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<SEC-DOCUMENT>0001206212-07-000064.txt : 20070314
<SEC-HEADER>0001206212-07-000064.hdr.sgml : 20070314
<ACCEPTANCE-DATETIME>20070314143258
ACCESSION NUMBER:		0001206212-07-000064
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20070314
FILED AS OF DATE:		20070314
DATE AS OF CHANGE:		20070314

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:		07693272

	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>m35152ore6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<!-- /TOC -->







<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 under<BR>
the Securities Exchange Act of 1934</B>
</DIV>

<P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">For the month of: <B>March&nbsp;2007</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Commission File Number: <B>1-8481</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>BCE Inc.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><I>(Translation of Registrant&#146;s name into English)</I>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>1000, rue de La Gaucheti&#232;re Ouest, Bureau 3700, Montr&#233;al, Qu&#233;bec H3B 4Y7, (514)&nbsp;870-8777</B><BR>
<I>(Address of principal executive offices)</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the Registrant in connection with
Rule&nbsp;12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Notwithstanding any reference to BCE&#146;s website on the World Wide Web in the documents attached
hereto, the information contained in BCE&#146;s website or any other site on the World Wide Web referred
to in BCE&#146;s website is not a part of this Form 6-K and, therefore, is not filed with the U.S.
Securities and Exchange Commission.<BR>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<!-- link1 "SIGNATURE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, thereto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BCE Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>(signed) Siim A. Vanaselja</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Siim A. Vanaselja&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Date:&nbsp;March 14, 2007</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 72pt; margin-top: 248pt"><B>Bell</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>2007 Business Update</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;&nbsp;2</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left"><A href="#101"><B>Letters to Shareholders</B></A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chair of the Board</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;&nbsp;8</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left"><A href="#102"><B>Customer Experience</B></A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#103">A Turning Point in our Progress</A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#104">Customer Relationship: A Passion for Results</A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#105">Enhancing our Networks</A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#106">Products that Empower our Customers</A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#107">A Strong and Resilient Company</A></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">24</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left"><A href="#108"><B>Corporate Responsibility</B></A></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#109">Sustainable Value Creation</A></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">28</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left"><A href="#110"><B>Financial and Operational Highlights</B></A></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Letters to Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dear Fellow Shareholders,</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In a few months, we will no longer be BCE, we will be Bell. That change is more than symbolic
&#150; much work was required to get us here.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Five years ago, BCE was faced with some difficult decisions. Its balance sheet was compromised, it
had interests in lines of business that were struggling and it was not positioned to reward
shareholders. Faced with these stark realities, the management team developed a plan to focus the
company on its telecommunications roots and to exit those businesses not strategically associated
with Bell. The plan was a marked departure from the previous two decades when BCE had tried to
create value through diversification. That strategy was not successful, probably best evidenced by
no increase in our dividend for over a decade, between 1995 and
2005.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Determined to reverse this
trend, the Board actively endorsed management&#146;s plan to focus on Bell. We carefully exited various
lines of business, taking the time required to enhance value for shareholders. And our investing
activities were directed towards building a new Bell Canada equipped to compete effectively in the
national marketplace. Today, this redirection is largely complete and shareholders will be asked
at the Annual General Meeting in June to vote to rename the company Bell Canada. BCE will be
relegated to the history books.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">What does this process of concentrating on Bell mean for shareholders?</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">As you will see from Michael Sabia&#146;s letter which follows, management has gotten this company back
on the telecommunications track. It is committed to serving customers better than anyone else in
order to differentiate itself in the marketplace, and ultimately to create and increase shareholder
value through that better service.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The progress achieved to date has not been easy &#150; it has been
difficult and hard fought.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Consider, for example, that we have been competing for many years now essentially with one hand
tied behind our back. The regulatory guidelines under which we were forced to operate were punitive
to the company, sorely outdated and bore no relation to the actual realities of the competitive
marketplace. Certainly the vast majority of our competitors never faced this sort of challenge and,
in fact, the regulatory restrictions on Bell became their competitive advantage.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The regulator wrongly assumed that since Bell was the longest-standing player, we had inherent
advantages. While longevity can have its benefits, in this case it presented us with the real
challenge of managing pressures in our legacy business while we transitioned to new and
technologically advanced high-growth services. An upstart competitor offering voice over Internet
(VoIP) or a pure wireless play do not have such issues to manage.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">So even as we worked to refocus the business to ensure we delivered returns to our shareholders,
regulatory restrictions hampered us from effectively competing in the marketplace and creating
shareholder value.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Simply put, because of rapid technological development, the industry had changed at a very
rapid pace. And the regulatory and policy frameworks had not kept pace with that change. This
imbalance between regulation and technology was hurting our business. So we took a leadership role
in pressing for action. We presented a clear picture to policymakers of how the current system
actually harmed consumers and the industry in general. And we developed a reasoned proposal on
changes to update the regulatory framework. We expect these positive changes will be implemented
soon.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The past five years have also seen many accomplishments at the board level in terms of corporate
governance and transparency. Our approach has been pragmatic and we set out from Day One to make it
a way of life for the company. We established a completely independent Board of Directors with four
committees, all chaired by experts in each field. The CEO of the corporation is the only management
representative on the Board and is not a voting member of any committee. We formally articulated
what the Board expects of its directors by adopting a Statement of Corporate Governance Principles
and Guidelines. We restructured director compensation to more fully align their interests with
shareowners. And we strengthened shareholder voting rights. Votes at shareholder meetings are now
by ballot, not by a show of hands, and directors are elected individually rather than by slate.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We are also very proud of the leadership shown by the company and its employees in the area of
Corporate Responsibility and these efforts are highlighted later in this document. As a major
Canadian corporation, Bell has a responsibility to its stakeholders &#150; to the many communities and
constituencies it serves. Bell actively supports programs that range from national to local
community investment and from charitable giving to environmental conservation.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Today, having the experience of almost five decades in business and five years as Chair of this
Canadian icon of a company, it is my judgement that Bell is in very capable hands. The Chief
Executive and the management team he has built are outstanding &#150; well tempered by the events of the
past few years. In addition, the dedication of its employees, the power of its brand and the scope of its networks and products
further ensure the solid growth of Bell Canada for many years to come.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="m35152orm3515201.gif" alt="-s- Richard J. Currie">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Richard J. Currie, O.C.<BR>
<I>Chair of the Board</I>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: -50pt"><IMG src="m35152orm3515202.gif" alt="(PHOTO&nbsp;OF&nbsp;RICHARD&nbsp;J.&nbsp;CURRIE)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>3</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Letters to Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dear Fellow Shareholders,</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">You may already have noticed something different about this Business Update. For the first
time in almost 25&nbsp;years, the name on the cover is Bell, not BCE. This underlines the commitment we
made to return your company to its roots and to concentrate our efforts to create value in the
business we know best: communications.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In the past year, we have continued to execute on that plan, simplifying our corporate structure;
selling CGI and Telesat and substantially restructuring our partnership with Bell Globemedia.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We have invested more than $2.5&nbsp;billion in our broadband networks over the past few years,
