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<SEC-DOCUMENT>0000718940-06-000008.txt : 20060201
<SEC-HEADER>0000718940-06-000008.hdr.sgml : 20060201
<ACCEPTANCE-DATETIME>20060201101825
ACCESSION NUMBER:		0000718940-06-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
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:		06568129

	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>bceform6kprguidance.htm
<DESCRIPTION>PRESS RELEASE RE: GUIDANCE
<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
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<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 width="50%"><img src="bcelogo.gif" width="253" height="90"></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">For immediate release</font></p>
<p>&nbsp;</p>
<table width="99%" border="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="50%"><div align="justify"><font face="Times New Roman, Times, Serif"><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></font><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
    <td width="25%">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3" face="Arial, Helvetica, sans-serif"><B>BCE
  BUSINESS REVIEW CONFERENCE</B></FONT></FONT></p>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td colspan="2"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>Building
      Bell for long-term value creation</b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td colspan="2"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>Surfacing
      Shareholder Value</b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="5%" align="center"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>o
      </b></font></font></td>
    <td width="90%"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>1.6
      million regional lines placed in income trust </b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="5%" align="center"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>o
      </b></font></font></td>
    <td width="90%"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>BCE
      to recapitalize Telesat and launch IPO</b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top">&nbsp;</td>
    <td width="5%" align="center"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>o
      </b></font></font></td>
    <td width="90%"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>BCE
      to buy back 5% of shares</b></font></font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td colspan="2"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif"><b>BCE-level
      corporate debt paid down</b></font></font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<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) today presented
  the company&#146;s business strategy for 2006 and beyond.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;BCE&#146;s
  strategy is to create value for shareholders over the medium and longer terms
  by re-building our core communications business on growth platforms that produce
  increasingly profitable revenue streams,&#148; said Michael Sabia, President
  and CEO of BCE. &#147;As we transform Bell, the company will act to create value
  for shareholders through our ongoing review of assets.&#148;</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;In
  the past two years we have returned Bell Canada to its core communications business
  and invested in growth services,&#148; said Mr. Sabia. &#147;Having laid the
  operational foundations, we are now seeing a shift in our revenues and in 2006
  growth revenues will overtake our legacy revenues. By resetting our cost base
  and lowering our CAPEX we are developing a new financial foundation that will
  improve margins, increase profitability and generate increased levels of free
  cash flow<SUP>1</SUP>, creating ongoing value for shareholders.&#148; </FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE also
  announced a series of initiatives to create further value by:</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%"><div align="center"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></div></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">creating
      an income trust for 1.6 million regional lines</font></td>
  </tr>
  <tr>
    <td width="5%"><div align="center"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></div></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">recapitalizing
      and launching an initial public offering (IPO) of Telesat Canada</font></td>
  </tr>
  <tr>
    <td width="5%"><div align="center"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></div></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif">buying
      back 5% of BCE outstanding common shares.</font></td>
  </tr>
</table>
<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"><B>Bell&#146;s
  Business Model<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">Mr. Sabia&#146;s
  remarks were made during the company&#146;s annual business review with the
  investment community in Toronto, where Bell&#146;s new business model was explained
  in detail.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The business
  model has four interconnected characteristics.</FONT> </P>
<P ALIGN="justify"><u><FONT size="2" FACE="Arial, Helvetica, sans-serif">Growth
  Services</FONT></u><FONT size="2" FACE="Arial, Helvetica, sans-serif">:<I><B>
  </B></I>Growth services such as wireless, video, high-speed Internet and ICT
  (Information, Communications and Technology) will drive revenue generation at
  Bell. Together they are expected to generate 65% of Bell&#146;s revenue in the
  2008 to 2009 time frame.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><U>Broadband
  and Internet Protocol Platforms</U>: These will be the platforms on which growth
  services will be delivered to customers. This includes the company&#146;s terrestrial
  broadband network as well as its wireless broadband network that is being built
  through the Inukshuk joint venture. Bell will provide broadband access to virtually
  all customers by 2008.</FONT> </P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><u>Customer
  Experience</u>: How the customer "lives" the Bell experience. Driving the ongoing
  constant improvement in Bell's performance and customers' perception of it.
