of acquisition (COA) <SUP>(11) </SUP>($/sub)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">406</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">409</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">432
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">401
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">373
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">411
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">402
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">381
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">413
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">455
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        EBITDA ($&nbsp;millions)</font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,307</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">311</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">363
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">333
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">300
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,187
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">274
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">334
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">317
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">262
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        EBITDA margin <SUP>(12)</SUP>&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">41.2%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><B><font size="2" face="Times New Roman" color="#000080">37.1%</font></B></TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">44.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">42.4%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">41.4%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">41.5%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">36.2%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">45.4%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">44.9%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">39.6%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        capital expenditures ($&nbsp;millions)</font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">343</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">58</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">103
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">118
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">64
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">362
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">125
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">95
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">77
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">65
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Wireless
        capital expenditures as a percentage of revenue&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">11.1%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">7.1%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">15.3%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">9.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">12.8%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">16.8%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">13.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">11.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">10.0%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Paging
        subscribers&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">347</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">364
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">385
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">404
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">427
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">449
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">469
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">493
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Paging
        average revenue per unit ($/month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">11</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">10</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">15
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">9
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">10
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <HR noshade size=1 color="#333333"> </TD>
  </TR>
  <TR>
    <TD colspan=21 width="20%"> <hr noshade size=1 color="#333333"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width=1% align=left height="10"> </TD>
    <TD width="7%" align=left height="10"> </TD>
    <TD width="2%" align=left height="10"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px">
        <font face="Times New Roman" color="#333333"> <B><font size="2">Video
        (DTH and VDSL)</font></B><font size="2">&nbsp; </font> </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Total
        subscribers&nbsp;(k)</font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1,727</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,677
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,595
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,532
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=left> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,503
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,460
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,427
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1,403
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Net
        subscriber activations&nbsp;(k)</font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">224</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">50</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">82
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">63
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">29
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">116
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">43
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">33
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">24
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">16
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">ARPU
        ($/month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">50</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">52</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">51
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">50
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">48
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">48
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">49
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">48
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">COA
        ($/sub)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">375</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">258</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">360
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">462
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">473
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">571
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">537
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">548
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">570
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">661
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Video
        EBITDA ($&nbsp;millions)</font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">45</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">23</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#000080">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">12
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">6
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(19
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(4
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">(16
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">)&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">&#150;
      </font> </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">1
      </font> </TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </TR>
  <tr>
    <TD width="20%" align=left> <p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Times New Roman" color="#333333">Churn
        (%) (average per month)&nbsp; </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">0.9%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <B><font size="2" face="Times New Roman" color="#000080">1.0%</font></B>
    </TD>
    <TD width=1% align=left> <font size="2" color="#000080" face="Times New Roman">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right> <font size="2" face="Times New Roman" color="#333333">0.9%</font>
    </TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">0.8%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">0.8%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.1%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">1.0%</font></TD>
    <TD width=1% align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
    <TD width="7%" align=right><font size="2" face="Times New Roman" color="#333333">0.9%</font></TD>
    <TD width="2%" align=left> <font size="2" face="Times New Roman" color="#333333">&nbsp;
      </font> </TD>
  </tr>
</TABLE>
<font size="2" face="Times New Roman"><BR>
</font>
<p><font color="#000080" size="2" face="Times New Roman">3</font><font size="2" face="Times New Roman"><font color="#000080">7</font><font color="#000080">&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size="2" color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></p>
<hr noshade align="center" width="100%" size="1" color="#333333">
<p>&nbsp;</p>
<a name="notes"></a>
<table border="0" width="100%" id="table1" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td colspan="2"><b><font size="4" color="#000080" face="Times New Roman">Accompanying
      Notes</font></b>
      <p>&nbsp;</td>
  </tr>
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(1)</font></td>
    <td valign="top" width="77%"><font size="2" color="#333333" face="Times New Roman">We
      have reclassified some of the figures for the comparative period to make
      them consistent with the current period&rsquo;s presentation. On December
      16, 2005, BCE announced its decision to sell its stake in CGI and that CGI
      would purchase 100 million of the class A shares held by BCE. As at December
      31, 2005 BCE has accounted for CGI as a discontinued operation and no longer
      proportionally consolidates its financial results.</font></td>
  </tr>
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(2)</font>
      <p>&nbsp;</td>
    <td valign="top" width="77%"><B><font size="2" color="#333333" face="Times New Roman">Non-GAAP
      Financial Measures<br>
      EBITDA</font></B><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">The
      term, EBITDA (earnings before interest, taxes, depreciation and amortization),
      does not have any standardized meaning prescribed by Canadian generally
      accepted accounting principles (GAAP). It is therefore unlikely to be comparable
      to similar measures presented by other companies. EBITDA is presented on
      a consistent basis from period to period.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define EBITDA as operating revenues less
      operating expenses, which means it represents operating income before amortization
      expense, net benefit plans cost, and restructuring and other items.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA, among other measures, to assess
      the operating performance of our ongoing businesses without the effects
      of amortization expense, net benefit plans cost, and restructuring and other
      items. We exclude amortization expense and net benefit plans cost because
      they largely depend on the accounting methods and assumptions a company
      uses, as well as non-operating factors, such as the historical cost of capital
      assets and the fund performance of a company&#146;s pension plans. We exclude
      restructuring and other items because they are transitional in nature.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating
      performance on a consistent basis. We believe that certain investors and
      analysts use EBITDA to measure a company&#146;s ability to service debt
      and to meet other payment obligations, or as a common valuation measurement
      in the telecommunications industry.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA should not be confused with net cash
      flows from operating activities. The most comparable Canadian GAAP financial
      measure is operating income. </font>
      <p></P>
      <P align="left"> <B><font size="2" color="#333333" face="Times New Roman">EPS
        before net gains (losses) on investments and restructuring and other items<br>
        </font></B> <font size="2" color="#333333" face="Times New Roman">The
        term, EPS (earnings per share) before net gains (losses) on investments
        and restructuring and other items, does not have any standardized meaning
        prescribed by GAAP. It is therefore unlikely to be comparable to similar
        measures presented by other companies. <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EPS before net gains (losses) on
        investments and restructuring and other items, among other measures, to
        assess the operating performance of our ongoing businesses without the
        effects of after-tax restructuring and other items and net gains on investments.