expanding their reach, ensuring consistently higher speeds and positioning us to deliver
next-generation services even more reliably &#150; from sophisticated<BR> e-commerce solutions for business
to full-length movies downloaded to a mobile phone.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Today, our state of the art high-speed mobile data network reaches more than half the country&#146;s
population. And our enhanced broadband capacity, which offers speeds of 10 to 16 megabits per
second, already reaches over one million homes. By 2010, it will be available to some five million
homes, greatly increasing their access to a growing array of broadband services.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In an industry as competitive as telecom, execution is the <I>sine qua non</I>
of success. That&#146;s why we&#146;ve bolstered our executive capabilities with acknowledged industry leaders. We are
working every day to foster a company-wide high-performance culture. Honing the management skills
of mid-level managers who are the hub of leadership in the company; training every employee to
deliver consistently improving service standards; bringing together teams from across the company
to find better ways to operate. We have made progress. We know that
we have far more to do.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
 And, to
ensure that more of our revenues contribute directly to the bottom line, we have reset the cost
structure of the company. By fixing inefficient processes, eliminating duplication and finding ways
to spend less on the goods and services we buy, we&#146;ve realized more than $1.6&nbsp;billion in savings
since 2004, an unprecedented $724&nbsp;million last year alone.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">This discipline has enabled us to maintain our operating earnings margins at 42%, despite facing
some of the most aggressive competition we have ever confronted, in every line of our business.
Making us one of the very few telecom companies in the world to do so in the face of the
first wave of cable telephony.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>New Bell Built on New Services</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In short, the last three years have been defined by step-by-step progress to put in place
the building blocks of a new Bell, one built on growth services &#150; wireless, video, the Internet and
a new generation of IP-based business services.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">By the fourth quarter of 2006, we reached a tipping point. For the first time, our growth services
generated more revenues than our traditional portfolio. Signalling a shift in the kind of company
we are becoming. Demonstrating the profile of the new Bell.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The message for our customers, our investors and our employees is simple: Bell is building a
business for the digital age. With products and services that deliver steady, meaningful growth now
and into the future.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">As a result, your company is well placed not simply to compete, but to win &#150; consistently.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Path Ahead: Customer Experience</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Yes, we have made progress. The task now is to capitalize on the building blocks we have put
in place, play to our strengths and differentiate ourselves in an intensely competitive
environment, where there are no more monopolies, no more
incumbents.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
 How? Many ways, but in the end
they all come down to one thing: provide an unrivalled customer experience. Going forward, while we
will continue to strengthen our cost base and to expand bandwith to carry new generations of
services, it is the quality of the customer experience in using these services and in interacting
with us that will differentiate Bell in the marketplace. As we enter a new chapter in our plan for
Bell, <U>customer experience takes centre stage</U>. This will be the centrepiece of our commercial
strategy. A strategy that will deliver returns for shareholders because of the experience we
deliver to our customers.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Later in this Update, you&#146;ll read more about the customer experience and how we&#146;re going to deliver
it. Consider three elements upfront.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>First</U>, customer experience is about improving the relationships or the &#147;touch points&#148; with our
clients. Every time a customer touches Bell &#150; through an advertisement, in a phone call with an
employee, in our stores &#150; it is a moment of truth. It must become a moment of trust &#150; trust that
they are being listened to, that their problems will be understood and solved, that their
expectations &#150; their aspirations &#150; will be met. Because these moments are moments of decision: for
a particular transaction and every transaction to follow.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>5</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Letters to Shareholders</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">So we have concentrated &#150; and will continue to concentrate &#150; on these moments of truth. In
2006, for example, our technicians reduced by 20% the number of missed repair appointments. And our
call centre representatives resolved the issues of more clients on the first call &#150; about 300,000
more than a year ago. For customers who have more than one Bell product, we set up a special help
desk &#150; and 95% of the time, their issues are taken care of on the first call. That said, in some
areas our service levels are not what they should be. So, more to do,
but real progress.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
<U>Second</U>,
customer experience is about helping clients get their jobs done more efficiently by supplying them
superior products and services, better answers and richer solutions. Whether it&#146;s acting as their
&#147;virtual chief information officer&#148; to handle their IT needs; integrating a variety of ICT services
such as network management and security; or offering IPTV, the next generation of on-demand,
in-home television entertainment, Bell is providing practical answers to meet our customers&#146;
needs.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">One of our priorities in 2006 was to simplify for our customers the sometimes complicated task of
moving. We put together a team to streamline our processes to make it as easy as possible for our
customers to get their Bell services to move with them &#150; when they want them. And it worked. Tens
of thousands of household moves. The vast majority, real successes. At most, a handful of issues.
And perhaps what is most important, very quick fixes to make those right.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Focus was also one of the main reasons we created Bell Aliant in 2006 &#150; to put in place a team
dedicated to the unique needs of regional customers. Building on Aliant&#146;s proven expertise at
serving geographically dispersed customers, Bell Aliant has the scale and reach to ensure customers
in lower density areas from the Atlantic Ocean to the Manitoba border benefit from the latest
high-quality infrastructure, products and services.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Third</U>, our customer experience must bring demonstrable value to our clients. This is critical.
We&#146;re all customers and we know that we are willing to pay only for what we perceive as valuable,
innovative and reliable.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">How does Bell create value for our customers? By providing more high-definition television
programming through Bell ExpressVu. Or Bell Home Monitoring &#150; a first-in-Canada service that
leverages the power of wireless and Internet technologies to enable customers to monitor the
status of their home, their possessions, even their loved ones.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">There are many, many more examples. The point is, when we provide that kind of value, we generate
loyalty. And loyalty is the key to building growth,
step-by-step.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
 But loyalty is not given carte
blanche. We understand that it is no more than the opportunity to continue to serve these
customers, the chance to offer other, better products and services. Building even more trust.
Earning even greater loyalty. And more opportunities to serve. Day by day. Touch point by touch
point.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Cornerstone of our Business Proposition</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">As we work to deliver a truly outstanding customer experience we will not only improve the
relationship with our customers, we will build an enduring competitive advantage in the marketplace
&#150; an advantage that forms the cornerstone of our value proposition to investors.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Over the past few years, we have put in place the foundations of a very different business model.
Five years ago, revenues from growth businesses accounted for just 30% of Bell&#146;s total. Last year,
they hit 51%. By 2009, they are expected to reach 70%. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
Combine these foundations with an improving
customer experience and Bell is well positioned to deliver improving revenue and EBITDA growth and
greater cash flow. And for that reason, we made a decision, without precedent in the history of
your company, to distribute 70-75% of earnings per share to shareholders. Aligning dividend
increases with increases in our earnings. This is a fundamentally different approach than what has
been done over the past 25&nbsp;years. An approach that signals our confidence in a new business model.
In your company&#146;s future.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In 2006, our efforts across the business generated total shareholder returns of 18.2%. To surface
additional shareholder value, we bought back $1.2&nbsp;billion in shares, with a further 5% buyback
planned for 2007. And given our confidence in our ability to step up the trajectory of our
operations and financial performance, we also increased the dividend by 11%, effective in the first
quarter of 2007.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The hard work of recent years has created the structure and the capabilities we need to succeed,
the conditions necessary to win. To these we add another essential quality: relentless
determination. An unwavering resolve, day in and day out, to execute our plan. To exceed the
expectations of our customers. And to deliver steadily growing value to our shareholders.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="m35152orm3515203.gif" alt="-s- Michael J. Sabia">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michael J. Sabia<BR>
Chief Executive Officer