  Reaching the point where service itself becomes a product in the eyes of customers.
  </font> </div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><U>Cost
  Structure:</U> And all of this underpinned and enabled by an ingrained cost-reduction
  mindset across the company. Resetting the cost structure supports expansion
  of growth services by driving profitability; at the same time creating efficiencies
  for the company and simplicity for customers.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;I
  am excited to have joined Bell Canada where I see significant opportunities
  for profitable growth,&#148; said George Cope, President and Chief Operating
  Officer of Bell Canada. &#147;With its unrivalled breadth of services and more
  than 28 million customer connections right across Canada, Bell is well positioned
  to meet the new competitive reality in the market head-on.&#148;</FONT></P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Ensuring
  Bell&#146;s Profitability<I><br>
  </I></B>&#147;On an operational level, we have a clear plan and the management
  team in place to execute and deliver on our commitments,&#148; said Mr. Sabia.
  &#147;Central to our success during the transition period will be our ability
  to sustain our EBITDA margin levels at roughly 42% in 2006. That&#146;s an ambitious
  target. When the US Regional Bell Operating Companies started to lose NAS a
  couple of years ago, their EBITDA margins dropped from around 42% to 35% and
  continue to hover in that lower range. At Bell, we will use overall reductions
  in operating expenses to maintain our EBITDA margins in the face of NAS declines.&#148;</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>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The challenge
  is maintaining EBITDA margins and growing free cash flow as the revenue mix
  shifts from higher-margin legacy services to currently lower-margin growth services.</FONT>
</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">As demonstrated
  in the charts below, Bell is driving the expansion of its growth services to
  evolve its revenue mix as quickly as possible. As the company scales these growth
  services and resets the cost structure of the business, the improved revenue
  mix is expected to drive a rapidly improving EBITDA mix and higher margins.
  This, coupled with decreases in capital intensity, is expected to lead to greater
  free cash flow.</FONT> </P>
<P ALIGN="center"><img src="bettergraphs.gif" width="523" height="192"></P>
<div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">"It has
  taken us two years to lay the foundations for the transformation of Bell Canada,"
  said Mr. Sabia. "We are now moving through the transition, equipped to accelerate
  the change in Bell's revenue mix. There are no short cuts, no quick fixes."</font>
</div>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Therefore
  over the next two years, Bell will step up its cost reduction program known
  as Galileo to support the company&#146;s EBITDA margins. The company achieved
  $524 million in recurring savings in 2005 in line with its targets. At the end
  of 2006 that cumulative number is expected to increase to $1.2 to $1.4 billion.