        We exclude these items because they affect the comparability of our financial
        results and could potentially distort the analysis of trends in business
        performance. The exclusion of these items does not imply they are necessarily
        non-recurring.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial
        measure is EPS.</font></P>
      <P align="left"> <B><font size="2" color="#333333" face="Times New Roman">FREE
        CASH FLOW<br>
        </font></B> <font size="2" color="#333333" face="Times New Roman">The
        term, free cash flow, does not have any standardized meaning prescribed
        by Canadian GAAP. It is therefore unlikely to be comparable to similar
        measures presented by other companies. Free cash flow is presented on
        a consistent basis from period to period.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define free cash flow as cash from operating
        activities after capital expenditures, total dividends and other investing
        activities.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider free cash flow to be an important
        indicator of the financial strength and performance of our business because
        it shows how much cash is available to repay debt and to reinvest in our
        company. We believe that certain investors and analysts use free cash
        flow when valuing a business and its underlying assets.</font></P></td>
  </tr>
</table>
<P>&nbsp; </P>
<P> <font size="2" face="Times New Roman"> <FONT color="#000080">38&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</FONT><FONT size=2 color="#333333">&nbsp;</FONT>&nbsp;Q4
  Investor Briefing</font></P>
<HR noshade align="center" width="100%" size=1 color="#333333">
<P>&nbsp; </P>
<table border="0" width="100%" id="table2" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font face="Times New Roman">&nbsp;</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">&nbsp;The
        most comparable Canadian GAAP financial measure is cash from operating
        activities.<br>
        </font></P></td>
  </tr>
</table>
<table border="0" width="100%" id="table3" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(3)</font></td>
    <td width="77%" valign="top"><P align="left"><font face="Times New Roman"><font size="2">EBITDA
        margin is calculated as follows:</font></font><br>
      </P></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><font size="2">EBITDA</font></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><hr width="100" size="1" noshade color="#333333"></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><font size="2"><font size="2">Operating revenues</font></font></td>
  </tr>
</table>
<table border="0" width="100%" id="table4" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(4)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">Effective
        Q2 2005 the total Wireless capital expenditures are segregated between
        the Residential and Business segments. Prior quarters have been restated
        accordingly.</font></P></td>
  </tr>
</table>
<table border="0" width="100%" id="table5" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(5)</font></td>
    <td width="77%" valign="top"><P align="left"><font face="Times New Roman"><font size="2">Cash
        flow per share is calculated as follows:</font></font><br>
      </P></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><font size="2">Cash flow from operations less
      capital expenditures</font></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><hr width="320" size="1" noshade color="#333333"></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><font size="2"><font size="2">Average number
      of common shares outstanding during the period</font></font></td>
  </tr>
</table>
<table border="0" width="100%" id="table6" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(6)</font></td>
    <td width="77%" valign="top"><P align="left"><font face="Times New Roman"><font size="2">Annualized
        cash flow yield is calculated as follows:</font></font><br>
      </P></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><font size="2">Free cash flow from operations
      before common dividends</font></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><hr width="300" size="1" noshade color="#333333"></td>
  </tr>
  <tr>
    <td colspan="4" align="center"><font size="2">Number of common shares outstanding
      at end of period<br>
      multiplied by share price at end of period</font></td>
  </tr>
  <tr>
    <td width="23%" colspan="3"></td>
    <td align="left"><font size="2">Note: to annualize, multiply the most recent
      quarter&#146;s resultant by 4.</font></td>
  </tr>
</table>
<table border="0" width="100%" id="table7" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(7)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">Reflects
        an increase in the total Bell&nbsp;Canada debt as a result of the completion
        of the purchase price allocation (PPA) relating to the repurchase of SBC&rsquo;s
        20% interest in Bell&nbsp;Canada, which resulted in an increase in long-term
        debt of $165 million. This increase in long-term debt will be applied
        against interest expense ($4 million in Q4 2005) over the remaining terms
        of the related long-term debt.</font></P></td>
  </tr>
</table>
<table border="0" width="100%" id="table8" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(8)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">At
        the BCE Consolidated level, Third Party Preferred Shares reflected in
        the financial statements of subsidiaries are included in non-controlling
        interest on the balance sheet.</font></P></td>
  </tr>
</table>
<table border="0" width="100%" id="table9" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(9)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">Digital
        equivalent access lines are derived by converting low capacity data lines
        (DS-3 and lower) to the equivalent number of voice grade access lines.