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: -20pt"><IMG src="m35152orm3515204.gif" alt="(PHOTO&nbsp;OF&nbsp;MICHAEL&nbsp;J.&nbsp;SABIA)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>7</B>
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>


<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>A Turning Point in our Progress</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Growth
Revenues as % of Total:</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515205.gif" alt="(BAR CHART)">
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6p0">*
Estimated. In 2007, Bell will report the revenue ratio excluding Bell
Aliant.
</DIV>



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Our business achieved a critical milestone in 2006. For the first time, revenues from our
growth business exceeded revenues from our legacy business. A significant achievement for Bell.
Proof that we continue to make progress in rebuilding the revenue-generation engine of our
business, positioning Bell for the future. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We are building a new business model based on the
potential of our growth services: wireless, high-speed Internet, video and ICT (information,
communications and technology) solutions.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Reaching this point in our progress has been a challenge. It took focus and determination. Our
continuing efforts center on three strategic pillars: the expansion of our broadband networks, the
development of next-generation services and the improvement of our customer service.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Cost
Savings (in $ millions)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515206.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Aligned with these pillars, we are making significant strategic investments in our networks and in
new technologies to expand the reach and power of our next-generation growth services. We continue
to reset our cost structure, having already reduced costs by $1.6&nbsp;billion through an ambitious
strategy to cut both our operating and supply chain expenses. We essentially dismantled processes &#150;
the detailed and complex ways through which we have operated for decades &#150; and rebuilt them. And we
are using these new, simpler processes to improve our service to customers. All in pursuit of our
goal to simplify and unify the company with one brand and one face to the customer: Bell Canada.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Last year in this document we talked about &#147;building the new Bell&#148; as we re-shaped the company for
leadership in the communications industry. We have made significant progress in creating a company
with exceptional reach and an unparalleled array of advanced communications products.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The &#147;new Bell&#148; is fast becoming reality. And we will continue to work hard to make that happen.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience as Value Creator</B>
</DIV>




