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<SEC-DOCUMENT>0001277645-07-000012.txt : 20070502
<SEC-HEADER>0001277645-07-000012.hdr.sgml : 20070502
<ACCEPTANCE-DATETIME>20070502141503
ACCESSION NUMBER:		0001277645-07-000012
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20070502
FILED AS OF DATE:		20070502
DATE AS OF CHANGE:		20070502

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:		07809873

	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>form6k.htm
<DESCRIPTION>6K FORM
<TEXT>
<HTML>
<HEAD>
   <TITLE>form6-k_BCE First Quarter Shareholder Report</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">


<A name="page_1"></A>

<hr size="4" noshade>
<P>
&nbsp;</P>

<P align="center">
<b><font size="4" face="Arial">SECURITIES AND EXCHANGE COMMISSION </font> <br>
WASHINGTON, D.C. 20549</b></P>
<font size="4">
<P align="center">
<font size="5">
<b>FORM 6-K</b></P>
</font></font>
<P align="center">
<B><font face="Arial">REPORT OF FOREIGN PRIVATE ISSUER</font> </B></P>
<P align="center">
Pursuant to Rule 13a-16 or 15d-16 under<br>
the Securities Exchange Act of 1934</P>
<font size="4"><BR>
&nbsp;<table border="1" width="100%" bordercolorlight="#FFFFFF" bordercolordark="#FFFFFF" bgcolor="#FFFFFF" height="25">
	<!-- MSTableType="layout" -->
	<tr>
		<td width="50%" valign="top" bordercolorlight="#FFFFFF" bordercolordark="#FFFFFF" bgcolor="#FFFFFF">
<font size="2">For the month of: <b>May 2007</b></td>
		<td width="50%" valign="top" bgcolor="#FFFFFF" align="right" bordercolorlight="#FFFFFF" bordercolordark="#FFFFFF" height="19">
<font size="2">Commission File Number: <b>
1-8481</b></font></td>
	</tr>
</table>
<p><BR>
</p>
</font>
<font size="6">
<P align="center">
<b>BCE Inc.</b><BR> </font>
<font size="2"><i>(Translation of Registrant&#146;s name into English)</i></P>
<P align="center" style="line-height: 150%">
<b>
1000, rue de La Gaucheti&#232;re Ouest, Bureau 3700, Montr&eacute;al, Qu&eacute;bec H3B 4Y7,
(514)&nbsp;397-7000<BR>
</b><i>(Address of principal executive offices)</i></P>
</font>
<P>
<font size="2">Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
</font></P>
<P align="center">
<font size="2">
Form 20-F [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [X]</P>
<P>
Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P align="center">
&nbsp;Yes [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No [X]&nbsp;</P>
<P>
If &#147;Yes&#148; is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</P>

<P>
Only
the BCE Inc. Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations for the quarter ended March 31, 2007 and the BCE Inc.
unaudited interim consolidated financial statements for the quarter ended March
31, 2007, included in the BCE Inc. 2007 First Quarter Shareholder Report filed
with this Form 6-K as Exhibit&nbsp;1, and the Reconciliation of Canadian GAAP to
United States GAAP filed with this Form 6-K as Exhibit 2, are incorporated by
reference in the registration statements filed by BCE Inc. with the Securities
and Exchange Commission on Form F-3 (Registration No.&nbsp;333-12130), Form S-8
(Registration No.&nbsp;333-12780), Form S-8 (Registration No. 333-12802) and Form S-8
(Registration No.&nbsp;333-12804). Except for the foregoing, no other document or
portion of document filed with this Form 6-K is incorporated by reference in BCE
Inc.&#146;s registration statements. Notwithstanding any reference to BCE Inc.&#146;s
website on the World Wide Web in the documents attached hereto, the information
contained in BCE Inc.&#146;s site or any other site on the World Wide Web referred to
in BCE Inc.&#146;s site is not a part of this Form 6-K and, therefore, is not filed
with the Securities and Exchange Commission.</P><hr noshade align="center" width="100%" size="4">
<p>&nbsp;</p>
</font>
<P align="center">
<font face="Arial">
<B>SIGNATURE</B></font></P>
<font size="2">
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </P>
<P>
<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 valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><b>BCE Inc.</b><BR>
<BR>
<BR>
<BR>
<I>(signed) Siim A. Vanaselja</I></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-top: 1px solid #000000" align="left">Siim A. Vanaselja<BR>
Chief Financial Officer<BR><BR><BR>

	Date: May 2, 2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<font face="Arial">


<hr size="4" noshade>
</font>

<font face="Times New Roman">


<p align="center" style="text-align:center"><b>EXHIBIT INDEX</b></p>
<p>&nbsp;</p>
<div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .75pt;padding:0in 0in 1.0pt 0in">
	<p style="border: medium none; padding: 0in">
	Exhibit
	No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	&nbsp;&nbsp;&nbsp; Description</div>
<p style="margin-top:1px; margin-bottom:1px; margin-left:12px">1.&nbsp;&nbsp; BCE Inc. 2007 First Quarter Shareholder
	Report</font></p>
<p style="margin-top:1px; margin-bottom:1px; margin-left:12px">
<font face="Times New Roman">2.&nbsp;&nbsp; Reconciliation of Canadian GAAP to United
	States GAAP</p>
<p style="margin-top:1px; margin-bottom:1px; margin-left:12px">3.&nbsp;&nbsp; Supplementary Financial Information &#150; First
	Quarter 2007 </p>
<p style="margin-top:1px; margin-bottom:1px; margin-left:12px">4.&nbsp;&nbsp; CEO / CFO Certifications</font></font><font face="Times New Roman" size="2">
</font></p>
<p style="margin-top:1px; margin-bottom:1px; margin-left:12px"><font size="2">5.&nbsp;&nbsp;
News Release</font></p>

	<font face="Times New Roman">

<P>
&nbsp;</P>


&nbsp;</P>
</font>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>4
<FILENAME>bceq1.htm
<DESCRIPTION>Q1 SHAREHOLDER REPORT
<TEXT>
<HTML>
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   <TITLE> BCE First Quarter Shareholder Report</TITLE>
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<p align="right">
EXHIBIT 1</p>
<p align="center">
<img border="0" src="cover.jpg" width="633" height="511"></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<TABLE border=0 cellspacing=1 cellpadding=0 width="50%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">C O N T E N T S</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
&nbsp;</TD>
</TR>
<TR>
	<TD width="45%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="5%" align="left">
&nbsp;</TD>
</TR>
<TR>
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">The Quarter at a Glance</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
<font size="2">2</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">MD&amp;A</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
<font size="2">5</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">About Forward-Looking Statements</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">5</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">About Our Business</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">6</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">Quarterly Financial Information</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">8</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">Financial Results Analysis</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">9</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="2">Financial and
	Capital Management</font></TD>
	<TD width="5%" align="left">
 <font size="2">17</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">Updates to Regulatory Environment</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">21</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Assumptions and Risks Underlying Our Forward-Looking Statements</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
<font size="2">23</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">Our Accounting Policies</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">25</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">Controls and Procedures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">26</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=2 face="Times New Roman">Non-GAAP Financial Measures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
 <font size="2">26</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Consolidated Financial Statements</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
<font size="2">29</font></TD>
</TR>
<TR valign="bottom">
	<TD width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Notes to Consolidated Financial Statements</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%" align="left">
<font size="2">33</font></TD>
</TR>
<tr>
	<TD width="45%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="5%" align="left">
&nbsp;</TD>
</tr>
</TABLE>&nbsp;<hr color="#000000" size="1">
<P>
<FONT size=5 face="Times New Roman"><b>The Quarter at a Glance</b></FONT></P>
<P>
<I><FONT size=2 face="Times New Roman">This section provides a summary of the key measures we use to assess our performance and how our results in Q1&nbsp;2007 compare to our results in Q1&nbsp;2006. Starting this quarter, we
reorganized our business and modified our segment reporting. We report results for four principal segments: Bell&nbsp;Wireline and Bell&nbsp;Wireless (collectively referred to as Bell&nbsp;in this document), Bell&nbsp;Aliant and Telesat. This reorganization reflects
the company&#146;s simplified corporate structure following the formation of Bell&nbsp;Aliant and the announced dispositions by BCE&nbsp;of its non-core assets and also brings greater focus to Bell&#146;s core communications business.</FONT></I></P>
<P>
<FONT size=2 face="Times New Roman">While performance for the quarter reflected continued progress in our Wireline business, weaker wireless subscriber acquisitions curtailed Bell&#146;s overall revenue growth.<br>
&nbsp;&nbsp;&nbsp;&nbsp;During the quarter, we continued our efforts to proactively manage the pace of revenue erosion in our Wireline business through customer retention initiatives and strategic product pricing.
The total number of local line losses decreased this quarter compared to last year, resulting in a lower rate of network access services (NAS) erosion. In addition, the steady financial performance of our video and Internet businesses, the continued
focus on profitable contracts in our Enterprise unit, as well as ongoing productivity improvements and operating cost efficiencies, enabled us to grow our business profitably in the quarter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Wireless subscriber acquisitions were weak due to a combination of price increases, lower sales in our dealer channels as dealers&#146; compensation was reduced, fewer promotional incentives
particularly in the first two months of the quarter, stricter credit policies and gaps in the handset offering. Collectively, these actions had a greater than expected impact on subscriber acquisition. However, our wireless margins improved due to
higher average revenue per user (ARPU) and tight cost control improvement. During the past two quarters, we have undertaken a number of actions to
improve the quality of our subscriber base through the application of stricter credit policies for new acquisitions, reposition our Solo Mobile brand to compete effectively in the discount wireless sector, and drive increased market presence through
expanded distribution, innovative promotions and attractive new handsets. We believe that these actions, along with ongoing investments in wireless network quality and high-speed mobile data coverage, will enable us to capture a higher share of
industry gross activations going forward. <br>
&nbsp;&nbsp;&nbsp;&nbsp;From a customer perspective, we made good strides in strengthening the client relationship through improvements in a number of our service metrics. We also continued to invest in our
broadband and wireless networks, particularly in urban markets, to expand the reach and power of our next-generation growth services. </FONT></P>
<P>
<b><font face="Times New Roman" size="4">Operating Highlights</font></b></P>
<P>

<b><font face="Times New Roman" size="2">BELL</font></b></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">TOTAL</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">BELL CUSTOMER CONNECTIONS</FONT></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">NET</FONT></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">CONNECTIONS</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">(in thousands)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">ACTIVATIONS</FONT></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">MARCH 31,&nbsp;2007</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 align="left" width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">NAS</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(107</FONT></B></TD>
	<TD width="2%">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">8,638</FONT></B></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">High-Speed Internet</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">43</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">1,941</FONT></B></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless</FONT><SUP><FONT size=-2 face="Times New Roman">(1)</FONT></SUP><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">13</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">5,821</FONT></B></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Video</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">4</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">1,824</FONT></B></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 align="left" width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">Figures presented include 100% of Virgin Mobile&#146;s subscribers.</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
</TABLE>&nbsp;<ul>
	<li><B><FONT size=2 face="Times New Roman">Network Access Services (NAS)
	</FONT></B><FONT size=2 face="Times New Roman">&#150;
NAS in service decreased by 107,000, compared with 133,000 in Q1&nbsp;2006, to reach 8,638,000 lines as at March&nbsp;31,&nbsp;2007. The decrease in the number of total line losses
	year over year was due mainly to an increase in customer winbacks and higher
wholesale demand for access lines in Western&nbsp;Canada, despite competition from cable television operators for local telephone service. As a result, the rate of annual NAS erosion improved to 4.8% in Q1&nbsp;2007 from 5.0% in the previous
quarter.</FONT></li>
	<li><B><FONT size=2 face="Times New Roman">High-Speed Internet </FONT></B>
	<FONT size=2 face="Times New Roman">&#150; We added
43,000 net new high-speed Internet customers this quarter, compared with 37,000 net activations in Q1&nbsp;2006, bringing our end of period customer base to 1,941,000 or 10.3% higher than last
	year. The year-over-year improvement was driven by our
hardware offers, improved performance in Qu&eacute;bec, and lower customer churn. In addition, we increased our beginning of year customer base by 18,000 subscribers to adjust for an overstatement in deactivations related to a major upgrade of our
order management system. As this was a retroactive adjustment, it did not impact net activations this quarter.</FONT></li>
	<li><B><FONT size=2 face="Times New Roman">Wireless </FONT></B>
	<FONT size=2 face="Times New Roman">&#150; Wireless net
activations in the quarter were 13,000, down from 76,000 in Q1&nbsp;2006, due primarily to lower postpaid gross activations and an increased number of deactivations. As a result of a change to our prepaid deactivation policy to bring it in line with
industry practice, we removed 146,000 non-revenue generating customers from our customer base, bringing our wireless subscriber count to 5,821,000 at the end of Q1&nbsp;2007.</FONT></li>
	<li><B><FONT size=2 face="Times New Roman">Video </FONT></B>
	<FONT size=2 face="Times New Roman">&#150; We activated 4,000 net
new video subscribers in the quarter, compared with 12,000 in Q1&nbsp;2006, bringing our total subscriber base to 1,824,000 as of March&nbsp;31,&nbsp;2007 for a 4.9% increase over the past year. Lower net additions reflected decreased sales in our independent
retail channels and higher churn which increased to 1.1% in the quarter, due primarily to price increases introduced in&nbsp;2006 and Q1&nbsp;2007.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">In our Bell&nbsp;Wireline segment, consistent with our expectations, the ongoing erosion of legacy voice and data revenues, due to continued residential local line losses, strong price
competition and technological substitution, outpaced the positive contribution of our wireline
growth services. Although this resulted in lower revenues year over year, our
legacy voice revenues declined at a slower rate compared</FONT></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">2 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>

<P align="right">
<FONT face="Times New Roman">The Quarter at a Glance</FONT></P>
<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">to previous
quarters. With the continuing evolution in product mix from higher-margin legacy to lower-margin growth services, Wireline operating income also decreased despite ongoing expense management and lower net benefit plans and restructuring costs
compared with the previous year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Our Bell&nbsp;Wireless segment reported improved financial results in the quarter, driven largely by a significant increase in ARPU, lower acquisition costs as a result of weaker subscriber
growth, and careful cost control over customer retention and handset upgrade expenses. We also continued to work on addressing a number of operating issues, including handset lineup, sales execution and breadth of distribution, in order to better
position us competitively in the market going forward. We also invested a significant amount of capital in the quarter to upgrade network quality and expand our high-speed mobile data network.</FONT></P>
<P>


<b><font size="2">BELL&nbsp;ALIANT</font></b></P>
<P>
<FONT size=2 face="Times New Roman">In the Bell&nbsp;Aliant segment, growth in revenues from Internet, data and information technology (IT) services more than offset declining revenues from traditional wireline services. This
increase in revenues contributed to higher operating income year over year, despite higher cost of goods sold. </FONT></P>
<P>

<b><font size="2">TELESAT</font></b></P>
<P>
<FONT size=2 face="Times New Roman">At Telesat, revenue growth was driven mainly by increased sales of its two-way broadband access services. The improvement in revenues was more than offset by higher operating expenses due to
higher cost of equipment sales, resulting in lower operating income
year over year.</FONT></P>
<font FACE="CyclesNineLF-SemiBold" SIZE="4"><b>
<p ALIGN="LEFT">Operating Revenues</p>
</b></font>
<P>
<FONT size=2 face="Times New Roman">In Q1&nbsp;2007, total operating revenues at BCE&nbsp;increased to $4,385&nbsp;million, up 1.0% compared with the first quarter of&nbsp;2006, reflecting higher revenues at Bell, Bell&nbsp;Aliant and Telesat.
Revenues at Bell&nbsp;grew 0.4% year over year to $3,579&nbsp;million, driven mainly by growth in video, wireless, Internet and broadband connectivity revenues, and increased sales of ICT services to our SMB customers. These positive factors were largely
offset by ongoing erosion of legacy wireline services from additional residential local line losses and continued business customer migration to IP, lower ICT sales to Enterprise customers, and softer wholesale revenues. The results for Q1&nbsp;2006 also
included non-recurring revenue from a contract to provide telecommunications services to the areas affected in the United States by Hurricane Katrina, which had a negative impact on revenue growth this quarter.</FONT></P>
<font FACE="CyclesNineLF-SemiBold" SIZE="4"><b>
<p ALIGN="LEFT">Operating Income and EBITDA<font size="-2"><sup>(1)</sup></font></b></p>
</font>
<P>
<FONT size=2 face="Times New Roman">Operating income for BCE&nbsp;in Q1&nbsp;2007 was $917&nbsp;million, up from $854&nbsp;million in the same quarter in&nbsp;2006. Lower restructuring costs and higher EBITDA more than offset an increase in
amortization expense. EBITDA for BCE&nbsp;increased $42&nbsp;million or 2.5%,
year over year, to $1,740&nbsp;million due primarily to higher EBITDA at Bell. Higher restructuring costs in the first quarter of&nbsp;2006 were related to both our workforce reduction
initiative and the formation of Bell&nbsp;Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;For similar reasons, Bell&#146;s operating income also improved this quarter, increasing 8.7% to $711&nbsp;million from $654&nbsp;million in the previous year. EBITDA at Bell&nbsp;increased 4.0%,
year over year, to $1,379&nbsp;million, reflecting improved wireless margins due to lower subscriber acquisition costs and higher ARPU, lower information technology (IT) costs, and decreased net benefit plans expense. This was partly offset by the negative impact
from the loss of high-margin legacy voice and data revenues, higher contact centre outsourcing costs, and increased bad debt expense. As a result of higher revenues and EBITDA, Bell&#146;s EBITDA margin in Q1&nbsp;2007 improved 1.3 percentage points,
year over year, to 38.5%. </FONT></P>
<P>
<b><font size="4">Net Earnings / Earnings per Share (EPS)</font></b></P>
<P>
<FONT size=2 face="Times New Roman">Net earnings applicable to common shares for Q1&nbsp;2007 were $499&nbsp;million, or $0.62 per common share, 4.6% and 19.2% higher, respectively, than net earnings of $477&nbsp;million, or $0.52 per common
share for Q1&nbsp;2006. Excluding the impact of restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant</FONT><SUP><FONT size=-2 face="Times New Roman">(1)</FONT></SUP><FONT size=2
face="Times New Roman">, net earnings decreased by $34&nbsp;million to $420&nbsp;million from $454&nbsp;million in Q1&nbsp;2006. While EBITDA
improved year over year, the earnings decrease from&nbsp;2006 can be attributed
mainly to higher non-controlling interest, amortization expense and income
taxes. The decrease in earnings from the higher non-controlling interest&nbsp;is more than offset by the reduction in common shares in
conjunction with the distribution of Bell&nbsp;Aliant trust units
to holders of BCE&nbsp;Inc. common shares in July&nbsp;2006. Consequently, on an EPS basis, net earnings before restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant increased by $0.03 per common share,
year over year,
to $0.52, reflecting a reduction in the number of outstanding BCE&nbsp;Inc. common shares due to BCE&nbsp;Inc.&#146;s share buyback program.</FONT></P>
<P>
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">EBITDA, net earnings before restructuring and other items, net gains on investments and costs incurred to
form the Bell&nbsp;Aliant Regional Communications Income Fund (Bell&nbsp;Aliant), and free cash flow do not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and are therefore unlikely to be comparable to
similar measures presented by other companies. For more details on these measures, including a reconciliation to the most comparable GAAP measure, please refer to the section entitled </FONT><I>
<FONT size=1 face="Times New Roman">NON-GAAP FINANCIAL MEASURES </FONT></I>
<FONT size=1 face="Times New Roman">contained in BCE&nbsp;Inc.&#146;s&nbsp;2007 First Quarter MD&amp;A dated May&nbsp;1,&nbsp;2007.</FONT></P>
<P>
&nbsp;</P>


<font face="Times New Roman">


<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">3 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