  And by the end of 2007, the cost reductions are anticipated to reach $2 billion.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;We
  have broadened our Galileo initiative to tackle our annual procurement spend
  of $8.5 billion and effect a supply chain transformation that will reduce the
  amount we spend annually to deliver service to customers,&#148; said Stephen
  Wetmore, Group President National Markets and Corporate Performance as the company&#146;s
  senior executive in charge of the cost transformation program. &#147;On a second
  front, Galileo will continue on its accelerated path to address process transformation
  within the company, lower costs and improve the customer experience.&#148;</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Consistent
  with Bell&#146;s transformation, the company is anticipating a reduction in
  its workforce of between 3,000 and 4,000 positions in 2006. These job reductions
  will be conducted on a business unit by business unit basis. It is expected
  that about half of these positions will be eliminated through attrition.</FONT></P>
<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>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><strong>Bell&#146;s
  Operating Priorities</strong><B><I><br>
  </I></B>&#147;We exited the fourth quarter and the year on a strong note because
  of our focus on execution,&#148; said Mr. Sabia. &#147;That intense focus will
  continue in 2006 and I&#146;m confident that we will continue to meet our targets
  as effectively as we did in 2005.&#148;</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Bell&#146;s
  operating priorities for 2006 are:</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b>Service<i>
        </i></b>and the company&#146;s determination to ensure consistent high
        service levels to create corresponding levels of customer loyalty</font></div></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Customer
      retention</b> that centres on high value customers and three-plus product
      households.</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td width="95%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Growth<i>
      </i></b>to increase next generation revenues to represent 55% of Bell revenues
      by year end 2006</font></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><font face="Times New Roman, Times, Serif"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cost</b>,
        effectively resetting the cost base and developing new sourcing and process
        initiatives in order to achieve recurring cost savings.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">To address
  those priorities, Bell has established the following targets for 2006:</FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">Subscriber
      growth of: </font></td>
  </tr>
  <tr>
    <td width="4%" align="center" valign="top">&nbsp;</td>
    <td width="5%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">o
        </font></div></td>
    <td width="91%"><font size="2" face="Arial, Helvetica, sans-serif">wireless
      and Internet at 10% to 15%</font></td>
  </tr>
  <tr>
    <td width="4%" align="center" valign="top">&nbsp;</td>
    <td><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">o</font></div></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"> video at 8% to 10%</font></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">Increase
      in three-product homes from 22% achieved at the end of 2005 to the 26% to
      28% range by the end of 2006</font></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&#149;
      </font></td>
    <td colspan="2"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Revenue
        growth in ICT services is expected to be almost 25% for 2006 in the Enterprise
        and Small and Medium Business segments</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Asset
  Review<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;Bell&#146;s
  business strategy is to focus on core communications activities,&#148; said
  Mr. Sabia. &#147;It is in that light that we are conducting a review of our
  asset base. Through this review, we will ensure that we retain and enhance the
  services and capabilities we need for Bell to compete successfully in the future.
  We will also assess whether these capabilities require an equity holding or
  simply commercial agreements.&#148;</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In December,
  BCE announced it would reduce its ownership in Bell Globemedia (BGM) to 20%
  and would receive a return of capital which together represent $1.3 billion
  in cash. Also in December, BCE announced its decision to exit its interest in
  CGI Group Inc. (CGI), to realize an additional $1.1 billion.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE today
  announced additional initiatives arising from its asset review.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><U>Telesat
  Canada<br>
  </U>BCE intends to implement a recapitalization of Telesat and an IPO of a minority
  stake in the second half of 2006.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Operationally,
  Telesat is distinct from Bell Canada with different technologies and competencies,
  a discrete asset base and limited customer overlap. Telesat does provide Bell
  and Bell ExpressVu with a variety of satellite based services under arm&#146;s
  length commercial agreements, which would continue in effect after the IPO.</FONT>
</P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp; </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The rules