<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Throughout this evolution, we have kept a clear focus on customer service. Given the work
accomplished so far, we&#146;re in a position to greatly accelerate our efforts to enhance what we call
the &#147;customer experience.&#148; Delivering an exceptional customer experience is fundamental to every
aspect of Bell&#146;s future. It is key to our business strategy and is the foundation of our brand.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell has </I><B><I>28&nbsp;million </I></B><I>customer connections, more than any other communication
provider in Canada.</I></DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Why? Because it directly relates to our ability to create value for our customers and therefore
value in our business. An exceptional customer experience creates loyalty. And customer loyalty
provides us the opportunity to meet more of our customers&#146; needs. It lets us increase the volume of
business they trust us with and add to the number of households which subscribe to two or more of
our products. Securing these &#147;multi-product households&#148; is critical both in terms of revenue and in
building long-lasting relationships with high-value customers.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">As revenues from these relationships grow, so does our ultimate ability to reward our shareholders
through increases in our dividend. So in the end, the customer experience is about increasing the
value of our business for our shareholders. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
Customer experience is also the means by which we will
differentiate Bell in the competitive marketplace. We have more customers and greater network reach
than any of our competitors. In an environment where technology has blurred the major differences
between various suppliers, customer experience becomes the one platform that allows us to rise
above our competitors.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">And we are determined to do just that.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>9</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience Defined</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">What is the customer experience? For us the customer experience is defined by each and every
point at which we interact with our customers. The knowledgeable and attentive professional the
customer reaches in our Call Centre. The courteous and efficient Bell technician who knocks on the
customer&#146;s door &#150; as scheduled &#150; to install or repair a service. How customers are greeted and
treated when they walk into a Bell retail outlet that is dynamic and user-friendly. The
positioning, pricing and promotion of our products that provide value to our customers. Customer
experience even extends to how we are perceived in the communities we serve and whether we are
seen to be present, involved and committed.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2007, Bell will invest </I><B><I>$60&nbsp;million </I></B><I>in its distribution channels, including
expanding and refurbishing its chain of retail stores.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">There are three basic elements within our business that have direct impact on customer experience.
The first, and by far the most powerful, is the <B>relationship </B>that exists between our customers and
our employees. The second are the <B>networks </B>and <B>processes </B>through which we deliver our service. And
the third element is the actual <B>products </B>and <B>services </B>which end up in our customers&#146; hands, their
TVs, their wireless devices and computer screens.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In essence, customer experience is all those attributes which form a picture, a perception, of our
company in the customer&#146;s mind: the meaning of our brand to them.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>Customer Relationship: </B>A Passion for Results
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2006, Bell customer service reps resolved </I><B><I>300,000 </I></B><I>more customer issues on the
first call than in the previous year.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Now, more than at any other time in our history, service is what will define our success as
we move forward. Because of that we are actively addressing those areas of our business where our
service performance does not meet customer expectations. Employees at all levels and in all types
of jobs are being provided the skills and tools they need to help improve service for our customers
and directly enhance the customer experience.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell is empowering its employees through training programs aimed at developing a new mindset. Last
year for example, we introduced a new training program for employees who interact with customers.
The program gives employees a consistent foundation on which to define and act upon the customer
experience. It lays out a common philosophy, language and approach to providing service excellence.
More than 15,000 employees have taken this specialized training.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employees Taking Action</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>SatisfACTION</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Our employees are a powerful tactical weapon in helping our customers resolve service problems.
Bell&#146;s SatisfACTION program is a new tool which encourages employees to act to improve customer
satisfaction. Employees with friends or family who have service issues can outline the problem to
the SatisfACTION team via a special web site. The SatisfACTION Team will contact the customer
within 24 hours. In 2006, some 6,300 customer issues were brought to the SatisfACTION team for
quick resolution. Employees say the program makes them feel truly empowered knowing they can play
a direct role in resolving service issues.</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515207.gif" alt="(TRUE BLUE LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>True Blue</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell employees Mark Samuel Weiser and Scott Beacom used their own personal time to develop the
&#147;True Blue&#148; campaign, essentially a &#147;badge of honour&#148; for employees using only Bell&#146;s services.
They believe that employees familiar with Bell&#146;s products make better ambassadors &#150; and sales
people &#150; when talking with family, friends and customers. The program has become a defining aspect
of the new culture emerging within Bell. And Mark&#146;s new full-time job is managing the countrywide
rollout of True Blue to increase revenues and employee knowledge of our services.</I></DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>11</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Service as a Product in SMB</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>When Bonnie Renwick sold a set of communications solutions to a Toronto-based customer it became
apparent the customer would need help in managing the implementation &#150; not something Bell would
traditionally do for a small company. Bonnie is a service co-ordinator in Bell&#146;s Small and Medium
Business group. Determined to help her customer, Bonnie negotiated an hourly fee for her services
and managed the implementation. The customer was very pleased with the results. This concept of
providing service as a product is being driven in a number of areas in the company and will become
central to Bell&#146;s overall service offering. In SMB, a formal proposal process was developed and
the service pioneered by Bonnie is now offered to other customers as a standard product.</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Percentage
of Ontario and Qu&#233;bec Households with Two or More Bell Products </I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515208.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell has also sent small teams of its own service specialists into call centres and other groups
which interact with customers. Over an eight-week period, these teams identified the behaviours
which most influence the quality of the customer experience. Those behaviours are then &#147;taught&#148; to
all employees within the group. Some 3,000 employees have taken part in this program and in almost
every instance the percentage increase in customer satisfaction has been in the double digits. The
program will be accelerated in 2007.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Our Multi-Product Support Centre demonstrates how training can both enhance customer experience and
drive new revenues. Employees working in this centre have received extensive training that enables
them to serve customers who use our wireline, wireless, video and high-speed Internet services.
Whatever the issue, these reps have access to 30 different applications that empower them to
provide a one-stop, &#147;the buck stops here,&#148; no-transfer customer experience. And by delivering
service excellence, they build a relationship that allows them to offer new services that bring
additional value to the customer.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">These multi-product experts also hold e-chats live with customers who are surfing bell.ca. They
interact with customers to determine if they require additional product information or assistance
in on-line buying. In the fourth quarter of 2006 alone they conducted 80,000 e-chats and
contributed to more than 7,500 sales. During the same period, First Call Resolution in the
Multi-Product Support Centre was 95%.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell technicians meet customers more than </I><B><I>2.5&nbsp;million </I></B><I>times every year, giving
them the opportunity to provide personalized service excellence and promote our products and
services.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">On the same note, refining the skills of our technicians who meet with customers in their
homes and offices is also helping enhance the customer experience. These encounters offer
invaluable opportunities to please and impress our customers. With this in mind, nearly 7,000 Bell
technicians took specialized training in how to interact professionally with customers, how to
respond to service issues and how to deal diplomatically with upset customers. Bell has always
ensured its technicians have the necessary technical skills to provide service excellence. Now
they are enhancing their customer servicing skills as well.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Our recruiting standards are also being defined by our focus on customer experience. In our Call
Centres and retail stores we carefully screen potential recruits for a demonstrated, passionate
drive for problem solving. They must have strong technical skills and strong communications skills
so they can understand our products and effectively explain them to customers. And, our potential
Call Centre employees must have sales &#147;aptitude.&#148; They must be able to recognize opportunities to
offer customers new services and upgrades to drive new revenue.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2006 the time to repair residential high-speed Internet service improved more than</I>
<B><I>50%</I></B><I>.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In order to substantially improve the customer experience, we are focussing on raising the bar on
key service metrics. For example, our ability to resolve a customer&#146;s issue immediately without the
need to transfer them elsewhere or make a return call &#150; known as First Call Resolution &#150; must be
constantly improved. Other key metrics include the measurement of how long it takes us to repair
service &#150; known as Mean Time To Repair &#150; and the number of missed commitments. Improving on these
metrics is our priority going forward. They are the yardsticks by which we will monitor and measure
our progress in enhancing the customer experience.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Concentrated in the period between May 1 and September&nbsp;15, Bell handles </I><B><I>1.5&nbsp;million</I></B>
<I>residential customer moves annually &#151; each an opportunity to expand our relationship with the
customer.</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The Right Move for our Customers</I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2006, Bell developed and implemented a new way of assisting residential customers who were
moving. Front-line representatives in Bell contact centres were given specialized training to make
them &#147;move experts.&#148; In addition to greatly improving the efficiency and accuracy of the move
process, customers were given peace of mind by receiving an e-mail confirmation from Bell
outlining the details of their order within 24 hours of it being placed. Customers who had two or
more of Bell&#146;s services were given special treatment including prioritized due dates and an
after-move call from Bell to ensure their satisfaction. Ninety-three per cent of these customers
said they were satisfied with the service. The program takes what was once merely a &#147;network&#148;
event and converts it into an opportunity to further enhance and expand our relationship with the
customer.</I></DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>13</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We are also giving employees tools that provide access to more information and new
capabilities as they work to meet customer needs. InfoZone, totally revamped in 2006, is a
knowledge management tool for Call Centre staff that provides quick and easy access to information
on Bell products and services. OrderMax is a Call Centre sales tool that enables sales reps to
order multiple products through a single process. More than 6,000 Bell customer service reps are
using the system which greatly simplifies and speeds the ordering process for our customers.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2006, the business group met </I><B><I>13,000 </I></B><I>more customer commitments than it did in
2005 for new installations of voice service. For voice repair service, it met </I><B><I>19,000</I></B>
<I>more customer commitments than it did in 2005.</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>A Winning Formula</I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell made considerable strides this year in improving its record of winning back customers who had
left for the competition. In 2006, we won back 76% more customers than we did in 2005, largely
because of a lessening of regulatory restrictions we have traditionally faced and the renewed
efforts of our Call Centre sales staff. The company believes all restrictions will be eliminated
in the near future, allowing us to make further strides winning back customers.</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience in Business</B>
</DIV>