</font>

<P>
<FONT face="Times New Roman">The Quarter at a Glance</FONT></P>
<P>
&nbsp;</P>
<P>
<b><font size="4">Capital Expenditures</font></b></P>
<P>
<FONT size=2 face="Times New Roman">Capital expenditures for BCE&nbsp;increased 24%,
year over year, to $722&nbsp;million. As a percentage of revenues, capital expenditures increased to 16.5% in Q1&nbsp;2007 from 13.4% last year. Similarly,
Bell&#146;s capital expenditures increased 27% this quarter to $542&nbsp;million. In line with the planned acceleration of capital spending earlier in the year, Bell&#146;s capital intensity increased in the first quarter,
year over year, to 15.1% from
12.0%. The majority of capital spending in the quarter was focused on key strategic priorities within the growth areas of our business, including enhancements to the quality and breadth of our wireless network and the expansion of our fibre-to-the-node footprint to deliver higher-speed broadband access.</FONT></P>
<P>
<b><font size="4">Cash from Operating Activities and Free Cash Flow</font><font size="-2"><sup>(1)</sup></font></b></P>
<P>
<FONT size=2 face="Times New Roman">Cash from operating activities increased 2.0% this quarter to $967&nbsp;million from $948&nbsp;million in Q1&nbsp;2006, due mainly to higher compensation payments made to executives and other key employees
in Q1&nbsp;2006 on the vesting of all restricted share units and a decrease in income taxes paid as a result of the formation of Bell&nbsp;Aliant into an income trust. This was partly offset by an increase in pension and other benefit plan payments, higher
interest payments at Bell&nbsp;Aliant, and a decrease in proceeds from the securitization of accounts receivable.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Our free cash flow this quarter was negative $159&nbsp;million, compared to negative free cash flow of $23&nbsp;million in Q1&nbsp;2006. This can be attributed to a
year-over-year increase in capital
expenditures, offset partly by an increase in cash from operating activities as described previously. Traditionally, free cash flow is negative in the first quarter due to timing of cash payments associated with items such as income tax instalments,
licence fees, public utility taxes, property tax assessments and payments under our employee compensation plans. </FONT></P>
<P>
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">EBITDA, net earnings before restructuring and other items, net gains on investments and costs incurred to
form the Bell&nbsp;Aliant Regional Communications Income Fund (Bell&nbsp;Aliant), and free cash flow do not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and are therefore unlikely to be comparable to
similar measures presented by other companies. For more details on these measures, including a reconciliation to the most comparable GAAP measure, please refer to the section entitled </FONT><I>
<FONT size=1 face="Times New Roman">NON-GAAP FINANCIAL MEASURES </FONT></I>
<FONT size=1 face="Times New Roman">contained in BCE&nbsp;Inc.&#146;s&nbsp;2007 First Quarter MD&amp;A dated May&nbsp;1,&nbsp;2007.</FONT></P>

<P>
&nbsp;</P>


<font face="Times New Roman">


<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">4 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


</font>

<P>
&nbsp;</P>
<P>
<b><font size="5">Management&#146;s Discussion and Analysis</font></b></P>
<P>
<I><FONT size=2 face="Times New Roman">In this management&#146;s discussion and analysis of financial condition and results of operations (MD&amp;A), </FONT></I>
<FONT size=2 face="Times New Roman">we, us, our </FONT><I>
<FONT size=2 face="Times New Roman">and </FONT></I>
<FONT size=2 face="Times New Roman">BCE&nbsp;</FONT><I>
<FONT size=2 face="Times New Roman">mean BCE&nbsp;Inc., its subsidiaries and joint ventures. Bell&nbsp;Canada is, unless otherwise indicated, referred to herein as Bell, and is comprised of our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. References to Bell&nbsp;Aliant include
matters relating to, and actions taken by, both&nbsp;Aliant&nbsp;Inc. (Aliant) and its affiliated entities prior to July&nbsp;7,&nbsp;2006, and Bell&nbsp;Aliant Regional Communications Income Fund and its affiliated entities on and after such date.
</FONT></I></P>
<P>
<I><FONT size=2 face="Times New Roman">All amounts in this
MD&amp;A are in&nbsp;millions of Canadian dollars, except where otherwise noted.</FONT></I></P>
<P>
<I><FONT size=2 face="Times New Roman">Please refer to the unaudited consolidated financial statements for the first quarter of&nbsp;2007 when reading this MD&amp;A. We also encourage you to read BCE&nbsp;Inc.&#146;s MD&amp;A for
the year ended December&nbsp;31,&nbsp;2006 dated March&nbsp;7,&nbsp;2007 (BCE&nbsp;2006 MD&amp;A).</FONT></I></P>
<P>
<I><FONT size=2 face="Times New Roman">You will find more information about us, including BCE&nbsp;Inc.&#146;s annual information form for the year ended December&nbsp;31,&nbsp;2006 dated March&nbsp;7,&nbsp;2007 (BCE&nbsp;2006 AIF) and recent
financial reports, on BCE&nbsp;Inc.&#146;s website at www.bce.ca, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.</FONT></I></P>
<P>
<FONT size=2 face="Times New Roman">This MD&amp;A comments on our operations, performance and financial condition for the three months (Q1) ended March&nbsp;31,&nbsp;2007 and&nbsp;2006.</FONT></P>
<P>
<b><font size="4">About Forward-Looking Statements</font></b></P>
<P>
<FONT size=2 face="Times New Roman">Securities laws encourage companies to disclose forward-looking information so that investors can get a better understanding of the company&#146;s future prospects and make informed
investment decisions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise mentioned in this MD&amp;A, the outlooks provided in the BCE&nbsp;2006 MD&amp;A remain unchanged.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;This MD&amp;A contains forward-looking statements about BCE&#146;s objectives, plans, strategies, financial condition, results of operations, cash flows and businesses. A statement we make
is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements may include words such as </FONT><I>
<FONT size=2 face="Times New Roman">anticipate,
assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target </FONT></I>
<FONT size=2 face="Times New Roman">and </FONT><I>
<FONT size=2 face="Times New Roman">will. </FONT></I>
<FONT size=2 face="Times New Roman">These statements are forward-looking because they are based on our current expectations, estimates and assumptions about the markets we operate in,
the Canadian economic environment and our ability to attract and retain customers and to manage network assets and operating costs. All such forward-looking statements are made pursuant to the &#145;safe harbor&#146; provisions of applicable
Canadian securities legislation and of the </FONT><I>
<FONT size=2 face="Times New Roman">United States Private Securities Litigation Reform Act of 1995. </FONT></I>
<FONT size=2 face="Times New Roman">It is important to know that: </FONT></P>
<ul>
	<li><B><FONT size=2 face="Times New Roman">unless otherwise indicated, forward-looking statements in this MD&amp;A describe our expectations at May&nbsp;1,
2007</FONT></B></li>
<li><FONT size=2 face="Times New Roman">our actual results could differ materially from what we expect if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a
result, we cannot guarantee that any forward-looking statement will materialize and, accordingly, you are cautioned not to place undue reliance on these forward-looking statements.
</FONT></li>
	<li><FONT size=2 face="Times New Roman">except as otherwise indicated by BCE, forward-looking
statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on our business. Such statements do not, unless otherwise specified by BCE,
reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The
financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present
known risks affecting our business. </FONT></li>
<li><FONT size=2 face="Times New Roman">we disclaim any intention and assume no obligation to update or revise any forward-looking statement even if new information becomes available, as a result of future events or for any other
reason.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">A number of assumptions were made by BCE&nbsp;in making forward-looking statements in the BCE&nbsp;2006 MD&amp;A and in this MD&amp;A, such as certain Canadian economic assumptions, market
assumptions, operational and financial assumptions, and assumptions about transactions. Certain factors that could cause results or events to differ materially from our current expectations include, among others, our ability to implement our
strategies and plans, the intensity of competitive activity and the ability to achieve customer service improvement while significantly reducing costs. Assumptions made in the preparation of forward-looking statements and risks that could cause our
actual results to differ materially from our current expectations are discussed throughout this MD&amp;A and, in particular, in </FONT><I>
<FONT size=2 face="Times New Roman">Assumptions and Risks Underlying our
Forward-Looking Statements. </FONT></I><FONT size=2 face="Times New Roman">Additional important assumptions and risks are also discussed under the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Updates to Regulatory Environment.</FONT></I></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
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<font size="2" face="Times New Roman">5 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_6"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>
<b><font size="4">About Our Business</font></b></P>
<P>
<FONT size=2 face="Times New Roman">A detailed description of our products and services and our objectives and strategy is provided in the BCE&nbsp;2006 MD&amp;A.</FONT></P>
<P>
<B><FONT face="Times New Roman" size="2">STRATEGIC PRIORITIES</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">Our strategy is to deliver consistent, reliable and high-quality integrated communication services to our customers efficiently and cost effectively. We strive to offer a differentiated
customer experience through leveraging our network capabilities, products and brand. By differentiating our business from the competition and building stronger customer loyalty, we expect to drive the profitable expansion of our growth services
(comprised of wireless, video, Internet, and information communications technology (ICT) services) and slow the decline of our traditional voice and data businesses.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;In order to improve customer experience in&nbsp;2007, we will focus our efforts on </FONT><I>
<FONT size=2 face="Times New Roman">improving the customer relationship,
enhancing our networks and processes </FONT></I>
<FONT size=2 face="Times New Roman">and </FONT><I>
<FONT size=2 face="Times New Roman">delivering innovative products and services. </FONT></I>
<FONT
size=2 face="Times New Roman">During the quarter, we made progress in each of these key areas:</FONT></P>
<P>
<b><FONT face="Times New Roman">Customer relationship</FONT></b></P>
<ul>
	<li><FONT size=2 face="Times New Roman">We reduced the rate of missed appointments as a percentage of total appointments for wireline installations and repairs by approximately 10% and 23%, respectively, over the past
year.</FONT></li>
<li><FONT size=2 face="Times New Roman">First Call Resolution for all our consumer services on a combined basis improved 3.6 percentage points since the beginning of the year to reach 78% in Q1&nbsp;2007.</FONT></li>
	<li><FONT size=2 face="Times New Roman">We reduced major outages of our high-speed Internet service by 20% compared with Q4&nbsp;2006.</FONT></li>
<li><FONT size=2 face="Times New Roman">The time to repair residential high-speed Internet service improved by 69% this quarter compared with the same period last year.</FONT></li>
	<li><FONT size=2 face="Times New Roman">In line with our focus on increasing our market presence through expanding our points of distribution, we added 10 new corporate stores and 58 new retail partner locations during the
quarter.</FONT></li>
</ul>
<P>
<b><FONT face="Times New Roman">Networks and processes</FONT></b></P>
<ul>
	<li><FONT size=2 face="Times New Roman">We continued with our rollout of fibre-to-the-node (FTTN) by deploying another 180 neighbourhood nodes in Q1&nbsp;2007, raising the total number of nodes deployed to 3,792.</FONT></li>
<li><FONT size=2 face="Times New Roman">We expanded the footprint of our Evolution, Data Optimized (EVDO) high-speed wireless data network to a number of cities and towns in Qu&eacute;bec, Ontario, and the Maritimes,
increasing coverage to approximately 60% of the Canadian population.</FONT></li>
	<li><FONT size=2 face="Times New Roman">During the quarter, we began the process of implementing a Rev A overlay onto our existing wireless network. Rev A is the next generation of EVDO technology that further increases
peak data transmission download speed to more than 3 Mbps.</FONT></li>
</ul>
<P>
<b><FONT face="Times New Roman">Products and services</FONT></b></P>
<ul>
	<li><FONT size=2 face="Times New Roman">Bell&nbsp;Mobility launched Bell&nbsp;to Bell&nbsp;Calling on March&nbsp;1,&nbsp;2007. For a flat monthly fee, customers can make and receive unlimited local phone calls from other Bell&nbsp;mobile, residential or
business phones without using any of their included airtime minutes. With Bell&nbsp;to Bell&nbsp;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.</FONT></li>
	<li><FONT size=2 face="Times New Roman">We introduced the first mobile movie service in&nbsp;Canada that delivers full-length, pay-per-view movies directly to video-capable mobile phones.</FONT></li>
	<li><FONT size=2 face="Times New Roman">Bell&nbsp;Mobility expanded its suite of handsets with two new devices: the Motorola Q Music Edition and the exclusive Samsung SPH-m610, which set a new design standard as the thinnest
phone available in North America. The LG Chocolate phone was also introduced in April&nbsp;2007.</FONT></li>
	<li><FONT size=2 face="Times New Roman">We launched Bell&nbsp;Home Monitoring, an innovative new home security service that leverages our high-speed mobile wireless and Internet services. The service, which is the first of its
kind in&nbsp;Canada, offers customers the ability to customize and control capabilities through a secure personalized website.</FONT></li>
	<li><FONT size=2 face="Times New Roman">We introduced All Access Music and All Access to Go, two new download services from Sympatico/MSN Music Store. All Access Music is a subscription-based service providing customers
with unlimited access to listen and share their online music library from any Internet-connected computer, while All Access to Go provides the ability to download to any compatible MP3 player.</FONT></li>
</ul>
<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">6 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>