  governing foreign ownership of Canadian satellite companies will be respected
  in the context of the IPO.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">&#147;Telesat
  is a fine, well-managed company forming the centerpiece of Canada&#146;s presence
  in space,&#148; said Mr. Sabia. &#147;The company continues to perform well
  and much of its revenue is derived from stable, long-term contracts. Equity
  valuations in the sector are at historical highs.&#148;</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The IPO
  will be preceded by an increase of debt at Telesat with proceeds to be distributed
  to BCE. This distribution and the expected proceeds from the IPO are expected
  to generate $1 billion in value.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><U>Income
  Trust for Regional Customers </U>BCE also announced its intention to form a
  new income trust that will own and manage 1.6 million local access lines in
  parts of Bell Canada&#146;s territory in Ontario and Quebec. The regional trust
  will continue to be an important part of Bell Canada&#146;s overall communications
  business.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE intends
  to distribute approximately 50% of its interest in the trust to all of its common
  shareholders on a pro rata basis in exchange for a reduction of approximately
  75 million BCE common shares or approximately 8 per cent of BCE common shares
  outstanding. (For additional details, see BCE news release entitled &#147;Bell
  Canada to Form New Income Trust for Regional Customers&#148; also issued today.)</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">These initiatives
  (CGI, BGM, Telesat Canada and the Income Trust) are expected to unlock approximately
  $6 billion in capital and streamline BCE&#146;s asset structure.</FONT></P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Share
  Repurchase, Debt Reduction and Other Actions</B></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE will
  further support the above initiatives to enhance shareholder value by repurchasing
  5% of its outstanding common shares, estimated at $1.3 billion through a Normal
  Course Issuer Bid (NCIB).</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">To improve
  its financial flexibility, BCE will allocate $1 billion from proceeds of recent
  asset sales for debt reduction at the BCE level, consistent with the divestiture
  of BCE level assets.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">To offset
  the impacts of new actuarial standards and 40-year lows in interest rates on
  the calculation of pension liability, the company will provide $300 million
  in pension plan funding through the contribution of assets in a manner that
  protects operating cash flow.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">As a result
  of the share repurchase and the regional trust distribution announced today
  &#150; and the company&#146;s annual dividend &#150; BCE expects to deliver
  more than $4.5 billion to its shareholders and retire 13% of its outstanding
  shares in 2006. </FONT></P>
<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">&nbsp;</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Normal
  Course Issuer Bid<I> </I></B><br>
  BCE&#146;s Normal Course Issuer Bid is subject to approval by the Toronto Stock
  Exchange. Upon filing its final notice of intention to make a Normal Course
  Issuer Bid with the Toronto Stock Exchange, BCE will be permitted to purchase
  for cancellation up to 46,000,000 of its common shares, representing approximately
  5% of BCE&#146;s 927,321,825 common shares outstanding as of the close of the
  market on January 16, 2006.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Purchase
  of the shares will be carried out through the Toronto Stock Exchange and/or
  the New York Stock Exchange and will be made in accordance with the requirements
  of such exchanges. Purchases of common shares could be made from time to time,
  at market prices, during the period starting February 3, 2006, and ending no
  later than February 2, 2007.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif"><B>Bell
  Canada and BCE 2006 Guidance<I> </I></B><br>
  BCE provided 2006 financial guidance as follows:</FONT> </P>
<table width="99%" border="0">
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
  <tr>
    <td width="33%">&nbsp;</td>
    <td width="33%"><div align="center"><font size="3" face="Arial, Helvetica, sans-serif"><b>2005
        Actual </b></font></div></td>
    <td width="34%"><div align="center"><font size="3" face="Arial, Helvetica, sans-serif"><b>Guidance
        2006E <SUP>(i)</SUP></b></font></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
  <tr>
    <td width="33%"><font face="Arial, Helvetica, sans-serif"><font size="3"><b>Bell
      Canada</b></font></font></td>
    <td width="33%"><div align="center"></div></td>
    <td width="34%"><div align="center"></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
  <tr>
    <td width="33%"><font size="3" face="Arial, Helvetica, sans-serif">Revenue
      growth </font></td>
    <td width="33%"><div align="center"><font size="3" face="Arial, Helvetica, sans-serif">2.8%
        </font></div></td>
    <td width="34%"><div align="center"><font size="3" face="Arial, Helvetica, sans-serif">1%
        - 3%</font></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"><font size="3"></font></div>
      <div align="center"><font size="3"></font></div></td>
  </tr>
  <tr>
    <td width="33%"><font size="2"><font size="3" face="Arial, Helvetica, sans-serif">Cost