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">For our business customers, we are building the sales and service organization around them &#150;
effectively serving them on their terms. In doing so, Bell is addressing some of the key issues
affecting customer experience.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Large customers served by our Enterprise group are gaining powerful new capabilities through the
introduction of ICT services. In this environment, our Enterprise group provides enhanced value and
customer experience by simplifying the implementation and management of these complex new ICT
services. Customers are guaranteed a &#147;service promise&#148; in line with their needs and regular contact
ensures that customer relationships are strengthened.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>The Enterprise group serves the communications needs of the largest public and private sector
organizations in the country.</I></DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Enterprise is also integrating its customer help desk functions. Where before customers had to call
different numbers for different service issues, there is now a single number to call for all of
their connectivity services. The next step is to integrate our IT services into the same help desk.
This one point of contact provides simplicity to customers.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>A New Solution for ICT</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>As Canada&#146;s leading provider of ICT services, the Bell Enterprise group recently launched Bell ICT
Solutions &#150; a new organization dedicated to helping customers implement and manage ICT services.
The new organization integrates a number of ICT capabilities under the same roof and simplifies
the manner in which we interact with these customers. Bell ICT Solutions offers a host of services
on a fully integrated basis, including network management, outsourcing, storage and backup,
security audits and supply chain optimization. Bell ICT Solutions&#146; 1,700 employees specialize in
the complex solutions businesses require to manage and grow their operations.</I></DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><B><I>93% </I></B><I>of Enterprise customers use Bell&#146;s On-Line Bill Manager which allows them to
manage and analyse billing data, change account details and track the status of orders for new
service.</I></DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In Bell&#146;s Small and Medium Business (SMB)&nbsp;group, a key area of focus in 2006 has been on improving
the customer experience for those customers with advanced communications needs. Bell has moved away
from the traditional call centre approach to serving these customers and replaced it with the
concept of dedicated teams that combine both sales and service expertise. These teams form a single
point of accountability and a single point of contact for each customer. By building these personal
relationships, SMB can ensure that each customer&#146;s telecommunications needs are well understood and
that Bell&#146;s services are routinely matched to those needs.</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>611 Repair for SMB Gains New Value</I></B>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell SMB has been testing a new process in its repair operation that is producing some dramatic
initial results. Customers typically call the repair group (611)&nbsp;with details of their problem to
have their issue settled several hours later. Under the new pilot process, 611 was staffed with
specially trained individuals who were given the resources to resolve the issue while the customer
was still on the line. Bell&#146;s initial analysis shows the average time to repair problems could be
reduced by up to 33%. It demonstrates the value of bringing traditional &#147;back office&#148; knowledge to
the &#147;front office&#148; where it can be used to solve customer problems more quickly and more
efficiently. The SMB group is now looking at the viability of full rollout.</I></DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell SMB&#146;s mass market call centre serves </I><B><I>425,000 </I></B><I>customers and handles </I><B><I>2.2
million </I></B><I>customer calls a year.</I></DIV>






<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>15</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>Enhancing our Networks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bell Networks Power Emerging Products</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The worlds of broadband and wireless are rapidly expanding,
becoming more and more pervasive in our lives. On a daily basis,
consumers are being introduced to new devices giving them greater
capabilities, flexibility and reach. The one central and common
requirement of these new devices? The networks that power them.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Homes
Passed with High-Speed Broadband (year end) (in millions)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515209.gif" alt="(BAR CHART)">
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">* Estimated
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The Meaning of Speed</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Users of Bell&#146;s high-speed wireless service can download one megabyte of information (equivalent
of a 500-page novel) in as little as 12 seconds compared to up to 120 seconds over a traditional
wireless network.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Users of Sympatico&#146;s Optimax service, which runs over Bell&#146;s FTTN network, can download a typical
song in just one second compared to 30 seconds over a traditional high-speed network.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">And when it comes to networks our reach is unparalleled. At Bell, we are the facilitators of this
emerging era and are at the centre of meeting the requirements of this new generation of devices.
This represents an exceptional growth opportunity for us.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">But again, it took real work to reach this point. Three years ago we undertook a major initiative
in the company to simplify our networks and the various &#147;processes&#148; through which we provide
services to our customers &#150; whether it&#146;s the delivery of a new service or the repair of an existing
one.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Simplifying our Processes</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Over the course of this project, Bell has reviewed and rebuilt virtually hundreds of
processes. Many had multiple steps and as the number of steps increased so too did the risk of
problems. So we set about to systematically reduce the number of steps in each of our processes. We
also developed new tools to manage fluctuations in our work flow to ensure that at the end of the
day our promises made were promises kept.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">One of the outcomes of this work is &#147;One and Done&#148; &#150; created under the leadership of Montr&#233;al
executive Pierre B&#233;rard &#150; who maintains it is not as much about process as it is about a cultural
mindset. One and Done is predicated on the belief that problem areas must be viewed from &#147;end to
end&#148; and that all points of contact within the company must take accountability for resolution,
using a co-operative company-wide approach. With One and Done, the problem is solved the first time
out, without the need for additional work.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell has invested </I><B><I>$2.5&nbsp;billion </I></B><I>in its broadband and high-speed wireless networks
since 2004.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The One and Done approach is totally centered on the customer&#146;s expectations and how they view
their situation. For example, Bell has historically chosen 10 AM as the time new phone service
would be available to the customer. Service activation is managed by the network over night. If
problems arose, technicians had scant time in which to fix the problem the next morning. Since the
10 AM timeframe had been no more than a tradition, we went back to our customers and asked them
what was most important: meeting our commitment or the actual time of the commitment. They
overwhelmingly responded they wanted to be assured when their service would be available, as long
as it was the same day. Acting on that information, we changed the activation time to 5 PM,
dramatically increasing both the number of appointments we met on time and customer satisfaction
overall.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2006, the time to repair SMB high-speed Internet service improved by nearly </I><B><I>24%.</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Priority Service for SMB Customers</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>High-speed Internet service is critical to our SMB customers who rely on it to run their
operations. Through our One and Done program, Bell has rapidly developed a priority service
process for SMB customers whose service is interrupted. The process brings together the expertise
of several groups within the company in fixing the problem quickly and effectively. The process
includes a &#147;time stamp&#148; which when exceeded is flagged for immediate attention and resolution. As
a result of this, complaints regarding length of time to repair have been virtually eliminated.</I></DIV>






<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>17</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investing in Our Networks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>High-Speed
Wireless: Per Cent of Canadians Reached (year end)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="m35152orm3515210.gif" alt="(BAR CHART)">
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">* Estimated
</DIV>



<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We also continue to invest in our networks.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">With our program called Fibre To The Node (FTTN), we&#146;re bringing broadband
capability into the home over the simple telephone wires that are already there.
It is on this network that Bell will deliver its IPTV (Internet Protocol Television)
service.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Late last year, Bell began testing its IPTV service with select groups of customers and
employees in Montr&#233;al and Toronto. The service is a revolutionary breakthrough in
the delivery of broadcast programming to mass audiences and demonstrates how Bell&#146;s ability to
innovate will drive new growth revenues. Developed in partnership with Microsoft, IPTV will provide
an entirely new type of viewer experience. Trial participants are currently evaluating a host of
new applications and features that will differentiate Bell&#146;s IPTV service from traditional cable
service. This year we continue to prepare for a full service rollout.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">With another new technology that provides hyper-fast data and video speeds similar to high-speed
Internet on a desktop computer, we are redefining the wireless business and what it can achieve.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>High-Speed Internet</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Through additional network investments, Bell decreased the number of major high-speed network
outages by nearly 12% in 2006. In addition, we also reduced the average duration of these outages
by 65%, ensuring the speeds and network availability that Sympatico customers count on.</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515211.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A Sporting Challenge</B>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell is a Premier National Partner and exclusive Telecommunications Partner to the Vancouver
2010 Olympic and Paralympic Winter Games.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The
Olympic Games present us with new opportunities on a number of
levels.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
 Internally, we&#146;re
maximizing our Olympic Games investment by using it to support the change towards a culture of high
performance within Bell. We are developing programs associated with the Games to broaden employee
commitment to excellence. For example, last year Bell put together a team of high-profile Canadian
Olympians and Paralympians under the Bell Champion Program. These athletes have met face-to-face
with almost 7,000 employees to tell their personal stories of facing change and adversity. Forty of
our Bell executives are also acting as mentors to athletes helping them with transition planning
and support.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Externally, the Games are a unique opportunity for Bell, allowing us to showcase our products and
communications capabilities not just to Canadians but to billions of people around the world. More
importantly, the Games will allow our customers to &#147;live&#148; our athletes&#146; victories anywhere,
anytime, through the new technologies we are creating.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We have made significant progress since we were named official partner a little over two years ago
towards creating the first<BR> &#147;all IP&#148; Games.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We are in the process of building a high-capacity, 120-kilometer fibre optic network between
Whistler and Vancouver. In addition, Bell will provide connectivity to all 130 venues where Games&#146;
activities will be held, with a total of 15,000 VoIP
connections.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">