        Broadband equivalent access lines are derived by converting high capacity
        data lines (higher than DS-3) to the equivalent number of voice grade
        access lines.</font></P></td>
  </tr>
</table>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD width="23%" align=left><font face="Times New Roman">&nbsp;</font></TD>
    <TD width="17%" align=left><font face="Times New Roman"><B><font size="2">Conversion
      factors</font></B>&nbsp;</font></TD>
    <TD width="1%"><font size="2" face="Times New Roman">&nbsp;</font></TD>
    <TD width="8%" align=left><font size="2" face="Times New Roman">&nbsp;</font></TD>
    <TD width="51%" align=left><font face="Times New Roman">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">DS-0&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">1&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">Basic ISDN&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">2&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">Primary
      ISDN&nbsp; </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">23&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">DS-1, DEA&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">24&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">DS-3&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">672&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">OC-3&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">2,016&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">OC-12&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">8,064&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">OC-48&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">32,256&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">OC-192&nbsp;
      </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">129,024&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">10 Base
      T&nbsp; </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">155&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">100 Base
      T&nbsp; </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">1,554&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left> <font face="Times New Roman"> &nbsp;</font></TD>
    <TD width="17%" align=left> <font size="2" face="Times New Roman">Gigabit
      E&nbsp; </font> </TD>
    <TD width="1%"> <font size="2" face="Times New Roman">&nbsp; </font> </TD>
    <TD width="8%" align=right> <font size="2" face="Times New Roman">15,554&nbsp;
      </font> </TD>
    <TD width="51%" align=right> <font face="Times New Roman"> &nbsp;</font></TD>
  </TR>
</TABLE>
<table border="0" width="100%" id="table10" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(10)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">High
        Speed Internet subscribers include Residential, Business and Wholesale.
        Dial-up Internet subscribers include Residential and Business.</font></P></td>
  </tr>
</table>
<table border="0" width="100%" id="table11" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(11)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">Includes
        allocation of selling costs from Bell&nbsp;Canada and excludes costs of
        migrating from analog to digital. Cost of Acquisition (COA) per subscriber
        is reflected on a consolidated basis.</font></P></td>
  </tr>
</table>
<table border="0" width="100%" id="table12" cellspacing="0" cellpadding="0">
  <tr>
    <td width="18%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font face="Times New Roman">&nbsp;</font></td>
    <td width="3%" valign="top"><font size="2" color="#333333" face="Times New Roman">(12)</font></td>
    <td width="77%" valign="top"> <P align="left"> <font size="2" face="Times New Roman">Wireless
        EBITDA margins are calculated based on total Wireless operating revenues
        (i.e. external revenues as shown on pages 10 and 11 plus inter-company
        revenues).</font></P></td>
  </tr>
</table>
<P> <font size="2" face="Times New Roman"> </font></P>
<P ALIGN="center"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><br>
  -30-</FONT></P>
<P ALIGN="LEFT">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="50%"><strong><font size="2" face="Arial, Helvetica, sans-serif">For
      further information:</font> </strong></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><p><font face="Arial, Helvetica, sans-serif"><font size="2"><b>Pierre
        Leclerc<br>
        </b><font face="Arial, Helvetica, sans-serif">Media Relations<br>
        <font face="Arial, Helvetica, sans-serif">(514) 391-2007<br>
        1 877 391-2007</font><br>
        <font face="Arial, Helvetica, sans-serif"><u>pierre.leclerc@bell.ca</u></font></font></font></font></p>
      </td>
    <td width="50%"><font face="Arial, Helvetica, sans-serif">
      <p align="LEFT"><font size="2"><b>Thane Fotopoulos<br>
        </b><font face="Arial, Helvetica, sans-serif">Investor Relations<br>
        <font face="Arial, Helvetica, sans-serif">(514) 870-4619<br>
        <font face="Arial, Helvetica, sans-serif"><u>thane.fotopoulos@bell.ca<br>
        <br>
        </u></font></font></font></font></p>
      </font></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT"><font size="2" face="Times New Roman"><font color="#000080">39&nbsp;&nbsp;&nbsp;
  Bell&nbsp;Canada Enterprises</font><font size=2 color="#333333">&nbsp;</font>&nbsp;Q4
  Investor Briefing</font></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)
      Siim A. Vanaselja</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">Siim A.
      Vanaselja<br>
      Chief Financial Officer</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:
      February 1, 2006</font></td>
    <td width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><br>
      <br>
      <br>
      </font></td>
  </tr>
</table>
<P ALIGN="LEFT">&nbsp; </P>
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