      savings </font></font></td>
    <td width="33%"><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">$524M
        </font></font></div></td>
    <td width="34%"><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">$700M
        - $900M</font></font></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"><font size="3"></font></div>
      <div align="center"><font size="3"></font></div></td>
  </tr>
  <tr>
    <td width="33%"><font size="2"><font size="3" face="Arial, Helvetica, sans-serif">EBITDA
      margin </font></font></td>
    <td width="33%"><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">41.7%
        </font></font></div></td>
    <td width="34%"><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">Stable</font></font></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
  <tr>
    <td width="33%"><font size="2"><font face="Arial, Helvetica, sans-serif">Capital
      intensity <SUP>(ii)</SUP> </font></font></td>
    <td width="33%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif">18.1%
        </font></font></div></td>
    <td width="34%"><div align="center"><font size="2"><font face="Arial, Helvetica, sans-serif">16%
        - 17%</font></font></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
  <tr>
    <td width="33%"><font size="2"><font size="3" face="Arial, Helvetica, sans-serif"><strong>BCE
      Inc.</strong></font></font></td>
    <td width="33%"><div align="center"></div></td>
    <td width="34%"><div align="center"></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
  <tr>
    <td width="33%"><font size="2"><font size="3" face="Arial, Helvetica, sans-serif">EPS<SUP>(iii)</SUP>
      </font></font></td>
    <td width="33%"><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">$2.05
        </font></font></div></td>
    <td width="34%"><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">$1.80
        - $1.90 <SUP>(iv)</SUP></font></font></div></td>
  </tr>
  <tr>
    <td colspan="3"> <hr width=100% size=1 color=BLACK noshade> <div align="center"><font size="3"></font></div>
      <div align="center"><font size="3"></font></div></td>
  </tr>
  <tr>
    <td><font size="2"><font size="3" face="Arial, Helvetica, sans-serif">Free
      Cash Flow <SUP>(v)</SUP> </font></font></td>
    <td><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">$662M
        </font></font></div></td>
    <td><div align="center"><font size="3"><font face="Arial, Helvetica, sans-serif">$700M
        - $900M</font></font></div></td>
  </tr>
  <tr>
    <td colspan="3"><hr width=100% size=1 color=BLACK noshade> <div align="center"></div>
      <div align="center"></div></td>
  </tr>
</table>
<P ALIGN="justify">&nbsp; </P>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(i)</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">2006
        figures reflect the disposition of our interest in CGI and the reduction
        of our interest in BGM to 20%, the company&#146;s intentions for the use
        of proceeds from these transactions and the proposed Bell regional trust
        transaction.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(ii)</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Capital
        expenditures as a percentage of revenues. Bell Canada&#146;s capital intensity
        is expected to be in the range of 15% to 16% for 2008 &#150; 2009.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(iii)</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Before
        net investment gains/losses, or impairment or restructuring charges.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(iv)</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">BCE&#146;s
        earnings per share will be reduced in 2006 by $0.14 due to an increase
        in pension expense as a result of a change in discount rates. Discount
        rates are used to calculate long-term pension obligations for accounting
        purposes. In 2006, the rate has decreased to 5.2% from 6.2% in 2005. Rates
        are based on the average yields of long-term corporate bonds which are
        currently at historic 40&#45;year lows. The change in the discount rate and
        the ensuing increased pension expense are reflected in the company&#146;s
        EPS guidance outlined above. Pension expense is expected to decrease annually
        after 2006 and is estimated at $540 million for 2007.</font></div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(v)</font></td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">Cash
        from operating activities less capital expenditures, total dividends and
        other investing activities. For 2006, we expect to generate approximately
        $700 million to $900 million in free cash flow, excluding 2006 pension
        contributions</font></div></td>
  </tr>
</table>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="95%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">funded
        through asset monetizations. This amount reflects expected cash from operating
        activities of approximately $5.5 billion to $5.7 billion less capital
        expenditures, total dividends and other investing activities.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><br>
  <FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Notes from Text</B></FONT></P>
<table width="99%" border="0">
  <tr>
    <td width="5%" valign="top"><font size="2"><font face="Arial, Helvetica, sans-serif"><SUP>1</SUP></font></font></td>
    <td width="95%"><div align="justify"><font size="1" face="Arial, Helvetica, sans-serif">The