 In terms of wireless
capabilities, Bell will create and manage the network for 7,000 two-way radio connections, plus
9,000 wireless devices including 2,000 Push-To-Talk phones.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell is using the Games to help hasten the expansion of its networks in British Columbia where the
value of our investments will be felt long after the 2010 Games have ended.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>19</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>

<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>Products that Empower our Customers</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We provide value, simplicity and greater control to our customers through the products and
services we offer. Whether it&#146;s with their lives or with their businesses, we help customers &#147;get
the job done.&#148; And in doing so, we&#146;re driving customer experience in very concrete ways through
innovative products that exploit the power of our networks.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In 2006, we created the Bell New Ventures group to leverage our diverse assets and capabilities in
wireless, Internet, voice and web-based businesses to create unique products and services.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Sympatico launched</I>
<B><I>&#147;Personal vault&#148;</I></B><I>, an on-line storage service available only from Bell to provide back-up and
sharing capabilities for customers&#146; digital files such as photos, music, videos and financial
records.</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New Product Initiatives</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Recently, this group launched a new service called Bell Home Monitoring. The first of its
kind in Canada, the service advises the homeowner when unexpected events occur or when expected
events don&#146;t happen &#150; like the return of a child home after school. The home monitoring and
security service is controlled by the customer through a secure personalized website. The system
itself operates on Bell&#146;s wireless network so it can&#146;t be disabled by cutting wires. Through the
website, customers can pick and choose the types of services they want &#150; including personal
monitoring or the optional use of a round-the-clock monitoring centre. One feature allows customers
to receive a video stream from the interior of their home via their personalized website. For
mobile customers, photo images of the home&#146;s interior can be sent via e-mail to their cell
phone should an alert occur.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In another high-profile product initiative, Bell Mobility recently launched Bell to Bell Calling.
For a flat monthly fee, Bell Mobility customers can make and receive unlimited local phone calls
from other Bell mobile, residential or business phones without using any of their airtime minutes.
With Bell to Bell Calling, we are leveraging the size of our customer base and the reach of our
wireline and wireless networks to deliver added value to customers who use both services. It gives
us a competitive edge and a powerful tool to further enhance the customer experience.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Sympatico Optimax</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Customer demand for Internet bandwidth and reliability is growing rapidly. To meet this need, Bell
launched Sympatico Optimax which leverages the company&#146;s fibre optic network. The service offers
Internet connections at consistent speeds of either 10 or 16 megabits per second. The service will
cater to those with an appetite for the latest in digital entertainment including on-line games,
music and video. Sympatico Optimax is currently available in Montr&#233;al and Toronto.</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Text Messaging with Tcare</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Exclusive to Bell Mobility, Tcare is the first service in Canada that allows customers to manage
their wireless accounts by text messaging right from their handsets. Tcare users can check their
account balances, verify their last payment details or add new features to their service.
Introduced in late 2005, use of the service has increased dramatically during 2006. By the middle
of last year, 30,000 Tcare transactions were processed every month. In February, 2007, that number
surpassed 75,000. While Tcare gives customers instant, personal control over their service, it
also reduces the number of calls into Bell&#146;s contact centres thus reducing operating costs.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell prints and mails</I>
<B><I>24&nbsp;million </I></B><I>fewer bills annually because of One-Bill.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell employees in Vancouver have redefined the meaning of a communications product with their work
on the expansion of the Vancouver Convention &#038; Exhibition Centre. It will serve as the
international broadcast and media centre for the Vancouver 2010 Olympic and Paralympic Winter
Games.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell assembled a team of leading experts in communications to help deliver the &#147;centre of the
future.&#148; Every location in the new facility will have exceptional broadband capability &#150; both
wireline and wireless. To capitalize on the connectivity, Bell is developing &#147;Communications Pods&#148;
&#150; compact units that house a full suite of communications services from video conferencing and
webcasting to digital signage and broadcasting.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Simplicity through a Single Bill</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We would not traditionally think of the monthly bill we send to our customers as a product.
But it becomes just that when we simplify and help organize our customers&#146; lives by providing them
with a single monthly bill &#150; when before they received up to three different bills. Six million
customers now receive this single monthly bill which provides an easy-to-read, easy-to-understand
format along with a single amount to be paid for all services. Customer satisfaction with the new
bill has been consistently strong in the 80 to 90% range.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>21</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Customer Experience</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Blurring the Lines between Internet and TV</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>In 2006, our website </I><B><I>bell.ca:</I></B></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Doubled the number of customers who signed on for support</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Increased visits by </I><B><I>14%</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Recorded a </I><B><I>180% </I></B><I>increase in the number of ExpressVu customers using the website to order programming.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">ExpressVu is the leading supplier of high-definition programming in Canada with 50 channels
now in service and more to come on-line in 2007.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">However, ExpressVu is working to differentiate itself in the market by focussing not just on
improving the quality of television service but also on enhancing the television experience
altogether. For example, customers who subscribe to Bell&#146;s leading News, Sports and Weather
channels can watch programming and at the same time interact with additional web-based content &#147;on
demand&#148; on their television screen using their
remote. The service is available at no extra charge to subscribers of TSN, CBC NewsWorld, the
Weather Network and the French language Canal M&#233;t&#233;o.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">For hockey buffs, Bell has introduced NHL Centre Ice Multi-View. The service puts up to six games
on the screen at the same time along with real time score updates.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Service on the Web</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">More and more of our customers are using our bell.ca website as their primary means of
dealing with us. A significant re-design of the site in 2006 gave it new capabilities and
functionality. The self care experience for mobile and high-speed Internet customers was totally
redesigned with the use of multi-media clips and interactive user guides to help provide answers to
frequently asked questions. Today, 800,000 residential customers use bell.ca to view their bills
on-line.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sympatico Portal: A Gateway for Future Services</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Bell&#146;s portal, Sympatico.MSN.ca:</I></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reaches </I><B><I>87% </I></B><I>of on-line Canadians</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Has </I><B><I>19&nbsp;million </I></B><I>unique visitors per month</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Supported more than</I> <B><I>150&nbsp;million </I></B><I>video streams in 2006.</I></TD>
</TR>