<font face="Times New Roman">


<A name="page_7"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>

<b><font size="2">CORPORATE
DEVELOPMENTS</font></b></P>
<P>
<b><FONT face="Times New Roman">BCE&nbsp;reviewing alternatives to further enhance shareholder value</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On April&nbsp;17,&nbsp;2007, the company announced that it is reviewing its strategic alternatives with a view to further enhancing shareholder value. BCE&nbsp;will be guided by its objective of maximizing
value for the company&#146;s shareholders, taking into consideration the need to continue meeting all legislative and regulatory requirements. As part of that strategic review, the company also announced it has entered into discussions with a group
of leading Canadian pension funds to explore the possibility of taking the publicly-traded company private. This group is currently composed of the&nbsp;Canada Pension Plan Investment Board (CPPIB), the Caisse de d&eacute;p&ocirc;t et placement du
Qu&eacute;bec and&nbsp;Canada&#146;s Public Sector Pension Investment Board (PSP Investments), who have signed a non-disclosure and standstill agreement with BCE&nbsp;Inc. on a non-exclusive basis. Kohlberg Kravis Roberts and Co. (KKR), a global private
equity firm, also has signed the agreement and will join the Canadian-led consortium as a minority partner. BCE&nbsp;Inc.&#146;s Board will also continue to explore other opportunities to deliver value to shareholders. No assurances can be provided that
this continuing review of alternatives will result in any specific action being taken by BCE&nbsp;Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;20,&nbsp;2007, the Board of Directors of BCE&nbsp;Inc. announced the establishment of a committee of independent directors to oversee the evaluation of a range of strategic
alternatives.</FONT></P>
<P>
<b><FONT face="Times New Roman">Local telephone deregulation</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On April&nbsp;4,&nbsp;2007, the Canadian government adopted a proposal made by the federal Cabinet on December&nbsp;11,&nbsp;2006 to accelerate deregulation of retail telephone prices by implementing new
forbearance criteria based on either a competitive facilities-based or competition-based test and ending restrictions on customer winbacks and other promotions. The new policy framework provides us with the flexibility to bundle and package local
telephony services with other non-regulated services. In addition, the Canadian Radio-television and Telecommunications Commission (CRTC) will consider each forbearance application on a priority basis and make a decision within 120 days.
Accordingly, on April&nbsp;11,&nbsp;2007 we filed local forbearance applications in qualifying areas of the six largest communities identified by the Cabinet in Ontario and Qu&eacute;bec &#150; Toronto, Montr&eacute;al, Ottawa-Gatineau, London, Hamilton and
Qu&eacute;bec City. In addition, Bell&nbsp;Aliant filed its application to become deregulated in Halifax.</FONT></P>
<P>
<b><FONT face="Times New Roman">Normal Course Issuer Bid</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On February&nbsp;9,&nbsp;2007, BCE&nbsp;Inc. commenced its latest share buyback program to purchase for cancellation up to 40&nbsp;million, or 5%, of its outstanding common shares through a normal course issuer
bid (NCIB) over a twelve-month period for an estimated value in excess of $1&nbsp;billion. As at March&nbsp;31,&nbsp;2007, the company had purchased and cancelled 7.3&nbsp;million common shares for a total cost of $223&nbsp;million. Since February&nbsp;2006, the company has
repurchased a total of 52.3&nbsp;million shares for an outlay of $1,464&nbsp;million under two different share repurchase programs. Pending completion of the company&#146;s strategic alternatives review process, purchases under the NCIB have been suspended.
</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">7 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_8"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>
<b><font size="4">Quarterly Financial Information</font></b></P>
<P>
<FONT size=2 face="Times New Roman">The following table shows selected consolidated financial data of BCE&nbsp;for the eight most recently completed quarters. This information has been prepared on the same basis as the annual
consolidated financial statements, but is unaudited.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2007</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="14%" align=right colspan="3">
<p align="center"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2005</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=17 align="left" width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q4</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q3</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q2</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q4</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q3</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q2</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=17 align="left" width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">4,385</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,532</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,407</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,374</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,343</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,526</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,394</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,354</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">EBITDA</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,740</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,639</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,712</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,733</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,698</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,674</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,705</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,750</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Amortization expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(787</FONT></B></TD>
	<TD width="2%" align="left">
<p align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(796</FONT></TD>
	<TD width="2%" align="right">
<p align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(787</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(789</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(756</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(777</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(774</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(763</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(36</FONT></B></TD>
	<TD width="2%" align="right">
<p align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(91</FONT></TD>
	<TD width="2%" align="right">
<p align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(126</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(50</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(88</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(24</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(31</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(5</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR>
	<TD colspan=17 align="left" width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating income</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">917</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">752</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">799</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">894</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">854</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">873</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">900</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">982</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Earnings from continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">526</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">714</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">322</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">441</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">403</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">387</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">441</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">539</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(20</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">53</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">91</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">43</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">18</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">42</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=17 align="left" width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net earnings</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">529</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">717</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">302</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">494</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">494</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">430</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">459</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">581</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Net earnings applicable to common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">499</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">699</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">285</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">476</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">477</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">413</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">441</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">563</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Included in net earnings:</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net gains on investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">103</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">410</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">8</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">33</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(11</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">35</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">80</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(5</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(25</FONT></B></TD>
	<TD width="2%" align="right">
<p align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(66</FONT></TD>
	<TD width="2%" align="right">
<p align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(71</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(58</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(16</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(21</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Costs incurred to form Bell&nbsp;Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(28</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=17 align="left" width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net earnings per common share</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Times New Roman">Continuing operations &#150; basic</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.83</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.38</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.47</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.42</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.39</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.46</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.56</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Times New Roman">Continuing operations &#150; diluted</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.83</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.38</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.47</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.42</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.39</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.46</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.56</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Net earnings &#150; basic</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.84</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.36</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.53</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.44</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.48</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.61</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Net earnings &#150; diluted</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.84</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.36</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.53</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.44</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.48</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.61</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Average number of common shares outstanding &#150; basic (millions)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">806.0</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">811.6</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">818.8</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">896.4</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">920.5</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">927.3</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">927.0</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">926.6</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=17 align="left" width="36%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">8 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_9"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>
<b><font size="4">Financial Results Analysis</font></b></P>
<P>
<FONT size=2 face="Times New Roman">This section provides detailed information and analysis about our performance in Q1&nbsp;2007 compared with Q1&nbsp;2006. It focuses on our consolidated operating results and provides financial
information for each of our operating segments.</FONT></P>
<P>
<b><font size="2">CONSOLIDATED ANALYSIS</font></b></P>
<P>
<b>Operating Revenues</b></P>
<P>
<FONT size=2 face="Times New Roman">Total operating revenues at BCE&nbsp;increased to $4,385&nbsp;million in Q1&nbsp;2007, up 1.0% compared with the first quarter of&nbsp;2006, reflecting higher revenues at Bell, Bell&nbsp;Aliant and Telesat.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;increased 0.4%
year over year to $3,579&nbsp;million, driven by revenue growth of 8.1% in our Bell&nbsp;Wireless segment due primarily to significantly higher average revenue per user
(ARPU), offset largely by a 2.2% decline in Bell&nbsp;Wireline segment revenues.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;The decrease in Bell&nbsp;Wireline segment revenues was due mainly to the continued erosion of legacy services from ongoing residential local line losses and continued business
customer migration to IP, as well as to lower ICT sales to Enterprise customers and softer wholesale revenues. Strategic product pricing increases for some of our traditional services moderated the
year-over-year decline in Bell&nbsp;Wireline revenues.
In addition, the results for Q1&nbsp;2006 included $14&nbsp;million of revenue from a contract to provide telecommunications services to the areas affected in the United States by Hurricane Katrina. These factors were offset partly by continued growth in
video revenues, higher Internet and broadband connectivity access revenues across all customer segments, and increased sales of ICT services to SMB customers driven by successful execution of our virtual chief information officer (VCIO) strategy.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Our growth services portfolio, which grew by about 7.4% this quarter, accounted for 55% of Bell&#146;s revenues in Q1&nbsp;2007 compared with 51% one year earlier.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;See
</FONT><I>
<FONT size=2 face="Times New Roman">Segmented Analysis </FONT></I>
<FONT size=2 face="Times New Roman">for a discussion of
operating revenues on a segmented basis.</FONT></P>
<P>
<b><font face="Times New Roman">Operating Income</font></b></P>
<P>
<FONT size=2 face="Times New Roman">Operating income for BCE&nbsp;was $917&nbsp;million in Q1&nbsp;2007, 7.4% higher than the first three months of&nbsp;2006. Similarly, Bell&#146;s operating income increased 8.7% to $711&nbsp;million from $654
million in the same respective periods. The year-over-year increases at both BCE&nbsp;and Bell&nbsp;resulted primarily from: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">higher operating revenues </FONT>
</li>
<li><FONT size=2 face="Times New Roman">lower total wireless subscriber acquisition costs
</FONT></li>
	<li><FONT size=2 face="Times New Roman">lower labour costs from decreased use
of consultants and contractors </FONT></li>
<li><FONT size=2 face="Times New Roman">lower information systems/information technology (IS/IT) expenses
</FONT></li>
	<li><FONT size=2 face="Times New Roman">higher restructuring and other items in Q1&nbsp;2006 associated with employee departures at Bell, the relocation of employees and the closing
of real estate facilities related to a reduced workforce </FONT></li>
<li><FONT size=2 face="Times New Roman">lower net benefit plans expense due mainly to a higher return on plan assets and a reduction in other post-employment benefits (OPEB) provided to future retirees.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">These factors were partly offset by: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">continued erosion of our high-margin residential network access services (NAS) wireline customer base
	</FONT></li>
<li><FONT size=2 face="Times New Roman">increased outsourcing costs related to higher call volumes in our contact centres and to service level improvements
</FONT></li>
	<li><FONT size=2 face="Times New Roman">higher bad debt expense due principally to stricter credit
policies at Bell&nbsp;Mobility </FONT></li>
<li><FONT size=2 face="Times New Roman">higher amortization expense.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">Higher gross margins at Bell&nbsp;Aliant and transaction costs incurred in Q1&nbsp;2006 for the formation of Bell&nbsp;Aliant also contributed to the
year-over-year improvement in operating income at BCE.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;See
</FONT><I>
<FONT size=2 face="Times New Roman">Segmented Analysis </FONT></I>
<FONT size=2 face="Times New Roman">for a discussion of
operating income on a segmented basis.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">9 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_10"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>
<b><FONT face="Times New Roman" size="2">EBITDA</FONT></b><SUP><FONT face="Times New Roman" size="2">(1)</FONT></SUP></P>
<P>
<FONT size=2 face="Times New Roman">EBITDA at BCE&nbsp;increased 2.5% in Q1&nbsp;2007 to $1,740&nbsp;million from $1,698&nbsp;million in Q1&nbsp;2006, reflecting improved performance at Bell. This was offset partly by lower EBITDA at Bell&nbsp;Aliant from
higher labour costs and higher expenses associated with growth in IT revenues. At Telesat, higher cost of network equipment sales and higher compensation costs also negatively affected margins. Overall, BCE&#146;s EBITDA margin increased slightly to
39.7% this quarter from 39.1% last year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at Bell&nbsp;increased to $1,379&nbsp;million this quarter, up 4.0% compared with $1,326&nbsp;million in Q1&nbsp;2006. Higher EBITDA in&nbsp;2007 reflected growth in contribution from our Bell&nbsp;Wireless
segment, offset by a decrease in our Bell&nbsp;Wireline segment. This resulted in Bell&#146;s EBITDA margin improving 1.3 percentage points to 38.5%. The
year-over-year improvement in EBITDA margin mainly reflected lower net benefit plans costs, lower
wireless subscriber acquisition costs, higher EBITDA at our SMB and Wholesale units, and a favourable adjustment related to a recent judicial decision with respect to regulatory licence fees at Bell&nbsp;ExpressVu. These factors more than offset the
negative impact from the loss of legacy voice and data revenues across most of our wireline customer groups, higher contact centre outsourcing costs and increased bad debt expense.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Net benefit plans cost totalled $102&nbsp;million this quarter, representing a decrease of $34&nbsp;million or 25% compared with $136&nbsp;million in the same quarter last year. This decrease resulted
primarily from lower OPEB expense due to the phase out of OPEBs for future retirees over the next 10 years and an improvement in the market value of the pension plan assets mainly as a result of favourable returns in the pension funds in
2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless EBITDA for Q1&nbsp;2007 increased by 23% to $405&nbsp;million from $330&nbsp;million in the previous year, driven primarily by revenue growth of 8.1%, lower subscriber acquisition costs
stemming largely from a reduced number of gross activations, and cost control over customer retention and handset upgrades. These factors contributed to a wireless EBITDA margin at Bell&nbsp;of 42.5% for the quarter, representing a 5.0 percentage point
improvement over Q1&nbsp;2006. The year-over-year EBITDA margin improvement was partly offset by higher call centre outsourcing costs, higher bad debt expense as a result of tighter credit policies, and increased advertising expenses. Wireless EBITDA
margin as a percentage of network revenues increased 4.0 percentage points, year
over year, to 45.7%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Video EBITDA increased 34% this quarter to $55&nbsp;million from $41&nbsp;million in Q1&nbsp;2006, reflecting revenue growth of 13.4% and a favourable $9&nbsp;million regulatory adjustment related to a recent
judicial decision with respect to licence fees at Bell&nbsp;ExpressVu. Higher call centre costs incurred to improve service levels, higher bad debts, as well as increased advertising and sales costs partly offset the
year-over-year improvement in video
EBITDA.</FONT></P>
<P>
<b>Amortization Expense</b></P>
<P>
<FONT size=2 face="Times New Roman">Amortization expense of $787&nbsp;million in Q1&nbsp;2007 represents an increase of $31&nbsp;million or 4.1%, compared to $756&nbsp;million in Q1&nbsp;2006. This was a result of an increase in our capital asset base
from higher investment in the growth areas of the business, as well as capital spending that continues to be higher than asset retirements.</FONT></P>
<P>
<b>Restructuring and Other Items</b></P>
<P>
<FONT size=2 face="Times New Roman">We recorded restructuring charges and other items of $36&nbsp;million in Q1&nbsp;2007. These included: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">charges of $35&nbsp;million related to workforce restructuring initiatives for the involuntary departure of approximately 160 employees and the departure of approximately 250 employees
under the voluntary early retirement plan </FONT></li>
<li><FONT size=2 face="Times New Roman">charges of $6&nbsp;million for relocating employees and closing real estate facilities that are no longer needed because of the reduction in the workforce.
</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">These charges were partly offset by a reversal of an overaccrual of costs associated with the formation of Bell&nbsp;Aliant, as actual costs were less than expected.</FONT></P>
<P>
<font face="Times New Roman"><b>Other Income (Expense)</b> </font></P>
<P>
<FONT size=2 face="Times New Roman">Other income of $132&nbsp;million in Q1&nbsp;2007 represented an increase of $141&nbsp;million compared to other expense of $9&nbsp;million in Q1&nbsp;2006. This increase resulted mainly from a $92&nbsp;million dilution
gain because of an issuance of units by Bell&nbsp;Aliant in which we did not participate in conjunction with its privatization of the Bell&nbsp;Nordiq Income Fund and a loss of $13&nbsp;million that was realized in Q1&nbsp;2006 on the exercise of a swaption issued by
Bell&nbsp;Aliant.</FONT></P>
<P>
<b>Interest Expense</b></P>
<P>
<FONT size=2 face="Times New Roman">Interest expense of $215&nbsp;million in Q1&nbsp;2007 decreased $17&nbsp;million or 7.3% compared to $232&nbsp;million in Q1&nbsp;2006 as a result of lower average interest expense from the refinancing of debt at
lower rates.</FONT></P>
<P>
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure.
See </FONT><I><FONT size=1 face="Times New Roman">NON-GAAP FINANCIAL MEASURES &#150; EBITDA </FONT></I>
<FONT size=1 face="Times New Roman">in this MD&amp;A for more details including a
reconciliation to the most comparable GAAP financial measure.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">10 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_11"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>
<b>Income Taxes</b></P>
<P>
<FONT size=2 face="Times New Roman">Income taxes of $213&nbsp;million increased $44&nbsp;million or 26% compared to $169&nbsp;million in Q1&nbsp;2006, due mainly to higher pre-tax earnings and favourable audit settlements in Q1&nbsp;2006 partly offset
by the non-taxable dilution gain from the issuance of units by Bell&nbsp;Aliant in conjunction with the privatization of the Bell&nbsp;Nordiq Income Fund and the impact of the non-taxable portion of Bell&nbsp;Aliant&#146;s income. </FONT></P>
<P>
<b>Non-Controlling Interest</b></P>
<P>
<FONT size=2 face="Times New Roman">Non-controlling interest of $95&nbsp;million in Q1&nbsp;2007 increased by $54&nbsp;million compared to $41&nbsp;million in Q1&nbsp;2006. This was mainly due to our decreased ownership interest upon the formation of
Bell&nbsp;Aliant in Q3&nbsp;2006 and higher net earnings at Bell&nbsp;Aliant. </FONT></P>
<P>
<b>Discontinued Operations</b></P>
<P>
<FONT size=2 face="Times New Roman">The net gain from discontinued operations of $91&nbsp;million in Q1&nbsp;2006 relates mainly to our gain on disposition of shares of CGI Group&nbsp;Inc. (CGI) of $79&nbsp;million. </FONT></P>
<P>
<b>Dividends on preferred shares</b></P>
<P>
<FONT size=2 face="Times New Roman">Dividends on preferred shares of $30&nbsp;million in Q1&nbsp;2007 increased by $13&nbsp;million or 77% compared to $17&nbsp;million in Q1&nbsp;2006. This increase resulted from the new series of preferred shares
created further to a plan of arrangement of Bell&nbsp;whereby all of the issued and outstanding series of preferred shares of Bell, the dividends on which were previously classified as non-controlling interest at BCE, were exchanged for a corresponding
series of First Preferred Shares of BCE&nbsp;Inc. This plan of arrangement became effective on January&nbsp;31,&nbsp;2007.</FONT></P>
<P>
<b>Net Earnings and Earnings per Share (EPS)</b></P>
<P>
<FONT size=2 face="Times New Roman">Net earnings applicable to common shares for Q1&nbsp;2007 were $499&nbsp;million, or $0.62 per common share, which represents an increase of 4.6% compared with net earnings of $477&nbsp;million, or $0.52
per common share for the same period last year. Included in net earnings in Q1&nbsp;2007 was a net charge of $25&nbsp;million for restructuring and other items and net gains on investments of $104&nbsp;million. Net gains on investments included a $92&nbsp;million
dilution gain as a result of the issuance of Bell&nbsp;Aliant units in conjunction with the privatization of the Bell&nbsp;Nordiq Income Fund. In the first quarter of&nbsp;2006, net earnings included a net charge of $58&nbsp;million for restructuring and other items
and net gains on investments of $81&nbsp;million. Excluding the impact of these items, net earnings of $420&nbsp;million in the quarter decreased by $34&nbsp;million from net earnings of $454&nbsp;million in Q1&nbsp;2006.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;While EBITDA improved year-over-year, the decrease of $34&nbsp;million can be attributed to higher non-controlling interest, amortization expense and income taxes due mainly to higher pre-tax
earnings and favourable audit settlements in Q1&nbsp;2006. The decrease in earnings from the higher non-controlling interest is more than offset by the reduction in common shares in conjunction with the distribution of Bell&nbsp;Aliant trust units to holders
of BCE&nbsp;Inc. common shares in July&nbsp;2006. Consequently, on an EPS basis, net earnings before restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant</FONT><FONT size=-2 face="Times New Roman"><SUP>(1)</SUP> </FONT>
<FONT size=2 face="Times New Roman">increased by $0.03 per common share,
year-over-year, to $0.52, reflecting a reduction in the number of outstanding BCE&nbsp;Inc. common shares due to BCE&nbsp;
Inc.&#146;s share buyback program. </FONT></P>
<P>
<B><FONT size=2 face="Times New Roman">SEGMENTED ANALYSIS</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">In the first quarter of&nbsp;2007, our management structure changed and our results of operations now are reported in four segments: Bell&nbsp;Wireline, Bell&nbsp;Wireless, Bell&nbsp;Aliant and Telesat. We have
restated prior periods to reflect these new segments. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;The Bell&nbsp;Wireline segment provides local telephone, long
distance, data (including Internet access), video and other services to Bell&#146;s residential, small and medium-sized businesses and large enterprise customers primarily in the urban areas of Ontario and Qu&eacute;bec. Video services are provided
nationwide. Also included in this segment is our Wholesale business which provides local telephone, long distance, wireless, data and other services to resellers and other carriers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The Bell&nbsp;Wireless segment provides wireless services and products to Bell&#146;s residential, small and medium-sized businesses and large enterprise customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The Bell&nbsp;Aliant segment provides local telephone, long distance, data, wireless services and products, and other information technology and communication services to residential and business
customers in the Atlantic provinces, and in rural Ontario and Qu&eacute;bec. </FONT></P>
<P>
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">Net earnings before restructuring and other items, net gains on investments, and costs incurred to form
Bell&nbsp;Aliant is a non-GAAP financial measure. See </FONT><I>
<FONT size=1 face="Times New Roman">NON-GAAP FINANCIAL MEASURES &#150; Net earnings before restructuring and other items, net gains on investments, and costs
incurred to form Bell&nbsp;Aliant </FONT></I><FONT size=1 face="Times New Roman">in this MD&amp;A for more details including a reconciliation to the most comparable GAAP financial measure.</FONT></P>

<P>
&nbsp;</P>

<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">11 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_12"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">Telesat provides satellite communications and systems management and is a consultant in establishing, operating and upgrading satellite systems worldwide. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" id="table1" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">OPERATING REVENUES</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">% CHANGE</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Wireline</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">2,638</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">2,696</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(2.2</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Wireless</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">952</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">881</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">8.1</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(11</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(13</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">15.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">3,579</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">3,564</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">851</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">823</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">3.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Telesat</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">122</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">118</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">3.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(167</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(162</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(3.1</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total operating revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">4,385</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">4,343</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">1.0</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
&nbsp;</P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" id="table2" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">OPERATING INCOME</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">% CHANGE</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Wireline</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">416</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">436</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(4.6</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Wireless</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">295</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">218</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">35.3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">711</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">654</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">8.7</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">177</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">169</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">4.7</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Telesat</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">38</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">39</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(2.6</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(9</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(8</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(12.5</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">917</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">854</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">7.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
&nbsp;</P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT face="Times New Roman"><b>Bell Wireline Segment</b>&nbsp;
	</FONT>
	</TD>
	<TD width="10%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">BELL WIRELINE</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">% CHANGE</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Local and access</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">910</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">961</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(5.3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Long distance</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">310</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">341</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(9.1</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Data</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">893</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">887</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.7</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Video</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">314</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">277</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">13.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Equipment sales and other</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">170</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">186</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(8.6</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total external revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">2,597</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">2,652</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(2.1</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Inter-segment revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">41</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">44</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(6.8</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell&nbsp;Wireline revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">2,638</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">2,696</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(2.2</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P>
<FONT size=2 face="Times New Roman">Bell&nbsp;Wireline revenues totalled $2,638&nbsp;million in Q1&nbsp;2007, down 2.2% from $2,696&nbsp;million in Q1&nbsp;2006. The positive contribution to our top-line results from revenue increases of $37&nbsp;million
in video and $6&nbsp;million in data were more than offset by decreases in local and access services, long distance and equipment sales and other revenues of $51&nbsp;million, $31&nbsp;million and $16&nbsp;million, respectively. A $3&nbsp;million
year-over-year decrease in
intersegment revenues accounted for the remaining difference.</FONT></P>
<P>
<FONT face="Times New Roman">Local and access</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Local and access revenues decreased by 5.3% this quarter to $910&nbsp;million compared with $961&nbsp;million in Q1&nbsp;2006. The
year-over-year decline was due mainly to continued residential NAS erosion
and the related loss of optional enhanced features revenue. Although local and access revenues declined
year-over-year, they did so at a slower rate compared to previous quarters due largely to the positive impact of rate increases applied in
September&nbsp;2006 on Centrex lines for business and wholesale customers, strategic product pricing in our SMB unit, as well as other residential marketing initiatives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Total NAS in service declined by 107,000 in Q1&nbsp;2007, compared with 133,000 in Q1&nbsp;2006, to reach 8,638,000 lines as at March&nbsp;31,&nbsp;2007. The
year-over-year improvement in the total number of
local access lines lost can be attributed primarily to an increase in residential customer winbacks, higher wholesale demand for local access lines in Western&nbsp;Canada, and moderating NAS losses in our SMB unit, despite ongoing aggressive competition
from major cable television operators for local telephone service, continuing losses to competitive local exchange carriers (CLECs), and wireline to wireless substitution. The rate of NAS erosion improved this quarter to 4.8% from 5.0% in Q4&nbsp;2006,
mainly reflecting an increase in total business NAS. Although the rate of residential NAS erosion increased in the quarter to 9.6% from 9.4% in Q4&nbsp;2006, this result reflected a decrease in the number of residential lines losses,
year-over-year, which is consistent with our objective to stabilize
line losses in&nbsp;2007. At the end of Q1&nbsp;2007, we had 5,030,000 residential lines and 3,608,000 business lines, compared with 5,562,000 and 3,513,000, respectively, at the end of Q1&nbsp;2006.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">12 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_13"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<FONT face="Times New Roman">Long distance</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Long distance revenues were $310&nbsp;million in Q1&nbsp;2007, reflecting a
year-over-year decrease of 9.1% compared with Q1&nbsp;2006. Although long distance revenues continued to be negatively affected
by ongoing NAS erosion, technological substitution to wireless and Internet, competitive pricing pressures particularly in our enterprise and wholesale markets, lower rates on cross-border exchange traffic, and a reduction in switched minute volumes
in our wholesale unit, the percentage decrease is the lowest since the second quarter of 2004. The combined impacts of an increase in the network charge for residential and SMB customers implemented in the second quarter of&nbsp;2006, higher overseas and
calling card per-minute rates, and price increases applied in January&nbsp;2007 on the majority of our residential long distance plans contributed to the decrease in the rate of decline. Consistent with NAS erosion and industry-wide trends, total minute
volumes decreased 0.9% in Q1&nbsp;2007 to 3,240&nbsp;million conversation minutes from 3,268&nbsp;million in Q1&nbsp;2006, reflecting declines in both domestic and overseas minute volumes. As a result, ARPM decreased by $0.006 during the quarter to $0.09, despite the
rate increases.</FONT></P>
<P>
<FONT face="Times New Roman">Data</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Data revenues increased 0.7% in the quarter to $893&nbsp;million, up slightly from $887&nbsp;million in Q1&nbsp;2006. The factors that contributed to data revenue growth this quarter included: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">higher Internet revenues stemming from both an increase in the total number of access service connections and higher revenues from portal and other value-added services
	</FONT></li>
<li><FONT size=2 face="Times New Roman">the success of Sympatico&#146;s hardware purchase program (PC Fusion)
</FONT></li>
	<li><FONT size=2 face="Times New Roman">the revenue contribution from companies acquired over the past year
	</FONT></li>
<li><FONT size=2 face="Times New Roman">higher IP/broadband connectivity services revenue in our Enterprise and SMB units
</FONT></li>
	<li><FONT size=2 face="Times New Roman">higher sales of VAS/VCIO solutions to SMB customers.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">However, these factors were mostly offset by lower revenues from legacy products and services as well as by decreased sales of ICT solutions to Enterprise customers. This decrease in ICT
sales to Enterprise customers this quarter can be explained by our operational focus on completing the internal reorganization and integration of our various ICT-related assets which we expect will help to improve future sales, and by reduced
overall market demand particularly within the public and financial services sectors. Although legacy data revenues continued to decline mainly as a result of Enterprise customer migration to IP, the ongoing rationalization of circuit networks by
wholesale customers and competitive pricing pressures, the rate of decrease slowed due to stabilization in the number of IP customer migrations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The number of high-speed Internet subscribers increased by 43,000 this quarter, compared with 37,000 in Q1&nbsp;2006, bringing the total subscriber count as at March&nbsp;31,&nbsp;2007 to 1,941,000. In
addition, we increased our beginning of year customer base by 18,000 subscribers to adjust for an overstatement in deactivations related to a major upgrade of our order management system. As this was a retroactive adjustment, it did not impact net
activations this quarter. The increase in net activations year-over-year can be attributed mainly to the positive impact of certain hardware offers, including our PC Fusion and LCD Monitor programs, lower residential customer churn and improved
performance in our Qu&eacute;bec market related directly to the results of a targeted marketing campaign offering special promotional rates on our Basic and High-Speed Edition services for a limited time period. This was partly offset by a decrease
in demand for access service connections from SMB and wholesale customers and the impact of ongoing price discounting on multi-product bundle offers from the major cable operators in our markets. To address the increasingly competitive pricing
conditions in Ontario and stimulate sales, we launched a promotion late in the first quarter featuring a monthly loyalty discount and three months of free access for new High-Speed Edition customers subscribing to a multi-year contract. </FONT></P>
<P>
<FONT face="Times New Roman">Video</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Video revenues grew 13.4% in Q1&nbsp;2007 to $314&nbsp;million from $277&nbsp;million in the same quarter last year. The improvement was driven mainly by higher ARPU, reflecting the impact of price
increases implemented over the past year, continued up-selling of customers to enhanced programming packages, further growth of set-top box (STB) rentals and higher pay-per-view take rates. Subscriber growth also contributed to the
year-over-year
increase in first-quarter video revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Our video subscriber base has increased by 4.9% since the end of Q1&nbsp;2006 to reach 1,824,000 as at March&nbsp;31,&nbsp;2007. We added 4,000 net new video subscribers this quarter, compared with 12,000
net additions in Q1&nbsp;2006. The year-over-year decrease in net additions can be attributed primarily to lower sales in our independent retail channels and higher churn. Despite weak retail channel performance during Q1&nbsp;2007, we experienced higher
sales in our direct channels due to the continuing success of our &#145;All-in-One&#146; plans, which combine programming, equipment, installation and warranty into simple packages.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Our video churn rate increased slightly to 1.1% from 0.9% in Q1&nbsp;2006, mainly as a result of price increases introduced in&nbsp;2006 and more recently in Q1&nbsp;2007, and the impact of more customers
coming off contracts. <br>
&nbsp;&nbsp;&nbsp;&nbsp;Video ARPU increased to $57 per month in Q1&nbsp;2007 from $53 per month in Q1&nbsp;2006. The $4 improvement resulted primarily from customers upgrading to higher-priced programming packages, higher
rental fee revenue from increased customer penetration of our STB rental option, higher pay-per-view revenues, and price increases implemented over the past year. In the first quarter of&nbsp;2007, we implemented a $4 monthly rate increase on our
standard digital programming package for the majority of our customers. The
year-over-year improvement in ARPU was partly offset by increased customer retention discounts.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">13 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_14"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<FONT face="Times New Roman">Equipment sales and other</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Equipment sales and other revenues decreased 8.6% to $170&nbsp;million this quarter from $186&nbsp;million in Q1&nbsp;2006. The
year-over-year decline reflected reduced sales and maintenance of legacy
voice equipment to our Enterprise and SMB customers and a one-time contribution to revenues in Q1&nbsp;2006 from a network infrastructure installations contract to help restore telecommunications service to the areas in the United States affected by
Hurricane Katrina. Increased STB sales at Bell&nbsp;ExpressVu partly offset the decrease.</FONT></P>
<P>
<b>Bell Wireline Operating Income</b></P>
<P>
<FONT size=2 face="Times New Roman">Our Bell&nbsp;Wireline segment reported operating income of $416&nbsp;million, down 4.6% or $20&nbsp;million from the previous year. The
year-over-year decrease was due primarily to ongoing erosion of our
residential NAS customer base, the continuing loss of higher-margin legacy voice and data business to competition and to IP substitution within our Enterprise and Wholesale units, higher product cost of sales consistent with increased video and
high-speed subscriber acquisition, higher contact centre costs related to service improvements, and higher amortization expense. Lower labour costs from a reduced workforce and decreased use of contractors and consultants, lower cost of goods sold
from lower domestic and international long distance traffic, careful control of general and administrative costs, lower net benefit plans and restructuring costs, as well as ongoing productivity improvements partly offset the decrease in first
quarter operating income.</FONT></P>
<P>
<b>Bell Wireless Segment</b></P>