        term free cash flow does not have any standardized meaning prescribed
        by Canadian GAAP. It is therefore unlikely to be comparable to similar
        measures presented by other companies. Free cash flow is presented on
        a consistent basis from period to period. We consider free cash flow to
        be an important indicator of the financial strength and performance of
        our business because it shows how much cash is available to repay debt
        and to reinvest in our company. We believe that certain investors and
        analysts use free cash flow when valuing a business and its underlying
        assets. The most comparable Canadian GAAP financial measure is cash from
        operating activities.</font></div></td>
  </tr>
</table>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE&#146;s
  Business Review Conference will be web cast live beginning at 8:30 am today
  from the company&#146;s website: <U>www.bce.ca</U>.</FONT> </P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>About
  BCE<br>
  </B></FONT><FONT size="2" FACE="Arial, Helvetica, sans-serif">BCE is Canada&#146;s
  largest communications company. Through its 27 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&#45;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"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Caution
  Concerning Forward-Looking Statements</B></FONT></P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B><I> </I></B>Certain
  statements made in this press release, including, but not limited to, financial
  guidance relating to revenue growth, earnings per share (EPS), free cash flow,
  EBITDA margin and capital intensity, expected growth in subscribers, anticipated
  cost reductions, net benefit plans expense, investments and network access services
  (NAS) erosion, the expected launch of new services, products and technologies,
  our plans and strategies, the proposed recapitalization and IPO of Telesat,
  the proposed creation of a regional trust and distribution of units to BCE shareholders
  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>
<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">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Material
  Assumptions</B></FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">A number
  of assumptions were made by BCE in preparing its guidance and making certain
  other forward-looking statements for 2006, including but not limited to: (i)
  Canadian GDP growth of approximately 3% for 2006 consistent with estimates by
  the Conference Board of Canada, (ii) the Bank of Canada prime rate and the Consumer
  Price Index as estimated by Statistics Canada to rise slightly from current
  levels of 5% and 2% respectively, (iii) growth in the overall Canadian telecommunications
  market in 2006 slightly higher than GDP growth, (iv) the residential voice telecommunications
  market to continue to decrease in 2006 due to wireless substitution and other
  factors, (v) wireline competition in both the business and residential telecommunications
  markets to increase in 2006 mainly from cable companies; (vi) decreases in our
  legacy services pricing to continue in 2006, (vii) the 2006 revenue growth rate
  of the Canadian wireless industry to be similar to 2005 (approximately 15.5%);
  and (viii) the 2006 revenue growth rates of the Canadian video and Internet
  markets to be slightly lower than 2005 (approximately 5% and 13% respectively
  in 2005).</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">In addition,
  we have made various internal financial and operational assumptions, including
  but not limited to: (i) wireless subscriber growth of 10% to 15%, video subscriber
  growth of 8% to 10% and high speed Internet subscriber growth of 10% to 15%,
  (ii) the number of our NAS to decrease in 2006 by 3% to 5% with significantly
  higher declines in our Residential segment, (iii) achieving in 2006 total cost
  reductions in the range of $700 million to $900 million, (iv) incurring restructuring
  costs, mainly in connection with workforce reductions, in the range of $100
  million to $200 million, (v) our amortization expense for 2006 estimated to
  be in the range of $3,150 million to $3,250 million, (vi) total net benefit
  plans cost of approximately $570 million (based on a discount rate of 5.2% in
  2006 vs. 6.2% in 2005) and funding in 2006 of our total net benefit plans estimated
  to be approximately $600 million (including $300 million through asset monetizations),
  (vii) BCE&#146;s effective tax rate in 2006 to be approximately 30%, and (viii)
  Bell Canada&#146;s capital intensity in 2006 estimated to be in the 16% to 17%
  range. We have assumed that EPS for 2006 will be positively impacted by the
  planned repurchase of common shares under BCE Inc.&#146;s normal course issuer
  bid which is expected to commence as soon as possible under applicable stock
  exchange rules. We have also assumed that we will complete the disposition of
  our remaining interest in CGI Group Inc. and that the agreement to reduce our
  equity interest in Bell Globemedia Inc. (Bell Globemedia) from 68.5% to 20%
  will be completed as announced on December 2, 2005. Finally, we have assumed
  that we will complete the proposed creation of our income trust for regional
  customers.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Forward-looking
  statements for time periods subsequent to 2006 involve longer term assumptions
  and estimates than forward-looking statements for 2006 and are consequently
  subject to greater uncertainty. Therefore, you are especially cautioned not