</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In 2006, Bell introduced the Sympatico / MSN Music Store. The service brings together Bell&#146;s
popular music download service with MSN&#146;s innovative applications such as Window&#146;s Live Messenger
and MSN Spaces. The new service is the safest and easiest way to download, share and listen to
music with an ever-expanding selection of titles and top sound quality.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Sympatico.MSN.ca portal has also become a major conduit for video downloading on the Internet.
And the demand is growing dramatically. In January of 2006, half a million Canadians were
downloading videos from the Sympatico.MSN.ca site. By December, the number had risen to four
million.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">That growing reliance on Bell&#146;s web portal by Canadians foreshadows the role it will play in the
future. The portal will be Bell&#146;s gateway to the new world of services and opportunities that will
be created through the growing exploitation of broadband access and the web. Bell will be able to
use the portal to offer innovative and simple services for customers, becoming the customer&#146;s
advocate and in the process developing a unique, Bell-branded customer experience.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>A Strong and Resilient Company</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">While we regard 2006 as a year of considerable
accomplishment, our aspirations for 2007 are greater still.
Much remains to be done.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We will continue to drive new revenues by expanding the reach
and appeal of our growth services. We will focus on building
an unparalleled customer experience and will continuously
measure our progress since it is a cornerstone of our
business model. At the same time, we will remain vigilant in
managing our costs.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Our increased confidence in our ability to generate
sustainable profitability and increase cash flows forms the
basis of our renewed dividend policy. We are targeting to pay
out 70 to 75% of earnings to shareholders.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">And as always, we will continue to rely on the dedication and
ingenuity of our people to build a strong and resilient
company for our customers and our shareholders.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>23</B>
</DIV>


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<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate Responsibility</B>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>Sustainable Value Creation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515212.gif" alt="(DOW&nbsp;JONES&nbsp;SUSTAINABILITY&nbsp;INDEXES&nbsp;LOGO)">
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Sustainable development. Strong, secure
communities. Safe, healthy children.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">
 Top-of-mind issues
for Canadians in all walks of life.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Issues that are at the heart of Bell Canada&#146;s commitment to
corporate responsibility &#150; a commitment that is integral to
everything we do... and how we do it.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We&#146;ve written it down in black and white, in our
Sustainability Vision: &#147;to contribute to the well-being of
society by enabling responsible economic growth, connecting
communities and safeguarding the natural environment.&#148;</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">And
we&#146;ve embedded it in our approach to community investment,
focussing on organizations that help children and youth
reach their full potential.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">It&#146;s a commitment to act. To seek out ways to marry
our technology with community needs.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investing in Children and Youth</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Take cyber safety, for instance, especially for young
people. Bell is one of the founding sponsors of cybertip.ca,
a web portal through which ordinary Canadians can report
suspected abuse. As a result of information given to
cybertip.ca. to date, 2,000 websites have been shut down, 28
people have been arrested and at least five children have
been rescued.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Kids Help Phone is another example. More than one million
times a year, children in need contact Kids Help Phone, the
country&#146;s only toll-free, 24-hour bilingual phone and web
counselling, referral and information service. Bell helped
establish the operation&#146;s premier fundraising activity &#150; the
Bell Walk for Kids Help Phone. Over the last five years,
thousands of dedicated walkers have raised $9&nbsp;million in 50
communities, making it one of the top 10 fundraising walks in
the country.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">

 Bell&#146;s commitment and contribution can be found
in children&#146;s hospitals across the country. To cite just one
project, Bell is helping to develop an innovative system for
the Children&#146;s Hospital of Eastern Ontario in Ottawa that
will deliver all critical information about a patient &#150;
including current condition and complete medical history &#150; to
doctors and nurses at the bedside or anywhere else, enabling
treatment to be based on the most up-to-date information
possible.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Because strong healthy kids today make for strong community leaders tomorrow.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>24 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A Better Customer Experience</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">But Bell&#146;s corporate responsibility goes well beyond that.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">By pursuing our sustainability vision, we also create a
better experience for our customers. And by doing that, we
create profitable growth and generate long-term value for our
business and the people who hold a stake in it &#150; returns for
investors, stable employment for thousands of employees and a
steady stream of opportunities for businesses up and down our
supply chain.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">It begins with our investment in advanced networks to
flawlessly provide unparalleled communications services to
Canadian individuals, families and businesses.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">

It includes our
investment in research and development &#150; more than $1.7
billion a year, making Bell the second largest private sector
R&#038;D investor in the country. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">

Everything we develop and sell &#150;
from the mobile phone to the most sophisticated information
and communications technology solutions &#150; has the power to
change how people connect with one another and their world.
And the potential to make a tangible difference as Canadians
in all walks of life pursue their personal, economic and
community objectives, including the fight against climate
change.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Our robust networks support advanced medical applications
such as telerobotic surgery that has the potential to take
specialized medical care to new communities. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">