<TABLE border=0 cellspacing=1 cellpadding=0 id="table3" width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">BELL WIRELESS</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">% CHANGE</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Network</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">887</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">793</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">11.9</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Equipment</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">56</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">77</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(27.3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total external revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">943</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">870</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">8.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Inter-segment revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">9</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">11</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(18.2</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell&nbsp;Wireless revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">952</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">881</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">8.1</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="Times New Roman">Bell&nbsp;Wireless operating revenues increased 8.1% to $952&nbsp;million in Q1&nbsp;2007 from $881&nbsp;million in the same three-month period in&nbsp;2006, due primarily to higher network revenues offset partly by
lower equipment revenues. Wireless network revenues grew 11.9% this quarter, reflecting the combined impact of higher ARPU and a higher average number of customers in our subscriber base. The 27.3%
year-over-year decrease in low-margin equipment
revenues can be attributed to reduced handset sales at Bell&nbsp;Mobility brought about by weaker subscriber acquisition, promotional discounts and fewer handset upgrades by existing customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU increased $3 year-over-year to reach $64 per month in Q1&nbsp;2007. The significant improvement was driven by strong growth in data usage and price increases for a number of
services and features over the past year, which included a $2 increase in our monthly system access fee for Bell&nbsp;Mobility&#146;s postpaid customers. Higher data usage was related principally to continued growth in text and multimedia messaging,
increased penetration of Personal Digital Assistant (PDA) devices such as the Blackberry, mobile computing, Internet browser activities, pay-per-use downloads such as ringtones, music, games and videos, as well as the continued popularity of our
&#145;Fuel Me&#146; data bundles. Offsetting these positive impacts on postpaid ARPU for Q1&nbsp;2007 were lower basic access fee revenues stemming from the number of new customers subscribing to our &#145;Uber&#146; rate plans, which include overtime
minutes and a number of other features as part of the monthly plan cost, and lower voice usage as a result of increased data substitution.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Prepaid ARPU increased $2 year-over-year to $15 per month, reflecting higher minutes of usage from Bell&nbsp;Mobility customers, greater overall data usage and the introduction of a $3.95 system
access fee in October&nbsp;2006 for all new prepaid activations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;As a result of higher postpaid and prepaid ARPU, blended ARPU increased by $4 in Q1&nbsp;2007 to $52 per month, compared with $48 in the same quarter last year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Gross wireless activations were 296,000 in Q1&nbsp;2007, down 13.5% from a record first-quarter performance of 342,000 in&nbsp;2006, due to lower postpaid gross activations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Postpaid rate plans accounted for 56% or
167,000 of the total gross wireless activations in the quarter, representing a
22% decline over the 213,000 achieved in Q1&nbsp;2006. This result reflected reduced
retail traffic in our sales channels, a greater level of promotional activity
and new handset introductions by our competitors particularly in the first two
months of the quarter, as well as the continuation of stricter credit policies
for new subscriber acquisitions. The relatively fewer number of wireless
subscribers switching service providers ahead of wireless number portability on
March&nbsp;14,&nbsp;2007 also affected new subscriber growth for most of the quarter.
These negative factors were partly offset by the introduction of our new Bell&nbsp;to
Bell&nbsp;Calling plans on March&nbsp;1,&nbsp;2007, which generated increased traffic to our
retail stores towards the end of the first quarter. Prepaid and wholesale gross
activations, which comprised the remaining 44% or 129,000 gross activations in
Q1&nbsp;2007, were unchanged year-over-year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;During the past two quarters, we have undertaken a number of actions to improve the
quality of our subscriber base through the application of stricter credit policies for new acquisitions, reposition our Solo Mobile brand to compete effectively in the discount wireless sector, and drive increased market presence through expanded
distribution, innovative promotions and attractive new handsets. We believe that these actions, along with ongoing investments in wireless network quality and high-speed mobile data coverage, will enable us to capture a higher share of industry
gross activations going forward.</FONT></P>
<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">14 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_15"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate in the first quarter remained stable,
year-over-year, at 1.6%. Postpaid churn decreased to 1.2% this quarter from 1.3% in Q1&nbsp;2006, despite competitive market
pressures, tighter policies on the granting of customer discounts and hardware upgrades, and voluntary deactivations related to the industry-wide implementation of wireless number portability. As a result of the loss of a public sector wireless
contract during the quarter, we expect to experience higher postpaid churn through the balance of the year as the individual service agreements under this contract expire. Prepaid churn in the first quarter was higher
year-over-year, increasing to
2.9% from 2.5%, due mainly to the deactivation of a higher number of inactive Bell&nbsp;Mobility customer accounts resulting from a change to our prepaid deactivation policy. In order to better align our prepaid deactivation policy with the rest of the
Canadian wireless industry, effective January&nbsp;1,&nbsp;2007, we now deactivate Bell&nbsp;Mobility prepaid customers with inactive accounts of 120 days or more. This represents a change from our previous policy of deactivating inactive prepaid customer accounts
only after 240 days. As a result of the change in policy, we removed 146,000 non-revenue generating customers from our prepaid subscriber base at the beginning of the year. As this was a retroactive adjustment, it was not reflected in our prepaid
churn rate for Q1&nbsp;2007 nor did it impact revenues or EBITDA in the quarter.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;As a result of lower postpaid gross activations and 17,000 more customer deactivations, our total wireless net activations decreased to 13,000 in Q1&nbsp;2007 from 76,000 in Q1&nbsp;2006. For the
quarter, 77% or 10,000 of the total net activations subscribed to postpaid rate plans, compared with 49% in Q1&nbsp;2006. At the end of the first quarter of&nbsp;2007, we had 5,821,000 wireless subscribers, representing a 5.5% increase over the past year.
Postpaid rate plans represented 73% of our total subscriber base at the end of Q1&nbsp;2007, compared with 72% at the end of Q1&nbsp;2006.</FONT></P>
<P>
<b>Bell Wireless Operating Income</b></P>
<P>
<FONT size=2 face="Times New Roman">Our Bell&nbsp;Wireless segment reported operating income of $295&nbsp;million in Q1&nbsp;2007, representing an increase of 35%, or $77&nbsp;million, over the same quarter in the previous year. The improvement
was due primarily to higher overall revenues, a decrease in subscriber acquisition costs and lower customer retention and handset upgrade costs. Higher costs associated with improving the quality of customer service, increased bad debt expense from
a tightening of our provision policy and collection agency fees, and higher advertising costs moderated the increase in Bell&nbsp;Wireless operating income this quarter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Wireless cost of acquisition (COA) increased 7.4% to $420 per gross activation in Q1&nbsp;2007 from $391 per gross activation in Q1&nbsp;2006. Higher COA per gross activation was due primarily to a
lower number of total gross activations year-over-year, increased marketing expenses associated with our Frank &amp; Gordon advertising campaign, and increased inventory write-offs. These impacts were partly offset by lower sales commissions.
Handset subsidies remained relatively unchanged year-over-year as promotional retail pricing was offset by lower costs as a result of volume rebates and rate reductions received from our handset manufacturers.</FONT></P>
<P>
<b>Bell Aliant Segment</b></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">BELL ALIANT</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">% CHANGE</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Local and access</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">354</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">354</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.0</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Long distance</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">107</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">118</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(9.3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Data</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">132</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">113</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">16.8</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">12</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">12</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.0</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Equipment &amp; other</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">152</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">138</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">10.1</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total external revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">757</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">735</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">3.0</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Inter-segment revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">94</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">88</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">6.8</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell&nbsp;Aliant revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">851</FONT></B></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">823</FONT></TD>
	<TD width="2%" align="right">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">3.4</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p>
<FONT size=2 face="Times New Roman">Bell&nbsp;Aliant segment revenues were $851&nbsp;million this quarter, reflecting an increase of $28&nbsp;million or 3.4% compared with Q1&nbsp;2006 as growth in data (including Internet) and IT services more
than offset declining revenues from its long distance business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues remained unchanged on a
year-over-year basis in the quarter at $354&nbsp;million, due to the impact of price increases on business lines in certain areas of Bell&nbsp;Aliant&#146;s territory. This result was achieved despite a 2.3% decline in the overall NAS customer base, reflecting competitive losses, the reduction of second lines as dial-up Internet customers migrate to high-speed and the reduction in primary
lines as customers adopt wireless and VoIP technologies. At the end of Q1&nbsp;2007, Bell&nbsp;Aliant had 3,287,000 NAS in service, compared with 3,364,000 one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues decreased 9.3% this quarter to $107&nbsp;million from $118&nbsp;million in Q1&nbsp;2006. This resulted mainly from a 7.7% decline in long distance minutes due to competitive
pressures and technology substitution to wireless calling and IP-based services. Continued focus on customer retention, the implementation of selective price increases, and strong customer acquisition programs helped to mitigate the decline. Overall
ARPM remained flat year-over-year as the decline in minutes was offset by the impact of price increases.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues, representing Bell&nbsp;Nordiq customers, were unchanged
year-over-year at $12&nbsp;million. This was due mainly to a higher average
number of subscribers in the customer base, offset by lower ARPU resulting from the temporary impact of limited-time promotional rates. As at March&nbsp;31,&nbsp;2007, Bell&nbsp;Aliant had approximately 86,000 wireless customers, representing a 23% increase since
the end of Q1&nbsp;2006. Postpaid rate plans represented 86% of the Bell&nbsp;Aliant subscriber base at the end of Q1&nbsp;2007, compared with 90% at the end of Q1&nbsp;2006.</FONT></p>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">15 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORTT</font></P>


<font face="Times New Roman">


<A name="page_16"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Data revenues, including Internet, increased in the quarter by 16.8% to $132&nbsp;million, compared with $113&nbsp;million in the same quarter last year. The improvement was due largely to a
significant increase in Internet revenues attributable to year-over-year high-speed subscriber growth of 21.7% and higher ARPU as a result of increased penetration of Bell&nbsp;Aliant&#146;s Ultra High-Speed service and value-added services. At the end
of Q1&nbsp;2007, Bell&nbsp;Aliant had 621,000 high-speed Internet subscribers, compared with 510,000 one year earlier.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Equipment Sales and Other revenues in Q1&nbsp;2007 grew 10.1% to $152&nbsp;million, compared with $138&nbsp;million in the same quarter last year. The
year-over-year improvement can be attributed mainly to growth in IT&nbsp;service revenues from new contracts for systems integration, application services and managed outsourcing, as well as from expansion of existing contracts in key segments of the
enterprise market. Higher fulfillment revenues from continuing to maximize our relationships with key partners and increased sales with government agencies also contributed to the increase. IT services and fulfillment revenue is earned primarily by
Bell&nbsp;Aliant&#146;s xwave division through systems integration, software engineering, business consulting and infrastructure services, such as data centre, help desk, security and technical support services.</FONT></P>
<P>
<b>Bell Aliant Operating Income</b></P>
<P>
<FONT size=2 face="Times New Roman">Operating income at Bell&nbsp;Aliant this quarter increased 4.7% to $177&nbsp;million from $169&nbsp;million in Q1&nbsp;2006. Increased revenues and lower amortization expense were offset by higher expenses
associated with growth in IT&nbsp;revenues and higher labour costs due in part to increased use of contact centre outsourcing and wage increases. </FONT></P>
<P>
<b>Telesat Segment</b></P>
<P>
<FONT size=2 face="Times New Roman">Telesat&#146;s revenues in the first quarter of&nbsp;2007 increased 3.4% to $122&nbsp;million from $118&nbsp;million in the same quarter last year, driven by increased sales of its two-way broadband
service using the Ka-band of the Anik F2 satellite and higher business networks revenue due to steady growth of its Telipro</FONT><FONT size=-2 face="Times New Roman"><SUP>TM</SUP> </FONT>
<FONT size=2 face="Times New Roman">service. Telipro</FONT><FONT size=-2 face="Times New Roman"><SUP>TM</SUP> </FONT>
<FONT size=2 face="Times New Roman">is an IP-based network satellite solution delivering
bi-directional broadband connectivity throughout North America. This was partially offset by lower revenues in South America and at Telesat&#146;s SpaceConnections subsidiary.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;Telesat also signed several new multi-year consulting services contracts this quarter.&nbsp;Telesat&nbsp;was
selected by Pakistan&#146;s national space agency to consult on the procurement and
launch of their next satellite and by the Vietnam Post and Telecommunications
Groups to consult on the technical design and training for the first satellite
procured by Vietnam.<br>
&nbsp;&nbsp;&nbsp;&nbsp;In addition, subsequent to the end of the first quarter,&nbsp;Telesat&nbsp;successfully launched the Anik F3 satellite on April&nbsp;9,&nbsp;2007. Anik F3 will provide valuable broadcasting and
telecommunications capacity and business communications throughout North America and also carry a Ka-band payload to supplement services now being carried on the Anik F2 satellite.&nbsp;Telesat&nbsp;will take ownership of Anik F3 after the satellite has
successfully completed comprehensive in-orbit testing in the second quarter of&nbsp;2007.</FONT></P>
<P>
<b>Telesat Operating Income</b></P>
<P>
<FONT size=2 face="Times New Roman">Telesat&#146;s operating income decreased slightly this quarter to $38&nbsp;million from $39&nbsp;million in Q1&nbsp;2006, reflecting increased operating expenses as a result of higher cost of network
equipment sales and higher compensation costs. The year-over-year decrease in operating income was moderated by lower amortization expense related to the Anik F1 satellite.</FONT></P>
<P>
&nbsp;</P>

<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">16 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_17"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<b><font size="4">Financial and Capital Management</font></b></P>
<P>
<I><FONT size=2 face="Times New Roman">This section tells you how we manage our cash and capital resources to carry out our strategy and deliver financial results. It provides an analysis of our financial condition,
cash flows and liquidity on a consolidated basis.</FONT></I></P>
<P>
<B><FONT size=2 face="Times New Roman">CAPITAL STRUCTURE</FONT></B></P>
<P>
<I><FONT size=2 face="Times New Roman">Our capital structure shows how much of our net assets are financed by debt and equity.</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q4&nbsp;2006</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Debt due within one year</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">1,639</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">986</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">11,327</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">11,781</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Less: Cash and cash equivalents</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(106</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(569</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total net debt</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">12,860</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">12,198</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Non-controlling interest</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">1,167</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">2,180</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total shareholders&#146; equity</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">14,747</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">13,367</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total capitalization</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">28,774</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">27,745</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net debt to capitalization</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">44.7</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">%</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">44.0</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">%</FONT></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Outstanding share data (in&nbsp;millions)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">800.9</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">807.6</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Stock options</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">23.0</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">24.2</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P>
<FONT size=2 face="Times New Roman">Our net debt to capitalization ratio was 44.7% at the end of Q1&nbsp;2007, compared to 44.0% at the end of&nbsp;2006. This was a result of an increase in net debt and a decrease in non-controlling
interest, partly offset by an increase in total shareholders&#146; equity. <br>
&nbsp;&nbsp;&nbsp;&nbsp;Net debt increased $662&nbsp;million to $12,860&nbsp;million in the first three months of&nbsp;2007 mainly due to:</FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">BCE&nbsp;Inc.&#146;s repurchase and cancellation of 7.3&nbsp;million of its outstanding common shares for $223&nbsp;million
	</FONT></li>
<li><FONT size=2 face="Times New Roman">negative free cash flow of $159&nbsp;million</FONT></li>
<li><FONT size=2 face="Times New Roman">business acquisitions of $147&nbsp;million mainly due to the privatization of the Bell&nbsp;Nordiq Income Fund by Bell&nbsp;Aliant</FONT></li>
	<li><FONT size=2 face="Times New Roman">the repurchase of $71&nbsp;million of equity securities from non-controlling interest due to Bell&nbsp;Aliant&#146;s NCIB program which began on February&nbsp;28,&nbsp;2007.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">Non-controlling interest decreased by $1,013&nbsp;million in the first three months of&nbsp;2007 due mainly to the exchange of Bell&#146;s issued and outstanding series of preferred shares of $1,100
million, which was previously classified as non-controlling interest at BCE, for corresponding series of First Preferred Shares of BCE&nbsp;Inc. A further decrease was realized on the repurchase of $71&nbsp;million of equity securities from non-controlling
interest due to Bell&nbsp;Aliant&#146;s NCIB program which began on February&nbsp;28,&nbsp;2007. These items were partly offset by our decreased ownership in Bell&nbsp;Aliant as a result of the issuance of Bell&nbsp;Aliant units in conjunction with the privatization of the
Bell&nbsp;Nordiq Income Fund.</FONT><font size="2"><br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">Total shareholders&#146; equity increased $1,380 million to $14,747
million in the first three months of 2007. This was mainly due to the exchange
of Bell&#146;s issued and outstanding series of preferred shares of $1,100&nbsp;million
for corresponding series of First Preferred Shares of BCE&nbsp;Inc., $275&nbsp;million
unrealized gain recorded in accumulated other comprehensive income for our
available-for-sale financial assets and an increase in net earnings of $203&nbsp;million in excess of dividends declared. This was partly offset by the
repurchase of 7.4&nbsp;million of BCE&nbsp;Inc.&#146;s outstanding common shares for
cancellation through an NCIB for $227&nbsp;million.</font></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">17 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORTT</font></P>