  to place undue reliance on such long-term forward-looking statements. The forward-looking
  statement concerning BCE Inc.&#145;s expected net benefit plans expense for
  2007 and subsequent years assumes an anticipated discount rate of 5.2% and an
  </FONT></P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">expected
  return on plan assets of 7.5% in 2007 and a return on plan assets of 7.5% in
  2006. The 2008-2009 projected capital intensity rates assume that we can continue
  to reduce CAPEX investments in the legacy business and complete major initiatives
  presently identified within current estimates of required spending. The forward-looking
  statement concerning Bell Canada&#146;s expected cumulative amount of cost savings
  from 2005 to 2007 assumes that our various cost saving initiatives and productivity
  improvements will achieve their objectives</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">Such assumptions,
  although considered reasonable by BCE at the time of preparation of such guidance
  and other forward-looking statements, may prove to be inaccurate. Accordingly,
  our actual results could differ materially from our expectations as set forth
  in this press release.</FONT></P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><B>Risks
  that could affect our business</B></FONT></P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif">Other factors
  that could cause results or events to differ materially from current expectations
  include, among other things: our ability to implement our strategies and plans
  in order to produce the expected benefits and growth prospects, including meeting
  targets for revenue growth, EPS, free cash flow, EBITDA margin, capital intensity
  and cost reductions; our ability to implement the significant changes in our
  processes, in how we approach our markets and in how we develop and deliver
  products and services, required by our strategic direction; the intensity of
  competitive activity from both traditional and new competitors, Canadian or
  foreign, including in particular from cable companies, including cross-platform
  competition, which is increasing following the introduction of new technologies
  such as Voice over Internet Protocol (VoIP) which have reduced barriers to entry
  that existed in the industry, and its resulting impact on the ability to retain
  existing, and attract new, customers, and on pricing strategies and financial
  results; the fact that the cable companies&#146; entry into telephony is still
  relatively recent and that the rate and timing of market share loss to cable
  companies is difficult to predict; general economic and market conditions and
  the level of consumer confidence and spending, and the demand for, and prices
  of, our products and services; the ability to significantly intensify our cost
  reduction initiatives and productivity improvements and contain capital intensity
  while improving quality of services; the ability to achieve customer service
  improvement, which is critical to customer retention and ARPU growth, while
  significantly reducing costs; the ability to anticipate, and respond to, changes
  in technology, industry standards and client needs and invest in and migrate
  to and deploy new technologies, including VoIP, and offer new products and services
  on a timely basis and achieve market acceptance thereof; the availability and
  cost of capital required to implement our financing plans and fund capital and
  other expenditures; our ability to find suitable companies to acquire or to
  partner with and to make and complete dispositions of assets or businesses;
  the impact of pending or future litigation and of adverse changes in laws or
  regulations, including tax laws, or in how they are interpreted, or of adverse
  regulatory initiatives or proceedings, including decisions by the CRTC affecting
  our ability to compete effectively, including, more specifically, decisions
  concerning the regulation of VoIP services; the risk of litigation should BCE
  stop funding a subsidiary or change the nature of its </FONT></P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify"><FONT SIZE="2" face="Arial, Helvetica, sans-serif">investment,
  or dispose of all or part of its interest, in a subsidiary; the risk of increased
  pension plan contributions; our ability to manage effectively labour relations,
  negotiate satisfactory labour agreements, including new agreements replacing
  expired labour agreements, while avoiding work stoppages, and maintain service
  to customers and minimize disruptions during strikes and other work stoppages;
  events affecting the functionality of our networks or of the networks of other
  telecommunications carriers on which we rely to provide our services; our ability
  to improve and upgrade, on a timely basis, our various IT systems and software
  on which many aspects of our businesses, including customer billing, depend;
  stock market volatility; the risk that licences on which we rely to provide
  services might be revoked or not renewed when they expire; our ability to retain
  major customers; health concerns about radio frequency emissions; and the launch
  and in-orbit risks, including the ability to obtain appropriate insurance coverage
  at favourable rates, concerning Telesat&#146;s satellites, certain of which
  are used by Bell ExpressVu to provide services.</FONT> </P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The proposed
  Telesat recapitalization and IPO is expected to take a number of months to complete.