Those same
networks are critical to Canada&#146;s broader economy and
security. They are built to handle any potential disasters &#150;
natural or manmade, from ice storms to blackouts and
planning for pandemics when people are forced to work
offsite. And the same expertise that built those networks is
available to customers through our Resiliency portfolio &#150; an
end-to-end risk and recovery service to help large
organizations get through major crises.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Then there is our Sympatico.MSN.ca web portal and our
rapidly expanding broadband networks that spread e-learning
to new places, providing more people with more of the
information they need to enrich their lives.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Bell Mobility&#146;s services are enabling our customers to have
the information they need in their hands wherever they are.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Our electronic commerce solutions help clients be more
productive in every sector of the economy. Electronic data
exchange, for instance, reduces order errors and saves
businesses time and expense.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>25</B>
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate Responsibility</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Promoting Environmental Sustainability</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Likewise with teleconferencing and electronic billing
which enable businesses across the country to generate
productivity savings and, as they do, contribute to the battle
against climate change.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Within Bell alone, the impact is measurable. Rather than
travelling to meetings, Bell employees&#146; first choice is to use
web and teleconferences &#150; about 300,000 times a year. That
avoids the emission of more than 200,000 tonnes of greenhouse
gases. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Similarly, more than 20,000 Bell employees are equipped
to telework, minimizing the costs and impact of commuting &#150;
less pressure on governments to build more roads, less waste
of dwindling fuel resources, and up to 11,000 fewer tonnes of
emissions a year.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Even simple ways of improving the customer experience can have a
powerful impact on sustainability. For example, Bell customers
are flocking to the company&#146;s electronic billing option. At the
end of 2006, 879,000 clients had signed up for e-billing, almost
four times more than a year earlier. They have an easier time
managing their accounts. And there&#146;s a happy by-product for the
environment: 16.6&nbsp;million fewer pieces of paper to be mailed
every year, 468 fewer tonnes of greenhouse gases emitted and
enough energy saved to heat 1,018 households.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We&#146;re driving similar results from our One Bill initiative
where six million customers have all their services
consolidated on a single bill, three times more than a year
earlier. </DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We expect the same level of corporate responsibility
from our suppliers, requiring each
of them to be able to conduct business electronically and to
demonstrate a commitment to sustainable development.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We also take responsibility for the products we sell. In one
initiative to address the growing issue of electronic waste,
customers can return used mobile phones to any of 445 Bell
locations across the country. Bell ensures the phones are
reused or recycled responsibly. In four years, more than
232,000 phones and more than 57 metric tonnes of batteries and
accessories have been diverted from landfill. In addition, we
have provided mobile phones to 1,800 women in 170 women&#146;s
shelters.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Rigorous Governance</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In defining how we operate, we adhere to solid
principles of governance and the highest ethical standards,
ensuring we have in place the systems to manage our
operations with integrity &#150; and in compliance with stringent
reporting requirements such as Sarbanes-Oxley. It is, simply
put, how we do business.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In 2006, BCE was identified by
GovernanceMetrics International (GMI)&nbsp;as one of only two
Canadian companies that have consistently received GMI&#146;s
highest rating for corporate governance. The rating system
covers board accountability, financial disclosure and
internal controls, executive compensation, shareholder
rights, ownership base, takeover provisions, corporate
behaviour and social responsibility.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We are also active in
international sustainability initiatives. For instance, BCE
was the first telecommunications company in North America to
support the UN Global Compact principles. The Compact brings
together businesses, governments and non-governmental
organizations to advance a set of core values in the areas of
human rights, labour, the environment and anti-corruption.
And we are a member of the Dow Jones Sustainability Index, an
investment index that recognizes leaders in sustainable
development.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Strengthening Communities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m35152orm3515213.gif" alt="(IMAGINE LOGO)">
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">And, always, we invest in communities &#150; in numerous ways.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The company stands behind thousands of employees who give
generously of their time, talent and money to build
stronger communities. In 2006, employees and pensioners made
over $1.6&nbsp;million in charitable gifts and contributed more
than 300,000 volunteer hours. In recognition of their
volunteer time, Bell provided a further $1.3&nbsp;million to
local charities and sports organizations.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Above and beyond that, Bell invested over $20&nbsp;million in
2006 in donations and other local initiatives. For in the
end, our success as a company &#150; and as a country &#150; will be
defined by the sustainability of the communities in which we
live and work.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>For more information on Bell&#146;s corporate
responsibility initiatives, </I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>please visit
www.bce.ca/en/responsibility/</I></DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Bell </B>2007 Business Update &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>27</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial and Operational Highlights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Financial Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue <I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income <I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings applicable to common shares <I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings before restructuring and other items, net gains
on investments, and costs incurred to form Bell Aliant<SUP style="font-size: 85%; vertical-align: text-top">(1)
</SUP><I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings per common share before restructuring and
other items,
net gains on investments, and costs incurred to form Bell
Aliant<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt <I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt to capitalization ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Free cash flow<SUP style="font-size: 85%; vertical-align: text-top">(1) </SUP><I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operating activities <I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures <I>(in millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital intensity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Operational Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer connections <I>(in thousands)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Local telephone</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cellular and personal communications (PCS)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Paging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">High-speed Internet access</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,808</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dial-up Internet access</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Video</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Digital equivalent access lines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,646</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net activations <I>(in thousands)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cellular and personal communications (PCS)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">High-speed Internet access</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Video</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>EBITDA (earnings before interest, taxes, depreciation and
amortization), net earnings before restructuring and other items, net gains on
investments, and costs incurred to form Bell Aliant, and free cash flow are non-GAAP
financial measures. Refer to the section entitled Non-GAAP Financial Measures in the MD&#038;A
contained in the Bell Canada Enterprises 2006 Annual Report for more details concerning
such non-GAAP financial measures including a reconciliation to the most comparable GAAP
financial measures.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bell </B>2007 Business Update
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>CAUTION CONCERNING FORWARD</I></B><B>-</B><B><I>LOOKING STATEMENTS</I></B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Certain statements appearing in this document including, but
not limited to, statements concerning expected levels of
future dividend distributions, the anticipated implementation
of changes to the current regulatory framework including the
elimination of winback restrictions, the expected rollout of
our IPTV service and deployment of our High Speed broadband
and wireless networks, the percentage of total revenues
expected to be derived from growth services in the future,
our ability to generate sustainable revenue and EBITDA growth
and profitability, and increase cash flows, our intention to
implement a further 5% share buyback program in 2007, our
other plans and strategies, 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, readers are cautioned not to place undue
reliance on these forward-looking statements. The
forward-looking statements contained in this document
represent our expectations as of March&nbsp;7, 2007 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. Factors that
could cause actual 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 revenues, EBITDA, earnings and free cash
flow; the fact that depending on the competitive and
technological environment at any given time there can be no
guarantee that BCE&#146;s dividend policy (currently set at 70-75%
of earnings before net gains (losses)&nbsp;on investments and
restructuring costs) will be maintained; the fact that there
can be no guarantee that the federal government&#146;s proposed
order, announced on December&nbsp;11, 2006, to vary the CRTC&#146;s
decision which established a framework for the forbearance
from regulation of local exchange services, and to eliminate
winback restrictions, will be issued or that the order will
not be amended prior to issuance; general economic and market
conditions, and the level of consumer confidence and
spending, and the demand for, and prices of, our products
and services; the intensity of competitive activity from both
traditional and new competitors, including in particular
from cable companies, and its resulting impact on the
ability to retain existing, and attract new, customers, and
on pricing strategies and financial results; the ability to
continue to implement our cost reduction initiatives and
productivity improvements and contain capital intensity while
improving quality of services; 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 and offer new products and services on a timely
basis and achieve market acceptance thereof; and the
availability and cost of capital required to implement our
financing plans (including BCE&#146;s dividend policy and share
buyback program) and fund capital and other expenditures
including those relating to the rollout of IPTV and the
deployment of our High-Speed broadband and wireless networks.
Please also refer to our </I>Management&#146;s Discussion and Analysis
<I>(MD&#038;A) set out in the Bell Canada Enterprises 2006 Annual
Report for a more detailed description of risks and
assumptions underlying forward-looking statements made in
this document, and in particular to the sections of our MD&#038;A
entitled &#147;Assumptions and Risks Underlying Our
Forward-Looking Statements&#148;, &#147;Competitive Environment&#148; and
&#147;Regulatory Environment&#148;. A copy of the Bell Canada
Enterprises 2006 Annual Report is enclosed in this mailing.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>BCE&#146;s website has extensive information about the
company&#146;s governance practices, community investment and
corporate responsibility.</I></DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>Our 2006 Annual Report is available at www.bce.ca/annualreport</I></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>INVESTOR RELATIONS:</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>COMMUNICATIONS :</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>E-mail: investor.relations@bce.ca</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>E-mail: bcecomms@bce.ca</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Telephone: 1 800 339-6353</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Telephone: 1 888 932-6666</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Fax: 514 786-3970</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Fax: 514 870-4385</I></B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>1000 de La Gaucheti&#232;re Street West, Suite&nbsp;3700, Montr&#233;al, Qu&#233;bec H3B 4Y7</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>www.bce.ca</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Printed in Canada
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>www.bce.ca</B>
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-----END PRIVACY-ENHANCED MESSAGE-----