<font face="Times New Roman">


<A name="page_18"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>

<b><font size="2">CASH FLOWS</font></b></P>
<P>
<FONT size=2 face="Times New Roman">The following table is a summary of our cash inflows and outflows. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Cash flows from operating activities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">967</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">948</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(722</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(581</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Other investing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">2</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash dividends paid on common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(270</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(305</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash dividends paid on preferred shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(23</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(21</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash dividends paid by subsidiaries to non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(113</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(61</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free cash flow</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(159</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(23</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Business acquisitions</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(147</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(27</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Bell&nbsp;Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(4</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(22</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Increase in investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(13</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Decrease in investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">7</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">51</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Issue of common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">14</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">1</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Repurchase of common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(223</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(525</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net issuance (repayment) of debt instruments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">165</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(364</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Financing activities of subsidiaries with third parties</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(74</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">3</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Other financing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(41</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash provided by discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">5</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">1,367</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net (decrease) increase in cash and cash equivalents</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(470</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">433</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P>
<b>Cash from Operating Activities</b></P>
<P>
<FONT size=2 face="Times New Roman">Cash from operating activities was $967&nbsp;million in Q1&nbsp;2007, an increase of $19&nbsp;million or 2.0% compared to $948&nbsp;million in Q1&nbsp;2006 due mainly to: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">compensation payments of $67&nbsp;million
made to executives and other key employees in Q1&nbsp;2006 further to the vesting of all restricted share units (RSUs) and a decrease in income taxes paid as a result of the formation of the Bell&nbsp;Aliant income trust.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">This was partly offset by:</FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">an increase of $76&nbsp;million in pension payments as a result of contributions made to the Bell&nbsp;Canada pension plan in Q1&nbsp;2007
	</FONT></li>
<li><FONT size=2 face="Times New Roman">an increase of approximately $50&nbsp;million in interest
paid in Q1&nbsp;2007 as a result of timing of interest payments at Bell&nbsp;Aliant </FONT>
	</li>
	<li><FONT size=2 face="Times New Roman">a decrease of approximately $20&nbsp;million in receipts from the securitization of accounts receivable.</FONT></li>
</ul>
<P>
<b>Free Cash Flow<font size="-2"><sup>(1)</sup></font></b></P>
<P>
<FONT size=2 face="Times New Roman">Free cash flow this quarter was negative $159&nbsp;million, compared to negative free cash flow of $23&nbsp;million in Q1&nbsp;2006. This was mainly due to: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">an increase of $141&nbsp;million in capital
expenditures </FONT></li>
<li><FONT size=2 face="Times New Roman">an increase of $76&nbsp;million in pension payments as a result of contributions made to the Bell&nbsp;Canada pension plan in Q1&nbsp;2007
</FONT></li>
	<li><FONT size=2 face="Times New Roman">an increase of approximately $50&nbsp;million in interest paid in Q1&nbsp;2007 as a result of timing of
interest payments at Bell&nbsp;Aliant </FONT></li>
<li><FONT size=2 face="Times New Roman">a decrease of approximately $20&nbsp;million in receipts from the securitization of accounts receivable.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">This was partly offset by compensation payments of $67&nbsp;million made to executives and other key employees in Q1&nbsp;2006 further to the vesting of all RSUs granted for a two-year performance
period ending at the end of&nbsp;2005 and a decrease in income taxes paid as a result of the formation of the Bell&nbsp;Aliant income trust. </FONT></P>
<P>
<b><FONT face="Times New Roman">Capital Expenditures </FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">During the quarter, we continued to make investments to expand and update our networks, enhance broadband access and capabilities and meet customer demand for new services. Capital
expenditures for BCE&nbsp;were $722&nbsp;million in Q1&nbsp;2007, up 24% compared to Q1&nbsp;2006 capital expenditures of $581&nbsp;million. Similarly, Bell&#146;s capital expenditures increased 27% this quarter to $542&nbsp;million. The difference in capital expenditures between BCE&nbsp;and Bell&nbsp;was due to spending on satellite builds at&nbsp;Telesat&nbsp;and continued investment in the traditional wireline infrastructure and broadband access at Bell&nbsp;Aliant.
As a percentage of revenues, capital expenditures for BCE&nbsp;increased to 16.5%</FONT></P>
<P>
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">Free cash flow is a non-GAAP financial measure. See </FONT><I>
<FONT size=1 face="Times New Roman">NON-GAAP FINANCIAL MEASURES &#150; Free cash flow </FONT></I>
<FONT size=1 face="Times New Roman">in this MD&amp;A for more details including a reconciliation to the most comparable GAAP financial
measure.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">18 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_19"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">in Q1&nbsp;2007 from 13.4% in the first three months of last year. Consistent with the planned acceleration of capital spending earlier in the year, Bell&#146;s capital
intensity increased year-over-year to 15.1% from 12.0%. The majority of capital spending in the quarter was focused on key strategic priorities within the growth areas of our business. Higher spending in the quarter reflected: </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">increased
investment to enhance the quality and breadth of our wireless network and to further deploy our EVDO wireless high-speed data network
	</FONT></li>
<li><FONT size=2 face="Times New Roman">expansion of our FTTN footprint to deliver higher-speed broadband access
</FONT></li>
	<li><FONT size=2 face="Times New Roman">upgrades to our billing and
order management systems </FONT></li>
<li><FONT size=2 face="Times New Roman">higher expenditures related to IT infrastructure and systems to support our cost reduction initiatives and productivity initiatives
</FONT></li>
	<li><FONT size=2 face="Times New Roman">increased spending to support customer contracts in our Enterprise
unit.</FONT></li>
</ul>
<P>
<b>Cash Dividends Paid on Common Shares</b></P>
<P>
<FONT size=2 face="Times New Roman">In the first quarter of&nbsp;2007, we paid a dividend of $0.33 per common share which was equal to the dividend paid in Q1&nbsp;2006. The decrease in total cash dividend paid of $35&nbsp;million in Q1&nbsp;2007
is a direct result of a decrease in the number of BCE&nbsp;Inc. common shares issued and outstanding as at the dividend declaration date as a result of BCE&nbsp;Inc.&#146;s NCIB announced on February&nbsp;1,&nbsp;2006 and the reduction in the number of outstanding BCE&nbsp;Inc. common shares made in conjunction with a distribution of Bell&nbsp;Aliant trust units, by way of return of capital, to holders of BCE&nbsp;Inc. common shares.</FONT></P>
<P>
<b>Cash Dividends Paid by Subsidiaries to Non-Controlling Interest</b></P>
<P>
<FONT size=2 face="Times New Roman">Dividends paid by subsidiaries to non-controlling interest of $113&nbsp;million in Q1&nbsp;2007 increased by $52&nbsp;million or by 85% compared to $61&nbsp;million for Q1&nbsp;2006 mainly due to Bell&nbsp;Aliant&#146;s
cash distributions to its unitholders starting in the second half of&nbsp;2006 as a result of the formation of the trust.</FONT></P>
<P>
<b>Business Acquisitions</b></P>
<P>
<FONT size=2 face="Times New Roman">We invested $147&nbsp;million in business acquisitions in Q1&nbsp;2007 mainly due to the privatization of the Bell&nbsp;Nordiq Income Fund by Bell&nbsp;Aliant. We invested $27&nbsp;million in various business
acquisitions in Q1&nbsp;2006. </FONT></P>
<p><b>Bell Aliant</b></p>
<P>
<FONT size=2 face="Times New Roman">Cash used for the payment of costs for the formation of Bell&nbsp;Aliant was $4&nbsp;million in Q1&nbsp;2007 and $22&nbsp;million in Q1&nbsp;2006. </FONT></P>
<P>
<b>Decrease in Investments</b></P>
<P>
<FONT size=2 face="Times New Roman">Cash flows provided by investments in Q1&nbsp;2007 of $7&nbsp;million decreased $44&nbsp;million or 86% from $51&nbsp;million in Q1&nbsp;2006 mainly due to the sale of short-term investments of $51&nbsp;million at
Telesat in Q1&nbsp;2006.</FONT></P>
<P>
<b>Repurchase of Common Shares</b></P>
<P>
<FONT size=2 face="Times New Roman">In Q1&nbsp;2007, BCE&nbsp;Inc. repurchased 7.4&nbsp;million of its outstanding common shares and cancelled 7.3&nbsp;million of those shares for a total cash outlay of $223&nbsp;million under its new NCIB program
which began in February&nbsp;2007. In Q1&nbsp;2006, BCE&nbsp;Inc. repurchased 21.1&nbsp;million of its outstanding common shares and cancelled 18.9&nbsp;million of those shares for a total cash outlay of $525&nbsp;million under the&nbsp;2006 NCIB program. Pending completion of the
company&#146;s strategic alternatives review, purchases under the NCIB have been suspended. </FONT></P>
<P>
<b>Debt Instruments</b></P>
<P>
<FONT size=2 face="Times New Roman">We issued $165&nbsp;million of debt, net of repayments, in Q1&nbsp;2007. The increase in debt instruments consisted mainly of Bell&nbsp;Aliant&#146;s net issuances of $900&nbsp;million of medium term notes. In
addition, there were increased borrowings in notes payable and bank advances of $315&nbsp;million, mainly at Bell. This was partly offset by repayments of $722&nbsp;million on credit facilities at Bell&nbsp;Aliant and repayments of $275&nbsp;million of debentures at
Bell.<br>
&nbsp;&nbsp;&nbsp;&nbsp;In Q1&nbsp;2006, we repaid $364&nbsp;million of debt. The repayments included $200&nbsp;million in debentures at Bell, $50&nbsp;million repayment of debt at Bell&nbsp;Aliant, a $67&nbsp;million repayment of notes payable
and bank advances, mainly at Bell, and other repayments that included capital leases.</FONT></P>

<P>
<b>Financing Activities of Subsidiaries with Third Parties</b></P>
<P>
<FONT size=2 face="Times New Roman">Financing activities of subsidiaries with third parties of $74&nbsp;million in Q1&nbsp;2007 related mainly to Bell&nbsp;Aliant&#146;s NCIB program under which Bell&nbsp;Aliant repurchased 2.4&nbsp;million units for
a total cash outlay of $71&nbsp;million.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">19 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORTT</font></P>


<font face="Times New Roman">


<A name="page_20"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<b>Cash Relating to Discontinued Operations</b></P>
<P>
<FONT size=2 face="Times New Roman">Cash provided by discontinued operations was $1,367&nbsp;million in&nbsp;2006. This consisted mainly of:</FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">$849&nbsp;million net proceeds from the sale of CGI offset by the deconsolidation of CGI&#146;s cash on hand of $81&nbsp;million
	</FONT></li>
<li><FONT size=2 face="Times New Roman">CTVglobemedia&#146;s return of capital of $607&nbsp;million as part of the recapitalization of CTVglobemedia.</FONT></li>
</ul>
<P>
<B><FONT size=2 face="Times New Roman">CREDIT RATINGS</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">On April&nbsp;17,&nbsp;2007, following the announcement of BCE&nbsp;Inc.&#146;s intention to review strategic alternatives with a view to further enhance shareholder value, BCE&nbsp;Inc.&#146;s and Bell&nbsp;Canada&#146;s ratings were unchanged from December&nbsp;31,&nbsp;2006 but all agencies placed BCE&nbsp;Inc. and Bell&nbsp;Canada on credit watch, except for Fitch Ratings Ltd. Please refer to </FONT><I>
<FONT size=2 face="Times New Roman">Updates to the Description of Risks &#150; Liquidity </FONT></I>
<FONT size=2 face="Times New Roman">within the Assumptions and Risks Underlying our Forward-Looking Statements section. </FONT></P>
<P>
<B><FONT size=2 face="Times New Roman">LIQUIDITY</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">Our sources of liquidity and cash requirements remain substantially unchanged from those described in the BCE&nbsp;2006 MD&amp;A except as discussed under </FONT><I>
<FONT size=2
face="Times New Roman">Updates to the Description of Risks &#150; Liquidity </FONT></I>
<FONT size=2 face="Times New Roman">within the Assumptions and Risks Underlying our Forward-Looking
Statements section. </FONT></P>
<P>
<b>Commitment under the CRTC Deferral Account Mechanism</b></P>
<P>
<FONT size=2 face="Times New Roman">Please refer to </FONT><I>
<FONT size=2 face="Times New Roman">Commitment under the CRTC Deferral Account Mechanism </FONT></I>
<FONT size=2
face="Times New Roman">within the Update to Regulatory Environment section for further analysis. </FONT></P>
<p><b>Recent Developments in Legal Proceedings</b></p>
<P>
<FONT size=2 face="Times New Roman">The following are updates to the legal proceedings described under the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Legal Proceedings we are
involved in </FONT></I><FONT size=2 face="Times New Roman">at pages 37 to 40 of the BCE&nbsp;2006 AIF filed by BCE&nbsp;Inc. with the Canadian securities commissions (available on BCE&nbsp;Inc.&#146;s site at www.bce.ca and on SEDAR at
www.sedar.com) and with the U.S. Securities and Exchange Commission (SEC) under Form 40-F (available on EDGAR at www.sec.gov).</FONT></P>
<P>
Lawsuits Related to Bell Canada</P>
<P>
<i>Purported Class Action Concerning Wireless Access Charges</i></P>
<P>
<FONT size=2 face="Times New Roman">As discussed in more detail in the BCE&nbsp;2006 AIF, on August&nbsp;9, 2004, a statement of claim was filed under the </FONT><I>
<FONT size=2 face="Times New Roman">Class
Actions Act </FONT></I><FONT size=2 face="Times New Roman">(Saskatchewan) against wireless communications service providers, including Bell&nbsp;Mobility and&nbsp;Aliant Telecom, by certain alleged customers. The statement of claim
alleges, amongst other things, breach of contract and duty to inform, deceit, misrepresentation and collusion, in connection with certain &#147;system access fees&#148; and &#147;system licensing charges&#148; invoiced by wireless communications
service providers to their customers. <br>
&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;18,&nbsp;2006, the Saskatchewan Court of Queen&#146;s Bench rendered its judgement on the motion for certification, refusing to certify the action against all defendant Bell&nbsp;Canada
companies except Bell&nbsp;Mobility. With respect to Bell&nbsp;Mobility, the Court refused to certify the lawsuit on all grounds except for the claim for unjust enrichment. However, the Court refused to grant certification at this point on the basis that
there was no appropriate representative plaintiff and no proper litigation plan. The Court gave the plaintiff leave to return to the Court and has now scheduled June&nbsp;18 and 19,&nbsp;2007 for the re-hearing of the certification application.</FONT></P>
<P>
<i>Purported Class Action Concerning Bell Expressvu Late Payment Charges</i></P>
<P>
<FONT size=2 face="Times New Roman">As discussed in more detail in the BCE&nbsp;2006 AIF, on September&nbsp;29,&nbsp;2005, a statement of claim was filed under the </FONT><I>
<FONT size=2 face="Times New Roman">Class Proceedings Act, </FONT></I>
<FONT size=2 face="Times New Roman">1992 (Ontario) against Bell&nbsp;ExpressVu by certain alleged customers. The statement of claim alleges that the interest and late payment
fees charged by Bell&nbsp;ExpressVu to customers whose accounts are in arrears are in excess of the effective annual rate of interest permitted by certain provisions of the </FONT><I>
<FONT size=2 face="Times New Roman">Criminal Code (Canada).</FONT></I><FONT size=2 face="Times New Roman"><br>
&nbsp;&nbsp;&nbsp;&nbsp;In addition to fighting the motion for certification, Bell&nbsp;ExpressVu has filed a companion motion for summary judgment on the underlying substantive issue that Bell&nbsp;ExpressVu is not
violating the </FONT><I><FONT size=2 face="Times New Roman">Criminal Code. </FONT></I>
<FONT size=2 face="Times New Roman">The parties are now seeking to schedule a hearing of the motion for
certification and of the summary judgment motion in late fall&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Please see the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Legal Proceedings we are involved in </FONT></I>
<FONT size=2
face="Times New Roman">of the BCE&nbsp;2006 AIF for a more complete description of the above-mentioned legal proceedings and for a description of other legal proceedings involving us.</FONT></P>
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Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<b><font size="4">Updates to Regulatory Environment</font></b></P>
<P>
<FONT size=2 face="Times New Roman">The following are significant updates to the regulatory initiatives and proceedings described in the BCE&nbsp;2006 MD&amp;A under the section entitled </FONT><I>
<FONT size=2
face="Times New Roman">Regulatory Environment </FONT></I>
<FONT size=2 face="Times New Roman">at pages 41 to 47 of the Bell&nbsp;Canada Enterprises&nbsp;2006 Annual Report (BCE&nbsp;2006 Annual Report) filed by
BCE&nbsp;Inc. with the Canadian securities commissions (available on BCE&nbsp;Inc.&#146;s site at www.bce.ca and on SEDAR at www.sedar.com) and with the SEC under Form 40-F (available at www.sec.gov). For ease of reference, the updates below have, where
applicable, been presented under the same headings and in the same order as in the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Regulatory Environment </FONT></I>
<FONT size=2 face="Times New Roman">of the BCE&nbsp;2006 MD&amp;A.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">COMMITMENT UNDER THE CRTC DEFERRAL ACCOUNT MECHANISM</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On February&nbsp;16,&nbsp;2006, the CRTC issued Telecom Decision&nbsp;2006-9, where it concluded on the ways in which incumbent telephone companies should clear the accumulated balances in their deferral
accounts. On September&nbsp;1,&nbsp;2006, Bell&nbsp;Canada and Bell&nbsp;Aliant filed their proposals for clearing the accumulated balances in their deferral accounts. If approved by the CRTC, the proposals would improve access to communications for persons with
disabilities (5% of estimated balance) and extend broadband access to some 220,000 potential customers in 264 communities across Ontario and Qu&eacute;bec where it would not otherwise be made available on a commercial basis.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;30,&nbsp;2006,
the CRTC issued Public Notice&nbsp;2006-15, initiating a proceeding to assess these proposals. A decision in this proceeding is scheduled to be issued in January&nbsp; 2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada&#146;s accumulated deferral account balance at March&nbsp;31,&nbsp;2007 is estimated to be $479&nbsp;million, with an estimated future annualized commitment of $25&nbsp;million. Bell&nbsp;Aliant&#146;s
accumulated deferral account balance at March&nbsp;31,&nbsp;2007 is estimated to be $4&nbsp;million, with no estimated future annualized commitment. Bell&nbsp;Canada is currently assessing the deferral account impacts associated with two recently issued CRTC decisions
related to Competitor Digital Network services, Telecom Decisions&nbsp;2007-6 and&nbsp;2007-10, which will affect its deferral account balance and future annualized commitment. Bell&nbsp;Aliant&#146;s deferral account amounts reflect the estimated impact of these
two decisions. In addition, on May&nbsp;12,&nbsp;2006, Bell&nbsp;Canada filed a Part VII application seeking the recovery of the wireline-related costs associated with the implementation of wireless number portability from its deferral account. The outcome of this
application could reduce Bell&nbsp;Canada&#146;s future annualized commitment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature and number of uncertainties that remain concerning the disposition of accumulated balances in the deferral account, we are unable to estimate the impact of the CRTC&#146;s
decision in the proceeding associated with Public Notice&nbsp;2006-15 on our financial results at this time.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">PRICE CAP FRAMEWORK REVIEW</FONT></b></P>
<p class="MsoNormal"><font face="Times New Roman" size="2">On
April 30, 2007, the CRTC issued Telecom Decision 2007-27 where it established
the new rules that will govern the prices Bell Canada and other incumbent
telephone companies charge for residential and business local services that
remain subject to regulation.&nbsp; The new regime will continue indefinitely and
provides the incumbent telephone companies with more pricing flexibility to meet
individual customer needs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Key elements of the new price cap regime that
takes effect on June 1, 2007 include: a) basic residential service prices in
urban areas cannot increase beyond current levels; b) basic residential service
prices in high-cost areas can increase by the lesser of the rate of inflation or
5 per cent per year; c) the upper limit on prices for local options and features
and bundles is removed; d) increased flexibility to charge different prices to
different customers for residential services, including options and features; e)
business local service prices can rise by the rate of inflation overall, with
individual element price increases capped at 10% ; f) prices for local calls
from payphones can increase from 25 to 50 cents for cash calls and from 50 cents
to a dollar for non-cash calls; g) prices for 911 and other public safety/social
services are frozen at current levels; and h) there is no deferral account in
connection with the new regime.</font><br>

<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">As
noted below in the section entitled <i>Forbearance from Regulation of Local
Exchange Services</i>, on April 11, 2007, Bell Canada and Bell Aliant began
filing for local service forbearance under the new local forbearance framework
in qualifying areas in Ontario, Qu&eacute;bec, and Atlantic Canada. As we are forborne
from regulation of local services across our territory, less services and
revenues will be subject to price cap rules.</font></p>