  During such period, especially given the rapid pace of change in the industry
  and potential regulatory developments or changes in laws, or for business reasons
  (including, without limitation, the availability of financing on acceptable
  terms and the condition of the relevant capital markets), it may cease to be
  as favourable, and/or other transactions and opportunities that BCE considers
  to be more attractive than the proposed Telesat recapitalization and IPO may
  emerge, in which case the proposed Telesat recapitalization and IPO could be
  modified, restructured or terminated.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">This press
  release does not constitute an offer to sell or the solicitation of any offer
  to buy, any securities.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">The proposed
  creation of the regional trust, the proposed distribution of trust units to
  BCE shareholders and BCE&#146;s anticipated remaining interest in the trust
  are subject to important risks, uncertainties and assumptions. For more information
  on these risks and assumptions, please refer to the press release issued by
  BCE on February 1, 2006 entitled &#147;Bell Canada to Form New Income Trust
  for Regional Customers&#148;.</FONT></P>
<P ALIGN="justify"><FONT size="2" FACE="Arial, Helvetica, sans-serif">For additional
  information with respect to certain of these and other assumptions and risk
  factors, 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 <I>Bell Canada Enterprises Business Review 2006</I> available on
  BCE&#146;s website at <U>www.bce.ca</U>. The Safe Harbour Notice Concerning
  Forward-Looking Statements is also available on BCE&#146;s website.</FONT> </P>
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></P>
<HR NOSHADE COLOR="Black" SIZE="2">
<P ALIGN="justify">&nbsp;</P>
<P ALIGN="justify">&nbsp;</P>
<div align="center">
  <p><font size="2" face="Arial, Helvetica, sans-serif">-30-</font> </p>
  <p>&nbsp;</p>
  <table width="99%" border="0">
    <tr>
      <td width="50%"><strong><font size="2" face="Arial, Helvetica, sans-serif">For
        more information:</font> </strong></td>
      <td width="50%">&nbsp;</td>
    </tr>
    <tr>
      <td width="50%"><p><font face="Arial, Helvetica, sans-serif"><font size="2">Pierre
          Leclerc<b><br>
          </b><font face="Arial, Helvetica, sans-serif">Media Relations<br>
          <font face="Arial, Helvetica, sans-serif">(514) 391-2007 / 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%"> <p align="LEFT"><font size="2" face="Arial, Helvetica, sans-serif">Thane
          Fotopoulos<b><br>
          </b>Investor Relations<br>
          (514) 870-4619<br>
          <u>thane.fotopoulos@bell.ca</u></font></p></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <P ALIGN="right"><font size="2" face="Arial, Helvetica, sans-serif">11</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><font size="2" face="Arial, Helvetica, sans-serif"> </font></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