<P>
<b>
<FONT face="Times New Roman" size="2">REVIEW OF REGULATORY FRAMEWORK FOR WHOLESALE SERVICES</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">As required by the federal Cabinet&#146;s Policy Direction, on November&nbsp;9,&nbsp;2006, the CRTC released Public Notice&nbsp;2006-14, in which it initiated a comprehensive review of the regulatory
framework requiring incumbent telephone companies to provide wholesale access to certain telecommunication services to competitors. As part of this review, the CRTC will examine the appropriate definition of essential services and the pricing
principles for such services. In addition, the regulatory treatment for non-essential services will also be examined.<br>
&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;15,&nbsp;2007, Bell&nbsp;Canada, Bell&nbsp;Aliant, Saskatchewan Telecommunications and T&eacute;l&eacute;bec Limited Partnership filed a framework proposal consistent with the recommendations for
reliance on market forces to the maximum extent possible and minimally intrusive regulation contained within the Telecommunication Policy Review Panel&#146;s report and federal Cabinet&#146;s Policy Direction. The entities&#146; evidence will be
subject to an interrogatory process as well as a public hearing that is scheduled to commence on October&nbsp;9,&nbsp;2007. A final decision is expected in April&nbsp;2008. There is no guarantee that the CRTC will issue a favourable decision.</FONT></P>

<P>
&nbsp;</P>
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<P>
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<b>
<FONT face="Times New Roman" size="2">FORBEARANCE FROM REGULATION OF LOCAL EXCHANGE SERVICES</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On April&nbsp;4,&nbsp;2007, the federal Cabinet issued a variance of CRTC Telecom Decision&nbsp;2006-15, which had established a framework for the forbearance from regulation of local exchange services.
With the intention of increasing reliance on market forces and enhancing competitive rivalry, the government&#146;s variance order: a) modified the criteria the CRTC must use when evaluating applications for regulatory forbearance from incumbent
service providers like Bell&nbsp;Canada and Bell&nbsp;Aliant; b) eliminated the no-winback period for residential and business subscribers; and c) removed several restrictions on local service promotions. The government&#146;s order establishes a regulatory
regime which has improved the ability of incumbent telephone companies to compete effectively and is likely to accelerate forbearance of local service markets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;11,&nbsp;2007, Bell&nbsp;Canada and Bell&nbsp;Aliant applied for local service forbearance under the new local forbearance framework in seven of the priority areas that were identified in the
government&#146;s order: Halifax, Hamilton, London, Ottawa-Gatineau, Montr&eacute;al, Qu&eacute;bec City and Toronto.
Subsequent applications have been submitted for additional qualifying areas in
Ontario, Qu&eacute;bec, and Atlantic Canada.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">WINBACK RULES</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">As indicated above in the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Forbearance from Regulation of Local Exchange Services,
</FONT></I><FONT size=2 face="Times New Roman">on April&nbsp;4,&nbsp;2007, the Minister of Industry issued a variance of Telecom Decision&nbsp;2006-15 which, among other things, eliminated the winback and promotional restrictions in
regulated and deregulated areas.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">WIRELESS NUMBER PORTABILITY</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">The Government of&nbsp;Canada in its&nbsp;2005 budget announced that it intended to ask the CRTC to implement wireless number portability. On December&nbsp;20,&nbsp;2005, the CRTC released Telecom Decision
2005-72. Among other things, the decision directed Bell&nbsp;Mobility, Rogers Wireless and Telus Mobility to implement wireless number portability in Alberta, British Columbia, Ontario and Qu&eacute;bec by March&nbsp;14,&nbsp;2007. Wireless number portability was
implemented as directed on March&nbsp;14,&nbsp;2007.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">BELL EXPRESSVU</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">In December&nbsp;2006, the Federal Court of&nbsp;Canada ruled that the Part II Licence Fees, levied by the CRTC to recover Industry&nbsp;Canada costs associated with broadcasting spectrum management and
paid by broadcasters and broadcast distributors, are an illegal tax, but declined to order the reimbursement of the fees paid to date by the plaintiff broadcasters. The Court&#146;s decision is being appealed by the federal government, which is
contesting the declaration that Part II Licence Fees are an illegal tax, and the Canadian Association of Broadcasters, which is challenging the finding that their members are not entitled to recovery of fees paid to date. In April&nbsp;2007, Bell&nbsp;ExpressVu, together with Rogers Cable and Cogeco Cable, filed a notice of motion for leave to intervene in the appeal. The fees in issue represent 1.365% of Bell&nbsp;ExpressVu&#146;s annual revenue, dating from the launch of the service.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">MOBILE SPECTRUM</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On February&nbsp;16,&nbsp;2007, Industry&nbsp;Canada initiated a consultation that could result in the licensing of additional mobile spectrum through a competitive spectrum auction likely occurring in
early 2008. The consultation seeks comments on a variety of policy and technical issues. The adoption of such measures would facilitate the introduction of new competitor(s) into the Canadian wireless market and could heighten the degree of
competition in the already highly competitive wireless segment. Comments are due to be filed with Industry&nbsp;Canada by May&nbsp;25,&nbsp;2007 with reply comments due by June&nbsp;27,&nbsp;2007. Industry&nbsp;Canada has indicated that it will issue its final licensing and
auction policy, subsequent to its review of the comments received, later in&nbsp;2007. It is not possible to predict with any degree of certainty, at this time, whether Industry&nbsp;Canada will adopt any of the policies being canvassed in the
consultation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;Please see the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Regulatory Environment </FONT></I>
<FONT size=2 face="Times New Roman">in the BCE&nbsp;2006 MD&amp;A for a more complete description of the above-mentioned regulatory initiatives and proceedings and for a description of other regulatory initiatives and proceedings concerning us.</FONT></P>

<P>
&nbsp;</P>
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Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<b><font size="4">Assumptions and Risks Underlying Our Forward-Looking
Statements</font></b></P>
<P>
<I><FONT size=2 face="Times New Roman">This section describes assumptions made by us in preparing forward-looking statements and risks that could affect our business and results.</FONT></I></P>
<P>
<b>
<FONT face="Times New Roman" size="2">ASSUMPTIONS MADE IN THE PREPARATION OF FORWARD-LOOKING STATEMENTS</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">Forward-looking statements made in the BCE&nbsp;2006 MD&amp;A and this MD&amp;A are based on a number of assumptions that we believed were reasonable on the day we made the forward-looking
statements and that, unless otherwise indicated in this MD&amp;A, we believe are still reasonable as at the date of this MD&amp;A. In the BCE&nbsp;2006 MD&amp;A, we outlined the principal assumptions that we made in the preparation of these
forward-looking statements. These assumptions include: </FONT></P>
<ul>
	<li>
	<p style="margin-top: 0; margin-bottom: 0"><FONT size=2 face="Times New Roman">assumptions about the Canadian economy related to GDP growth and a decrease in the business prime rate and the Consumer Price Index
	</FONT></li>
<li>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=2 face="Times New Roman">market assumptions related to: (i) revenue
growth in the overall Canadian telecommunications market, (ii) the continued decrease in the residential wireline voice services revenues, (iii) the intense wireline competition in both the business and residential telecommunications markets, and
(iv) the growth in revenues for the Canadian wireless, video and Internet markets
</FONT></li>
	<li>
	<p style="margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Times New Roman">operational and financial assumptions related to:
</FONT></li>
	<li>
	<P style="margin-left: 12px; margin-top:0; margin-bottom:0"><FONT size=2 face="Times New Roman">
	(i) growth in wireless, video and high-speed Internet subscribers as well as higher ARPU for these
services, (ii) stabilization of the continued decrease in our residential network access services, (iii) restructuring costs, (iv) amortization expense, (v) effective tax rate, (vi) total net benefit plans cost, (vii) funding of our net benefit
plans, (viii) Bell&nbsp;Canada&#146;s capital intensity, and (ix) productivity improvements
	</FONT></P></li>
	<li>
	<p style="margin-top: 0; margin-bottom: 0"><FONT size=2 face="Times New Roman">assumptions about transactions related to:</FONT></li>
<li>
<P style="margin-left: 12px; margin-top:0; margin-bottom:0"><FONT size=2 face="Times New Roman">
(i) BCE&nbsp;Inc.&#146;s plans to repurchase
up to 5% of its common shares; and (ii) the closing of the previously announced sale of&nbsp;Telesat&nbsp;in mid-2007.</FONT></P>
</li>
</ul>
<P>
<FONT size=2 face="Times New Roman">Please see the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Assumptions Made In the Preparation of Forward-Looking Statements </FONT></I>
<FONT
size=2 face="Times New Roman">in the BCE&nbsp;2006 MD&amp;A at pages 47 and 48 of the BCE&nbsp;2006 Annual Report for a more complete description of the above-mentioned assumptions.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">UPDATES TO THE DESCRIPTION OF ASSUMPTIONS</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">The following is a significant update to the description of assumptions contained in the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Assumptions Made in the Preparation of Forward-Looking Statements </FONT></I>
<FONT size=2 face="Times New Roman">of the BCE&nbsp;2006 MD&amp;A. For ease of reference, the update to the description of assumptions
below has been presented under the same heading as in the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Assumptions Made in the Preparation of Forward-Looking Statements </FONT></I>
<FONT size=2
face="Times New Roman">of the BCE&nbsp;2006 MD&amp;A.</FONT></P>
<P>
<b><FONT face="Times New Roman">Assumptions about Transactions</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">On February&nbsp;9,&nbsp;2007, BCE&nbsp;Inc. commenced its latest NCIB program to purchase for cancellation up to 5% of its outstanding common shares. However, pending completion of BCE&nbsp;Inc.&#146;s
strategic alternatives review process, purchases under the NCIB have been suspended.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">RISKS THAT COULD AFFECT OUR BUSINESS AND RESULTS</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">A risk is the possibility that an event might happen in the future that could have a negative effect on our financial condition, results of operations or business. Part of managing our
business is to understand what these potential risks could be and to mitigate them where we can.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The actual effect of any event on our business and results could be materially different from what we currently anticipate. In addition, our description of risks does not include all
possible risks.<br>
&nbsp;&nbsp;&nbsp;&nbsp;In the BCE&nbsp;2006 MD&amp;A, we provided a detailed review of risks that could affect our financial condition, results of operations or business and that could cause actual results to differ
materially from those expressed in our forward-looking statements. This detailed description of risks is updated in this MD&amp;A. The risks described in the BCE&nbsp;2006 MD&amp;A include risks associated with:</FONT></P>

<ul>
	<li><FONT size=2 face="Times New Roman">the intensity of competitive
	activity from both traditional and new players, which is increasing
	following the introduction of new technologies that have reduced barriers to
	entry that existed in the industry, and its impact on our ability to retain
	existing, and attract new, customers, and on pricing strategies and
	financial results
	</FONT></li>
<li><FONT size=2 face="Times New Roman">general economic and market conditions
and the level of consumer confidence and spending, and the demand for, and
prices of, our products and services </FONT>
	</li>
	<li><FONT size=2 face="Times New Roman">our ability to implement our
	strategies and plans in order to produce the expected benefits and growth
	prospects
	</FONT></li>
<li><FONT size=2 face="Times New Roman">our ability to transform our cost
structure, improve productivity and contain capital intensity while maintaining
quality of services
</FONT></li>
	<li><FONT size=2 face="Times New Roman">our ability to anticipate, and
	respond to, changes in technology, industry standards and client needs and
	migrate to and deploy new technologies, including VoIP, and offer new
	products and services rapidly and achieve market acceptance thereof
	</FONT></li>
<li><FONT size=2 face="Times New Roman">events affecting the functionality of
our networks or of the networks of other telecommunications carriers on which we
rely to provide our services </FONT></li>
</ul>

<P>
&nbsp;</P>
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Management&#146;s Discussion and Analysis</P>

<ul>
	<li><FONT size=2 face="Times New Roman">our ability to improve and upgrade, on a timely basis, our various IT systems and software on which many aspects of our businesses, including customer billing, depend
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">our ability to effectively manage labour relations,
negotiate satisfactory labour agreements, including new agreements replacing expired labour agreements, while avoiding work stoppages, and maintain service to customers and minimize disruptions during strikes and other work stoppages
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">our
ability to maintain customer service and our networks operational in the event of the occurrence of epidemics, pandemics and other health risks
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">health concerns about radio frequency emissions
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">potential legislation restricting
in-vehicle use of cell phones </FONT></li>
	<li><FONT size=2 face="Times New Roman">the availability and cost of capital required to implement our business plan and fund capital and other expenditures
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">the impact of pending or future litigation and of adverse changes in laws or
regulations, including tax laws, or in how they are interpreted, or of adverse regulatory initiatives or proceedings, including decisions by the CRTC affecting our ability to compete effectively
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">increased pension fund contributions</FONT></li>
	<li><FONT size=2 face="Times New Roman">BCE&nbsp;Inc.&#146;s dependence on the ability of its subsidiaries, joint ventures and significantly influenced companies to pay dividends or otherwise make distributions to it to service
BCE&nbsp;Inc.&#146;s indebtedness and to pay dividends</FONT></li>
	<li><FONT size=2 face="Times New Roman">BCE&nbsp;Inc.&#146;s ability to maintain its dividend policy</FONT></li>
	<li><FONT size=2 face="Times New Roman">the impact of Bell&nbsp;Aliant&#146;s performance and the tax treatment of income trusts on Bell&nbsp;Aliant&#146;s ability to make cash distributions to its unitholders
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">stock market
volatility </FONT></li>
	<li><FONT size=2 face="Times New Roman">our ability to find suitable companies to acquire or to partner with, to integrate the operations of acquired companies and to complete dispositions
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">the potential for licences on which we rely to provide services to be
revoked or not renewed when they expire </FONT></li>
	<li><FONT size=2 face="Times New Roman">launch and in-orbit risks and the ability to obtain appropriate insurance coverage at favourable rates, concerning Telesat&#146;s satellites, certain of which are used by Bell&nbsp;ExpressVu to provide
services.</FONT></li>
</ul>
<P>
<FONT size=2 face="Times New Roman">Please see the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Risks That Could Affect Our Business and Results </FONT></I>
<FONT size=2
face="Times New Roman">in the BCE&nbsp;2006 MD&amp;A at pages 48 to 55 of the BCE&nbsp;2006 Annual Report, and the sections entitled </FONT><I>
<FONT size=2 face="Times New Roman">Competitive Environment
</FONT></I><FONT size=2 face="Times New Roman">and </FONT><I>
<FONT size=2 face="Times New Roman">Regulatory Environment </FONT></I>
<FONT size=2 face="Times New Roman">(as
updated earlier in this MD&amp;A) in the BCE&nbsp;2006 MD&amp;A, at pages 39 to 47 of the BCE&nbsp;2006 Annual Report, for a more complete description of the above-mentioned risks.</FONT></P>
<P>
<b>
<FONT face="Times New Roman" size="2">UPDATES TO THE DESCRIPTION OF RISKS</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">The following are significant updates to the description of risks contained in the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Risks That
Could Affect Our Business and Results </FONT></I>
<FONT size=2 face="Times New Roman">of the BCE&nbsp;2006 MD&amp;A. For ease of reference, the updates to the description of risks below have, where applicable, been presented under
the same headings and in the same order as in the section entitled </FONT><I>
<FONT size=2 face="Times New Roman">Risks That Could Affect Our Business and Results </FONT></I>
<FONT size=2 face="Times New Roman">of the BCE&nbsp;2006 MD&amp;A.</FONT></P>

<P>
<b><FONT face="Times New Roman">Renegotiating Labour Agreements</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">The collective agreements between the Communications, Energy and Paperworks Union of&nbsp;Canada (CEP) and Expertech Network Installation&nbsp;Inc. (Expertech) representing approximately 160 clerical
and 1,300 craft and services employees both expired on November&nbsp;30,&nbsp;2006.<br>
&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;26,&nbsp;2007, the craft and services employees rejected Expertech&#146;s final offer at 64.5% whereas its clerical employees accepted the offer at 78.3%. As a result of this vote, Expertech declared it was unable to restructure its operations and announced the wind-down of its operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;5,&nbsp;2007, the CEP and Expertech announced that an agreement had been reached on some refinements to Expertech&#146;s final offer. The modified offer was put to a vote by
Expertech&#146;s craft and services employees and on March&nbsp;19,&nbsp;2007, the CEP announced that such employees had accepted the offer at 79.4%. The new collective agreements will be effective for 5 years and will expire on November&nbsp;30, 2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;As a result of this round of bargaining, Expertech is now in a position to restructure its operations and tender an offer for Bell&nbsp;Canada&#146;s business that delivers the lower cost
structure Bell&nbsp;Canada has been seeking, and maintains the company&#146;s preferred supplier status.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">24 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_25"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<b><FONT face="Times New Roman">Liquidity</FONT></b></P>
<P>
<FONT size=2 face="Times New Roman">As discussed earlier in this MD&amp;A, on April&nbsp;17,&nbsp;2007, BCE&nbsp;Inc. announced that it is reviewing its strategic alternatives with a view to further enhancing shareholder value. As part of
that strategic review, BCE&nbsp;Inc. also announced it has entered into discussions with a group of leading Canadian pension funds and KKR to explore the possibility of taking BCE&nbsp;Inc. private, and that it will continue to explore other opportunities to
deliver further value to shareholders. As a result of this announcement and the possibility of a substantial leveraging of BCE&nbsp;Inc. and Bell&nbsp;Canada, Standard and Poors, Moody&#146;s Investor Services,&nbsp;Inc. and Dominion Bond Rating Service Limited
have placed the ratings of BCE&nbsp;Inc. and Bell&nbsp;Canada under review for possible downgrade. Given the aforesaid, our ability to access the long-term public debt markets, at this time, may have been adversely affected. To the extent a ratings downgrade
were to occur and, depending on the degree of such a downgrade, we expect that this would adversely affect our ability to access the public debt capital markets and the bank credit market as well as the amount of funding available and that it would
significantly increase our cost of borrowing. In particular, it would limit, in whole or in part, BCE&nbsp;Inc.&#146;s and Bell&nbsp;Canada&#146;s ability to use their short-term commercial paper programs, medium-term notes programs or Bell&nbsp;Canada&#146;s sale
of receivables program. Accordingly, this development could have a material and adverse effect on our liquidity.</FONT></P>
<P>
<b><font size="4">Our Accounting Policies</font></b></P>
<P>
<FONT size=2 face="Times New Roman">We have prepared our consolidated financial statements according to Canadian generally accepted accounting principles (GAAP). See Note 1 to the consolidated financial statements for more
information about the accounting principles we used to prepare our financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The key estimates and assumptions that management has made under these principles and their impact on the amounts reported in the financial statements and notes remain substantially
unchanged from those described in the BCE&nbsp;2006 MD&amp;A.<br>
&nbsp;&nbsp;&nbsp;&nbsp;We have not had any significant changes in the accounting standards or our accounting policies other than those described in the BCE&nbsp;2006 MD&amp;A, except as noted below.</FONT></P>
<P>
<B><FONT size=2 face="Times New Roman">ADOPTION OF NEW ACCOUNTING STANDARDS</FONT></B></P>
<P>
<b>Accounting Changes</b></P>
<P>
<FONT size=2 face="Times New Roman">The CICA issued section 1506 of the CICA Handbook, </FONT><I>
<FONT size=2 face="Times New Roman">Accounting Changes, </FONT></I>
<FONT size=2
face="Times New Roman">which establishes criteria for changing accounting policies and describes how to apply changes in accounting policies, accounting estimates, and changes resulting from the correction of errors. These
changes, including the related disclosure requirements, came into effect as of January&nbsp;1,&nbsp;2007 and did not impact our financial statements. </FONT></P>

<P>
<b>Financial Instruments and Comprehensive Income</b></P>
<P>
<FONT size=2 face="Times New Roman">We adopted CICA Handbook Section 3855, </FONT><I>
<FONT size=2 face="Times New Roman">Financial Instruments &#150; Recognition and Measurement</FONT></I><FONT
size=2 face="Times New Roman">; Section 3865, </FONT><I>
<FONT size=2 face="Times New Roman">Hedges</FONT></I><FONT size=2 face="Times New Roman">; and Section 1530,
</FONT><I><FONT size=2 face="Times New Roman">Comprehensive Income</FONT></I><FONT size=2 face="Times New Roman"> as of January&nbsp;1,&nbsp;2007. The initial adoption of these new standards did not have a
significant effect on the consolidated balance sheets. Details of the transition adjustments are presented in the consolidated Statements of Deficit and in Note 10 to the consolidated financial statements </FONT><I>
<FONT size=2
face="Times New Roman">Accumulated Other Comprehensive Income. </FONT></I>
<FONT size=2 face="Times New Roman">The resulting changes in our accounting policies are described below.</FONT></P>
<p>Available-for-sale financial assets</p>
<P>
<FONT size=2 face="Times New Roman">We generally classify our investments in securities as available-for-sale. They are classified in the balance sheet as other long-term assets. These securities are initially recorded at
their acquisition cost, including related transaction costs, on the date of trade. Investments in publicly-traded securities are subsequently adjusted to fair value as of the date of the balance sheet, and the corresponding unrealized gains and
losses are recorded in other comprehensive income. As of March&nbsp;31,&nbsp;2007 we recorded unrealized gains on our available-for-sale </FONT>
<font size="2">financial assets</font><FONT size=2 face="Times New Roman"> of $300&nbsp;million.</FONT></P>
<P>
Long-term debt</P>
<P>
<FONT size=2 face="Times New Roman">Long-term debt, including related debt issue costs, is accounted for at amortized cost using the effective interest method, unless the debt is recorded at fair value as part of a hedging
relationship.</FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">25 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_26"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>
<P>
&nbsp;</P>

<P>
<FONT face="Times New Roman">Fair value hedges</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Our fair value hedges principally consist of interest rate swaps used to manage the effect of changes in interest rates relating to fixed-rate long-term debt. Changes in the fair value of
these derivatives and related long-term debt are recognized in the statements of operations and offset, except for any ineffective portion of the hedging relationship.</FONT></P>
<P>
<FONT face="Times New Roman">Cash flow hedges</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Our cash flow hedges principally consist of cross-currency swaps and forward contracts that mitigate the foreign currency risk on certain long-term debt instruments and purchase commitments.
Changes in the fair value of these derivatives are recognized in other comprehensive income, except for any ineffective portion recognized immediately in income. Realized gains and losses in accumulated other comprehensive income are transferred to
the statements of operations in the same period the hedged item is recognized in income.</FONT></P>
<P>
<FONT face="Times New Roman">Embedded derivatives</FONT></P>
<P>
<FONT size=2 face="Times New Roman">We separately account for any derivatives embedded in other instruments, except for foreign-currency derivatives embedded in a non-financial instrument, as permitted by the new
standards.</FONT></P>
<P>
<FONT face="Times New Roman">Comprehensive Income</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Our consolidated Statements of Comprehensive Income includes unrealized gains and losses on available-for-sale </FONT>
<font size="2">financial assets</font><FONT size=2 face="Times New Roman"> and changes in the fair value of derivative instruments designated
as cash flow hedges. Foreign currency translation gains and losses on net investments in self-sustaining operations are also included in other comprehensive income.</FONT></P>
<P>
<b><font size="4">Controls and Procedures</font></b></P>
<P>
<B><FONT size=2 face="Times New Roman">INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">No changes were made in our internal control over financial reporting during the quarter ended March&nbsp;31,&nbsp;2007 that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.</FONT></P>

<P>
<b><font size="4">Non-GAAP Financial Measures</font></b></P>
<P>
<I><FONT size=2 face="Times New Roman">This section describes the non-GAAP financial measures we use in the MD&amp;A to explain our financial results. It also provides reconciliations of the non-GAAP financial measures
to the most comparable Canadian GAAP financial measures.</FONT></I></P>
<P>
<B><FONT size=2 face="Times New Roman">EBITDA</FONT></B></P>
<P>
<I><FONT size=2 face="Times New Roman">We define EBITDA (earnings before interest, taxes, depreciation and amortization) as operating revenues less operating expenses, meaning it represents operating income before
amortization expense, and restructuring and other items. </FONT></I></P>
<P>
<FONT size=2 face="Times New Roman">The term EBITDA does not have any standardized meaning according to GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA, among other measures, to assess the operating performance of our ongoing businesses without the effects of amortization expense and restructuring and other items. We exclude
these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. We exclude amortization expense because it largely depends on the accounting methods and
assumptions a company uses, as well as non-operating factors such as the historical cost of capital assets. Excluding restructuring and other items does not imply they are necessarily non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating performance on a consistent basis. We believe that certain investors and analysts use EBITDA to measure a company&#146;s ability to service debt and
to meet other payment obligations, or as a common measurement to value companies in the telecommunications industry. </FONT></P>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">26 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_27"></A>

</font>

<P align="right">
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">The most comparable Canadian GAAP financial measure is operating income. The following table is a reconciliation of operating income to EBITDA on a consolidated basis.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 id="table4" width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">917</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">854</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Amortization expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">787</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">756</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">36</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">88</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">1,740</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">1,698</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="Times New Roman">OPERATING INCOME BEFORE RESTRUCTURING AND OTHER ITEMS</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">The term operating income before restructuring and other items does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar
measures presented by other companies. <br>
&nbsp;&nbsp;&nbsp;&nbsp;We use operating income before restructuring and other items, among other measures, to assess the operating performance of our ongoing businesses without the effects of restructuring and
other items. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding restructuring and other items does not imply they are
necessarily non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following table is a reconciliation of operating income to operating income before restructuring and other items
on a consolidated basis. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 id="table49" width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">917</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">854</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">36</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">88</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income before restructuring and other items</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">953</FONT></B></TD>
	<TD width="2%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">942</FONT></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="Times New Roman">NET EARNINGS BEFORE RESTRUCTURING AND OTHER ITEMS, NET GAINS ON INVESTMENTS, AND COSTS INCURRED TO FORM BELL ALIANT</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">The term net earnings before restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant does not have any standardized meaning according to Canadian
GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;We use net earnings before restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant, among other measures, to assess the operating performance of our
ongoing businesses without the effects of after-tax restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant. We exclude these items because they affect the comparability of our financial results and could
potentially distort the analysis of trends in business performance. Excluding these items does not imply they are necessarily non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is net earnings applicable to common shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The following table is a reconciliation of net earnings applicable to common shares to net earnings before restructuring and other items, net gains on investments, and costs incurred to form
Bell&nbsp;Aliant on a consolidated basis and per BCE&nbsp;Inc. common share.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse" id="table50">
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="22%" align=right colspan="3">
<p align="center"><B><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="22%" align=right colspan="3">
<p align="center"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">TOTAL</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width=10% align=right>
<FONT size=1 face="Times New Roman">PER SHARE</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">TOTAL</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">PER SHARE</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings applicable to common shares</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">499</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width=10% align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">477</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><FONT size=-2 face="Times New Roman"><SUP>(1)</SUP></FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">25</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width=10% align=right>
<B><FONT size=1 face="Times New Roman">0.03</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">58</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.06</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net gains on investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(104</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width=10% align=right>
<B><FONT size=1 face="Times New Roman">(0.13</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(81</FONT></TD>
	<TD width="2%" align="left">
<FONT size=1 face="Times New Roman">)</FONT></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(0.09</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Other costs incurred to form Bell&nbsp;Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width=10% align=right>
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">N</FONT><B><FONT size=1 face="Times New Roman">et
earnings before restructuring and other items, net gains on investments, and costs incurred to form Bell&nbsp;Aliant</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">420</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width=10% align=right>
<B><FONT size=1 face="Times New Roman">0.52</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">454</FONT></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">0.49</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<SUP><FONT size=-2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=1 face="Times New Roman">Includes transactions costs associated with the formation of Bell&nbsp;Aliant. These costs relate mainly to
financial advisory, professional and consulting fees. In Q1&nbsp;2006, we incurred $30&nbsp;million ($20&nbsp;million after tax).</FONT></TD>
</TR>
</TABLE>

<P>
&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">27 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>


<font face="Times New Roman">


<A name="page_28"></A>

</font>

<P>
Management&#146;s Discussion and Analysis</P>

<P>
&nbsp;</P>
<P>
<B><FONT size=2 face="Times New Roman">FREE CASH FLOW</FONT></B></P>
<P>
<I><FONT size=2 face="Times New Roman">We define free cash flow as cash from operating activities after capital expenditures, total dividends and other investing activities. </FONT></I></P>
<P>
<FONT size=2 face="Times New Roman">The term free cash flow does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows how much cash is available to repay debt and reinvest in
our company. We present free cash flow consistently from period to period, which allows us to compare our financial performance on a consistent basis.<br>
&nbsp;&nbsp;&nbsp;&nbsp;We believe that certain investors and analysts use free cash flow to value a business and its underlying assets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is cash from operating activities. The following table is a reconciliation of cash from operating activities to free cash flow on a
consolidated basis.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">Q1&nbsp;2007</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">Q1&nbsp;2006</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Cash from operating activities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">967</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">948</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(722</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(581</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total dividends paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(406</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(387</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Other investing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">2</FONT></B></TD>
	<TD width="2%" align="left">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free cash flow</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="10%" align=right>
<B><FONT size=1 face="Times New Roman">(159</FONT></B></TD>
	<TD width="2%" align="left">
<B><FONT size=1 face="Times New Roman">)</FONT></B></TD>
	<TD width="10%" align=right>
<FONT size=1 face="Times New Roman">(23</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">28 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P style="margin-top: 0">
&nbsp;</P>




<p>
<font size="5"><b>Consolidated Statements of Operations</b></font><B><font size="5"><br>
&nbsp;</font></B></p>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table21">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH&nbsp;31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><font size="1">(in $&nbsp;millions, except share amounts) (unaudited)</font></I><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NOTE&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Operating revenues</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">4,385</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4,343
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Operating expenses&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(2,645</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2,645
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Amortization expense&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(787</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(756
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Restructuring and other items&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(36</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(88
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Total operating expenses&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(3,468</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(3,489
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Operating income</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">917</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">854
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Other income (expense)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">132</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(9
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Interest expense&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(215</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(232
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Pre-tax earnings from continuing operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">834</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">613
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Income taxes&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(213</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(169
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(95</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(41
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Earnings from continuing operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">526</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">403
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">3</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">91
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Net earnings</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">529</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">494
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Dividends on preferred shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(30</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(17
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Net earnings applicable to common shares</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">499</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">477
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Net earnings per common share &#150; basic</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Continuing operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">0.62</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.42
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.10
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Net earnings&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">0.62</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.52
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Net earnings per common share &#150; diluted</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Continuing operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">0.62</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.42
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.10
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Net earnings&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">0.62</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.52
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Dividends per common share</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">0.365</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">0.33
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Average number of common shares outstanding &#150; basic (millions)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">806.0</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">920.5
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<br>
&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">29 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
&nbsp;</P><P>
<B><font size="5">Consolidated Statements of Comprehensive Income<br>
&nbsp;</font></B></P>




<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table22">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH&nbsp;31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><font size="1">(in $&nbsp;millions) (unaudited)</font></I><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NOTE&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Net earnings&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">529</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">494
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Other comprehensive income &#150; net of income taxes&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Net change in
	unrealized gains on available-for-sale financial assets&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,10&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">275</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Net change in gains on derivatives designated as cash flow hedges&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,10&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Net change in
	unrealized gains on currency translation adjustment (CTA)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,10&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">72
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Other comprehensive income</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">279</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">72
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Comprehensive income</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">808</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">566
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<br>
&nbsp;<P>
<B><font size="5">Consolidated Statements of Deficit<br>
&nbsp;</font></B></P>




<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table23">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH&nbsp;31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><font size="1">(in $&nbsp;millions) (unaudited)</font></I><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NOTE&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Balance at beginning of period&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(4,343</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(4,763
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 24px"><font size="1">Adjustment to
deficit upon adoption of new financial
instruments accounting standards on January&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">4</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Net earnings&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">529</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">494
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Dividends declared on preferred shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(30</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(17
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Dividends declared on common shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(296</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(302
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Excess of purchase price over stated capital of common shares cancelled and related contributed surplus&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(93</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(159
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Balance at end of period</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(4,229</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(4,747
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<br>
&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">30 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
&nbsp;</P><p>
<B><font size="5">Consolidated Balance Sheets<br>
&nbsp;</font></B></p>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table24">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">MARCH&nbsp;31,</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">DECEMBER&nbsp;31,
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><font size="1">(in $&nbsp;millions) (unaudited)</font></I><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NOTE&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">ASSETS</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Current assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Cash and cash equivalents&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">106</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">569
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Accounts receivable&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,961</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,864
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Other current assets&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,214</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,226
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 24px">
<font size="1">Current assets of discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">20</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total current assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">3,301</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3,684
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Capital assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">22,033</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">22,079
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Other long-term assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">10&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">3,256</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3,030
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Indefinite-life intangible assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,913</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2,902
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Goodwill</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">7&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,906</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5,475
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Non-current assets of discontinued operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">26</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">37,435</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">37,171
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
&nbsp;</TD>
	<TD width="12%" align=left>
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">LIABILITIES</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Current liabilities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Accounts payable and accrued liabilities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,994</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3,234
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Interest payable&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">188</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">165
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Dividends payable&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">342</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">315
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Debt due within one year&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,639</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">986
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 24px">
<font size="1">Current liabilities of discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">4</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total current liabilities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,167</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4,702
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Long-term debt</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">11,327</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">11,781
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Other long-term liabilities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,025</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5,139
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Non-current liabilities of discontinued operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total liabilities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">21,521</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">21,624
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Non-controlling interest</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">7,8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,167</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2,180
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
&nbsp;</TD>
	<TD width="12%" align=left>
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">SHAREHOLDERS&#146; EQUITY</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Preferred shares</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,770</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,670
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Common shareholders&#146; equity</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Common shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">13,382</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">13,487
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Treasury stock&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(4</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Contributed surplus&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,546</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2,555
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 24px">
<font size="1">Accumulated other comprehensive income (loss)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,10&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">282</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Deficit&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(4,229</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(4,343
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total common shareholders&#146; equity</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">11,977</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">11,697
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total shareholders&#146; equity</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">14,747</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">13,367
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total liabilities and shareholders&#146; equity</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">37,435</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">37,171
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><br>
&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">31 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
&nbsp;</P><p>
<B><font size="5">Consolidated Statements of Cash Flows<br>
&nbsp;</font></B></p>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table25">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">FOR THE THREE MONTHS ENDED MARCH&nbsp;31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><font size="1">(in $&nbsp;millions) (unaudited)</font></I><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NOTE&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash flows from operating activities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Earnings from continuing operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">526</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">403
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 12px">
<font size="1">Adjustments to reconcile earnings from continuing operations to cash flows from operating activities:&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Amortization expense&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">787</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">756
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Net benefit plans cost&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">102</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">136
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Restructuring and other items&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">36</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">88
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Net gains on investments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(121</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Future income taxes&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">111</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">198
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">95</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">41
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Contributions to employee pension plans&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(108</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(31
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Other employee future benefit plan payments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(24</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Payments of restructuring and other items&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(52</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(36
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 30px"><font size="1">Operating assets and liabilities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(385</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(580
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash flows from operating activities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">967</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">948
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash flows from investing activities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Capital expenditures&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(722</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(581
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Business acquisitions&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(147</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(27
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Bell&nbsp;Aliant Regional Communications Income Fund (Bell&nbsp;Aliant)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(4</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(22
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Increase in investments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(13</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(14
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Decrease in investments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">7</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">51
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Other investing activities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="100%" align=left colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash flows used in investing activities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(877</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(596
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash flows from financing activities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Increase (decrease) in notes payable and bank advances&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">315</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(67
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Issue of long-term debt&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,025</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Repayment of long-term debt&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(1,175</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(297
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Issue of common shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">14</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Repurchase of common shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">8&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(223</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(525
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Issue of equity securities by subsidiaries to non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Redemption of equity securities by subsidiaries from non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(74</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Cash dividends paid on common shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(270</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(305
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Cash dividends paid on preferred shares&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(23</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(21
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Cash dividends/distributions paid by subsidiaries to non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(113</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(61
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Other financing activities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(41</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(14
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash flows used in financing activities</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(565</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(1,286
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Cash used in continuing operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(475</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(934
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Cash provided by discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">5</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,367
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Net (decrease) increase in cash and cash equivalents&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">(470</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">433
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Cash and cash equivalents at beginning of period&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">581</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">445
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash and cash equivalents at end of period</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">111</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">878
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Consists of:&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><font size="1">Cash and cash equivalents of continuing operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">106</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">873
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><font size="1">Cash and cash equivalents of discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">5</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">111</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">878
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">32 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
&nbsp;</P>
<P>
<b><font size="5">Notes to Consolidated Financial Statements</font></b></P>
<P>
<I><font size="2">The interim consolidated financial statements should be read in conjunction with BCE&nbsp;Inc.&#146;s annual consolidated financial statements for the year ended December&nbsp;31,&nbsp;2006, on pages 64 to 105 of BCE&nbsp;Inc.&#146;s&nbsp;2006 annual report.</font></I></P>
<P>
<FONT size=2 face="Times New Roman"></FONT><I><font size="2">These notes are unaudited.</font></I></P>
<P>
<font size="2">We, us, our <I>and </I>BCE&nbsp;</font> <I><font size="2">mean BCE&nbsp;Inc., its subsidiaries and joint ventures. References to Bell&nbsp;Aliant include matters relating to, and actions taken by, both&nbsp;Aliant&nbsp;Inc. (Aliant) and its affiliated entities prior to July&nbsp;7,&nbsp;2006, and Bell&nbsp;Aliant Regional Communications Income Fund
and its affiliated entities on and after such date.</font></I></P>
<P>
<I><font size="2">All amounts are in&nbsp;millions of Canadian dollars, except where noted.</font></I></P>
<P>
&nbsp;</P>
<P>
<b><font size="4">Note 1. Significant Accounting Policies</font></b></P>
<P>
<font size="2">We have prepared the consolidated financial statements according to Canadian generally accepted accounting principles (GAAP) using the same basis of presentation and accounting policies as outlined in Note 1 to the annual consolidated financial
statements for the year ended December&nbsp;31,&nbsp;2006, except as noted below.</font></P>
<b><font size="2">COMPARATIVE FIGURES</font></b><P>
<font size="2">We have reclassified some of the figures for the comparative periods in the consolidated financial statements to make them consistent with the presentation for the current period.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">We have restated financial information for the previous periods to reflect the sale of&nbsp;Aliant Directory Services (ADS) which is shown as discontinued operations.</font></P>
<b><font size="2">ADOPTION OF NEW ACCOUNTING STANDARDS</font></b><p><B>Accounting Changes</B></p>
<P>
<font size="2">The CICA issued section 1506 of the CICA Handbook, <I>Accounting Changes</I>, which establishes criteria for changing accounting policies and describes how to apply changes in accounting policies, accounting estimates, and changes resulting from the
correction of errors. These changes, including the related disclosure requirements, came into effect as of January&nbsp;1,&nbsp;2007 and did not impact our financial statements.</font></P>
<B>Financial Instruments and Comprehensive Income</B><P>
<font size="2">We adopted CICA Handbook Section 3855, <I>Financial Instruments &#150; Recognition and Measurement</I>; Section 3865, <I>Hedges</I>; and Section 1530, <I>Comprehensive Income </I>as of January&nbsp;1,&nbsp;2007. The initial adoption of these new standards did
not have a significant effect on the consolidated balance sheets. Details of the transition adjustments are presented in the consolidated Statements of Deficit and in Note 10, <I>Accumulated Other Comprehensive Income</I>. The resulting changes in
our accounting policies are described below.</font></P>
Available-for-sale financial assets<P>
<font size="2">We generally classify our investments in securities as available-for-sale. They are classified in the balance sheet as other long-term assets. These securities are initially recorded at their acquisition cost, including related transaction costs, on
the date of trade. Investments in publicly-traded securities are subsequently adjusted to fair value as at the date of the balance sheet, and the corresponding unrealized gains and losses are recorded in other comprehensive income. As of March&nbsp;31,
2007 we recognized unrealized gains on our available-for-sale financial assets of $300&nbsp;million.</font></P>
Long-term debt<P>
<font size="2">Long-term debt, including related debt issue costs, is accounted for at amortized cost using the effective interest method, unless the debt is recorded at fair value as part of a hedging relationship.</font></P>
Fair value hedges<P>
<font size="2">Our fair value hedges principally consist of interest rate swaps used to manage the effect of changes in interest rates relating to fixed-rate long-term debt. Changes in the fair value of these derivatives and the related long-term debt are
recognized in the statements of operations and offset, except for any ineffective portion of the hedging relationship.</font></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">33 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<P>
<font size="4"><b>Note 1. Significant Accounting Policies </b>(continued)</font></P>
Cash flow hedges<p><font size="2">Our cash flow hedges principally consist of cross-currency swaps and forward foreign exchange contracts that mitigate the foreign currency risk on certain long-term debt instruments and purchase commitments. Changes in the fair value of these
derivatives are recognized in other comprehensive income, except for any ineffective portion which is recognized immediately in income. Realized gains and losses in accumulated other comprehensive income are transferred to the statements of
operations in the same period the hedged item is recognized in income.</font></p>
Embedded derivatives<P>
<font size="2">We separately account for any derivatives embedded in other instruments, except for foreign currency derivatives embedded in a non-financial instrument, as permitted by the new standards.</font></P>
Comprehensive Income<P>
<font size="2">Our consolidated Statements of Comprehensive Income includes unrealized gains and losses on available-for-sale
financial assets and changes in the fair value of derivative instruments designated as cash flow hedges. Foreign currency translation gains and
losses on net investments in self-sustaining operations also are included in other comprehensive income.</font></P>
&nbsp;<p><b><font size="4">Note 2. Segmented Information</font></b></p>
<P>
<font size="2">In the first quarter of&nbsp;2007, our management structure changed and as a result, our results of operations now are reported in four segments: <I>Bell&nbsp;Wireline, Bell&nbsp;Wireless, Bell&nbsp;Aliant </I>and <I>Telesat</I>. We have restated prior periods to
reflect these new segments. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance.
<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">The Bell&nbsp;Wireline segment provides local telephone, long distance, data (including
Internet access), video and other services to Bell&nbsp;Canada&#146;s residential, small and medium-sized business
and large enterprise customers, primarily in the urban areas of Ontario and Qu&eacute;bec. Video services are provided nationwide. Also
included in this segment is our Wholesale business which provides local telephone, long distance, wireless, data and other services to resellers and other carriers.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">The Bell&nbsp;Wireless segment provides wireless telephone and paging services and products to Bell&nbsp;Canada&#146;s residential, small and medium-sized business and large enterprise customers across&nbsp;Canada.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">The Bell&nbsp;Aliant segment provides local telephone, long distance, data, and other information technology and communication services to residential and business customers in the Atlantic provinces, and in rural Ontario
and Qu&eacute;bec. <br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">Telesat provides satellite communications and systems management and is a consultant in establishing, operating and upgrading satellite systems worldwide.</font></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">34 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P align="right">
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<P>
<font size="4"><b>Note 2. Segmented Information </b>(continued)</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table26">
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px">

<b><font size="2">EARNINGS</font></b>&nbsp;
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
&nbsp;</TD>
	<TD width="15%" align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" colspan=2 align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="85%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Operating revenues</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireline&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">External customers&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,597</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2,652
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">Inter-segment&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">41</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">44
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,638</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2,696
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireless&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">External customers&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">943</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">870
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">Inter-segment&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">9</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">11
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">952</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">881
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" colspan=2 align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Inter-segment eliminations &#150; Bell&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(11</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(13
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="85%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">3,579</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3,564
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">External customers&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">757</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">735
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">Inter-segment&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">94</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">88
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">851</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">823
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Telesat&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">External customers&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">88</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">86
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">Inter-segment&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">34</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">32
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">122</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">118
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" colspan=2 align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Inter-segment eliminations &#150; BCE&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(167</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(162
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="85%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total operating revenues</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4,385</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4,343
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR>
	<TD colspan=6 width="57%" height="12">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Operating income</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireline&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">416</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">436
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireless&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">295</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">218
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">711</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">654
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">177</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">169
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Telesat&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">38</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">39
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Inter-segment eliminations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(9</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(8
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total operating income</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">917</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">854
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Other income (expense)&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">132</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(9
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Interest expense&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(215</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(232
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Income taxes&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(213</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(169
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(95</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(41
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" colspan=2 align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Earnings from continuing operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">526</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">403
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="85%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><p><b>
<font size="2">ASSETS</font></b></p>


<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table27">
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">MARCH 31,</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">DECEMBER 31,
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<hr color="#000000" size="1">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireline&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">24,459</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">24,473
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireless&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,219</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5,304
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<hr color="#000000" size="1">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">29,678</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">29,777
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">6,285</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6,045
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Telesat&nbsp;
</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,885</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,845
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<hr color="#000000" size="1">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Inter-segment eliminations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(413</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(496
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<hr color="#000000" size="1">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="57%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total assets</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">37,435</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">37,171
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="6">
<hr color="#000000" size="1"><hr color="#000000" size="1">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">35 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<P>
<b><font size="4">
Note 2. Segmented Information </b>(continued)<b> </b>
</font></P>
<P>

<B><font size="2">GOODWILL </font></B><font size="2">&nbsp;
	</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0 id="table28" width="100%">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">MARCH 31,</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">DECEMBER 31, </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireline&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">3,437</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3,429
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireless&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,248</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,248
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4,685</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4,677
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">1,124</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">700
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Telesat&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">97</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">98
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total goodwill</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,906</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5,475
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>

<B><font size="2">CAPITAL EXPENDITURES</font></B></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table29">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireline&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">403</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">349
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireless&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">139</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">77
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">542</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">426
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">115</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">112
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Telesat&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">65</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">43
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total capital expenditures</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">722</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">581
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>

<B><font size="2">AMORTIZATION EXPENSE</font></B></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table30">
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireline&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">518</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">476
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Wireless&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">111</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">111
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">629</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">587
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">142</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">151
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Telesat&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">16</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">18
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total amortization expense</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">787</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">756
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
&nbsp;</P>
<P>
<b><font size="4">Note 3. Employee Benefit Plans </font></b></P>
<P>
<font size="2">We provide pension and other post-employment benefits for most of our employees. These include defined benefit (DB) and defined
contribution (DC) plans.</font></P>
<P>
<b><font size="2">NET BENEFIT PLANS COST&nbsp;
	</font></b>
	</P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table31">
<TR valign="bottom">
	<TD width="58%" align=left>
<font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp; </font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<font size="1">Pension benefits:&nbsp; </font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">DB plans cost&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(63</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(86
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">DC plans cost&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(10</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(8
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<font size="1">Other future benefits cost&nbsp; </font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(29</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(42
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%" align=left>
<B><font size="1">Net benefit plans cost</font></B><font size="1"><SUP>(1)</SUP>&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(102</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(136
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="86%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<SUP><font size="1">(1) </font> </SUP><font size="1">Net benefit plans cost is included as part of operating expenses in the statements of operations.
</font>
<p>&nbsp;</p>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">36 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P align="right">
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<P>
<font size="4"><b>Note 3. Employee Benefit Plans </b>(continued)</font></P>
<P>

<B><font size="2">DB PLANS COST</font></B><font size="2">&nbsp;
	</font>
	</P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table32">
<TR valign="bottom">
	<TD width="44%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" colspan=3 align=center>
<font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PENSION BENEFITS</font></TD>
	<TD width=2% align=center>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" colspan=3 align=center>
<font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER BENEFITS</font></TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Current service cost&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(71</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(70
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(3</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(7
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Interest cost on accrued benefit obligation&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(215</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(209
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(25</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(27
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Expected return on plan assets&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">257</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">244
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">3</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Amortization of past service costs&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(3</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Amortization of net actuarial losses&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">(31
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(47
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(9</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(6
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Amortization of transitional asset (obligation)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">1</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(6
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Increase in valuation allowance&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">DB plans cost</font></B></TD>
	<TD width="12%" align=right>
<B><font size="1">(63</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(86
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(29</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(42
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
<font size="2">The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under
	other employee future benefit plans.&nbsp;
	</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table33">
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" colspan=3 align=center>
<font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PENSION BENEFITS</font></TD>
	<TD width=2% align=center>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" colspan=3 align=center>
<font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER BENEFITS</font></TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(23</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(24
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Bell&nbsp;Canada&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(85</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(7
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(22</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(23
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(108</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(31
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(24</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Comprised of:&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Contributions to DB plans&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(99</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(29
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(24</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Contributions to DC plans&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(9</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1"><b>&#150;</b>
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
&nbsp;</P>
<P>
<b><font size="4">Note 4. Restructuring and Other Items</font></b></P>
<P>
<font size="2">The following tables provide a summary of the costs recognized in the first three months of&nbsp;2007 as well as the corresponding liability
	as at March&nbsp;31,&nbsp;2007.</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table34">
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Restructuring&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(35</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(45
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Real estate&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(6</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(13
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Total restructuring costs&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(41</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(58
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Other charges&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(30
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Restructuring and other items</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(36</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(88
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
&nbsp;</P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table35">
<TR valign="bottom">
	<TD width="44%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">BELL CANADA
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">BELL ALIANT </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">CONSOLIDATED
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Balance in accounts payable and accrued liabilities at December&nbsp;31,&nbsp;2006&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">85
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">89
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">2007 Restructuring costs<SUP>(1)</SUP>&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">7
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">7
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Real estate&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">6
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Less:&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Cash payments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(26
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Balance in accounts payable and accrued liabilities at March&nbsp;31,&nbsp;2007</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">73
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<b>
<font size="1">&nbsp;
	</font>
	</b>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">3
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<b>
<font size="1">&nbsp;
	</font>
	</b>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">76
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="100%" align=left colspan="9">
<SUP><font size="1">(1) </font> </SUP><font size="1">Excludes amounts related to net benefit plans cost ($28&nbsp;million).&nbsp;
	</font>
	</TD>
</TR>
</TABLE><BR>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">37 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<P>
<font size="4"><b>Note 4. Restructuring and Other Items</b> (continued)</font></P>
<b><font size="2">RESTRUCTURING COSTS</font></b><P>
<font size="2">Restructuring costs of $41&nbsp;million in the first quarter of&nbsp;2007 consist mainly of:</font></P>
<ul>
	<li><font size="2">charges at Bell&nbsp;Canada of $9&nbsp;million related to restructuring initiatives for the involuntary departure of approximately 160 employees
	</font></li>
	<li><font size="2">charges at Bell&nbsp;Canada of $26&nbsp;million related to the voluntary early retirement plan for the
departure of approximately 250 employees.
Of the 250 employees, 202 chose to receive immediate pension and post-employment benefits, and 190 also chose to receive an additional guaranteed pension payable up to 65 years of age. The remaining 48 employees will receive a special cash
allowance. The program is complete and the remaining payments will be completed
	in the second quarter of April&nbsp;2007.</font></li>
	<li><font size="2">charges at Bell&nbsp;Canada of $6&nbsp;million for relocating employees and closing real estate facilities that are no longer needed because of the reduction in the workforce between 2004 to&nbsp;2007, bringing our cumulative expense since 2004 to $134
million. We expect to spend approximately $30&nbsp;million to relocate employees and close real estate facilities no longer needed as a result of our&nbsp;2005 and&nbsp;2006 restructuring initiatives that will be expensed as incurred.</font></li>
</ul>
<P>
<font size="2">In addition, as part of our plan to relocate employees to campus environments in Calgary, Toronto and Montreal, to be complete by 2009, we expect to spend approximately $15&nbsp;million for relocation costs and $100&nbsp;million for lease vacancy costs
beginning in 2008 and extending to 2024.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">Restructuring costs of $58&nbsp;million in the first quarter of&nbsp;2006 consist mainly of:</font></P>
<ul>
	<li><font size="2">charges at Bell&nbsp;Canada of $45&nbsp;million related to restructuring initiatives for the involuntary departure of approximately 900 employees
	</font></li>
<li><font size="2">charges at Bell&nbsp;Canada of $13&nbsp;million to relocate employees and close real estate facilities that
are no longer needed because of the reduction in the workforce as a result of our 2004 to&nbsp;2006 restructuring initiatives.</font></li>
</ul>
<b><font size="2">OTHER CHARGES</font></b><P>
<font size="2">During the first quarter of&nbsp;2006, we recorded other charges of $30&nbsp;million related to transaction costs associated with the formation of Bell&nbsp;Aliant. These transaction costs relate mainly to financial advisory, professional and consulting fees.</font></P>
<P>
&nbsp;</P>
<P>
<b><font size="4">Note 5. Other Income (Expense)</font></b></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table36">
<TR valign="bottom">
	<TD width="72%" align=left>
<font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<font size="1">Net gains on investments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">121</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<font size="1">Interest income&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">12
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<font size="1">Securitization losses&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(15</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(13
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<font size="1">Other&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">21</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(10
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<B><font size="1">Other income (expense)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">132</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(9
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P>
<b><font size="2">NET GAINS ON INVESTMENTS</font></b></P>
<P>
<font size="2">Net gains on investments of $121&nbsp;million in the first quarter of&nbsp;2007 resulted from: </font></P>
<ul>
	<li><font size="2">a $92&nbsp;million dilution gain from the Bell&nbsp;Nordiq Income Fund privatization
	</font></li>
<li><font size="2">other net gains on investments of $29&nbsp;million.</font></li>
</ul>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">38 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P align="right">
Notes to Consolidated Financial Statements</P>
<P style="margin-top: 0">
&nbsp;</P>
<P>
<b><font size="4">Note 6. Discontinued Operations</font></b></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table37">
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006<sup>(1)</sup>
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">ADS&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">CTVglobemedia&nbsp;Inc.&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">1</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">7
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">CGI Group&nbsp;Inc. (CGI)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">80
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Emergis&nbsp;Inc.&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1"><b>Net gain from discontinued operations</b>&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">3</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">91
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
<font size="2">The following table is a summarized statement of operations for the discontinued operations.
	</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table38">
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006<sup>(1)</sup>
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Revenue&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">10</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">425
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="100%" align=left colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Income from discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">7</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">37
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Gain from discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">80
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Income tax expense on operating income&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(15
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(2</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(11
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Net gain from discontinued operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">3</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">91
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P>
<font size="2">The following table is a summary of cash provided by discontinued operations.&nbsp;
	</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table39">
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2006<sup>(1)</sup>
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Cash flows from (used in) operating activities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(88
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Cash flows from investing activities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">831
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Cash flows from financing activities&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">&#150;</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">624
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Cash provided by discontinued operations</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1,367
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P style="margin-top: 0">
<font size="1">&nbsp;</font><font size="1"><sup>(1)</sup> Included in discontinued
operations for the first quarter of 2006 are the results of CTVglobemedia Inc.</font></P>
<P>
<b>ADS</b></P>
<P>
<font size="2">On February&nbsp;19,&nbsp;2007, Yellow Pages Group (YPG), through Yellow Pages Income Fund, and Bell&nbsp;Aliant announced that they had entered into a memorandum of understanding for YPG to acquire the assets of ADS, a partnership currently held 87.14% by Bell&nbsp;Aliant and the balance by YPG. As at March&nbsp;31,&nbsp;2007, we have accounted for ADS as a discontinued operation and no longer proportionately consolidate its financial results. The transaction is expected to be finalized in the second quarter of&nbsp;2007.
ADS was previously included in the Bell&nbsp;Aliant segment.</font></P>
<P>
<b>CGI</b></P>
<P>
<font size="2">On January&nbsp;12,&nbsp;2006, CGI bought 100&nbsp;million of its Class A shares from us and we realized total net proceeds of $849&nbsp;million. The proceeds were offset by the deconsolidation of CGI&#146;s cash on hand of $81&nbsp;million. The gain on disposition was $79
million. Included in the net assets sold was goodwill of $674&nbsp;million.</font></P>
<P>
&nbsp;</P>
<P>
<b><font size="4">Note 7. Goodwill</font></b></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table40">
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Balance &#150; December&nbsp;31,&nbsp;2006&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,475</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Goodwill arising from current period acquisitions&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">445</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
 <p style="text-indent: -12px; margin-left: 12px"><font size="1">Goodwill
	arising from contingent consideration paid in respect of a prior year&#146;s acquisition&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">1</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Goodwill disposition resulting from issuance of units at Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(36</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Goodwill arising from repurchase of units at Bell&nbsp;Aliant&nbsp;
</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">22</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1">Other&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">(1</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<B><font size="1">)</font></B><font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font size="1"><b>Balance &#150; March&nbsp;31,&nbsp;2007&nbsp;</b>
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,906</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">39 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<font size="4"><b>Note 7. Goodwill </b>(continued)</font><p><b><font size="2">BELL NORDIQ INCOME FUND</font></b></p>
<P>
<font size="2">The goodwill arising from current period acquisitions, none of which is expected to be deductible for tax purposes, arose mainly from the acquisition by Bell&nbsp;Aliant of the remaining 36.7% interest in Bell&nbsp;Nordiq Group&nbsp;Inc. that it did not already
own. On January&nbsp;16,&nbsp;2007, Bell&nbsp;Nordiq Income Fund unitholders approved the privatization of Bell&nbsp;Nordiq Income Fund, previously announced on October&nbsp;11,&nbsp;2006. On January&nbsp;29,&nbsp;2007, the Bell&nbsp;Nordiq Income Fund unitholders received a special
distribution of $4.00 cash per unit and, on January&nbsp;30,&nbsp;2007, received 0.4113 of a Bell&nbsp;Aliant unit for each Bell&nbsp;Nordiq Income Fund unit held. As a result, the impact on our balance sheet for non-controlling interest is an increase of $179
million.</font></P>
<b><font size="2">SUMMARIZED BALANCE SHEET INFORMATION</font></b><P>
<font size="2">The following is a summarized balance sheet disclosing the fair values assigned to each major asset and liability class as at the dates of acquisition.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">The purchase price allocation for all&nbsp;2007 acquisitions includes certain estimates. The final purchase price allocation for each business acquisition will be completed within 12 months of the acquisition date.</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table41">
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">BELL NORDIQ&nbsp; </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">OTHER&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">TOTAL&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Consideration received:</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Goodwill&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">438&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">7&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">445&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Non-controlling interest&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">95&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">2&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">97&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Net assets acquired</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">533</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">9</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1"><b>542</b>&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table42">
<TR valign="bottom">
	<TD width="58%" height="12">
	</TD>
	<TD width="12%" align=left height="12">
	</TD>
	<TD width=2% height="12">
	</TD>
	<TD width="12%" align=left height="12">
	</TD>
	<TD width=2% height="12">
	</TD>
	<TD width="12%" align=left height="12">
	</TD>
	<TD width="2%" align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Consideration given:</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Cash&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">135&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">7&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">142&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 24px">
<font size="1">Acquisition costs&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">4&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">4&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Non-cash&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">394&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">2&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">396&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Total</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">533</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">9</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<B><font size="1">542</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="7">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">40 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P align="right">
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<p>

<b><font size="4">Note 8. Share Capital</font></b></p>
<p>

<b><font size="2">PREFERRED SHARES</font></b></p>
<P>
<font size="2">The following table is a summary of the principal terms of BCE&nbsp;Inc.&#146;s First Preferred Shares. There were no Second Preferred Shares issued and outstanding at March&nbsp;31,&nbsp;2007. BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended, describe the
terms and conditions of these shares in detail.</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table43">
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" colspan=3 align=center>
<font size="1">NUMBER OF SHARES&nbsp;
	</font>
	</TD>
	<TD width="1%" align="center">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" colspan=3 align=center>
<font size="1">STATED CAPITAL&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="6%">
	</TD>
	<TD width="1%">
	</TD>
	<TD width="7%">
	</TD>
	<TD width="1%">
	&nbsp;</TD>
	<TD width="10%">
	</TD>
	<TD width="1%">
	</TD>
	<TD width="12%">
	</TD>
	<TD width="1%">
	</TD>
	<TD width="11%">
	</TD>
	<TD width="1%">
	</TD>
	<TD width="10%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=8 width="16%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">ANNUAL
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">DIVIDEND
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">CONVERTIBLE&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">CONVERSION&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">REDEMPTION&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">REDEMP-&nbsp; </font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="3%" align=right>
<font size="1">ISSUED AND</font></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
	<TD width="2%" align=right>
<b>
<font size="1">AT MARCH 31</font></b></TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">AT DEC. 31&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">SERIES&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">RATE
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">INTO&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">DATE&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">DATE&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">TION PRICE&nbsp; </font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">AUTHORIZED&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">OUTSTANDING&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<b>
<font size="1">2007&nbsp;
	</font>
	</b>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">2006&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="20">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">Q&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;R&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">December&nbsp;1, 2015&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">8,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">&#150;</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">R&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">4.54%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;Q&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">December&nbsp;1,&nbsp;2010&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">December&nbsp;1,&nbsp;2010&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">8,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">8,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">200</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">200&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">S&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;T&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">November&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">8,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">2,279,791&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">57</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">57&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">T&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">4.502%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;S&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">November&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">November&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">8,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">5,720,209&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">143</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">143&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">Y&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;Z&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">December&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">10,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">1,147,380&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">29</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">29&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">Z&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">5.319%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;Y&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">December&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">December&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">10,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">8,852,620&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">221</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">221&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AA&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">5.45%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AB&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">September&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">September&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">20,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">20,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">510</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">510&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AB&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AA&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">September&nbsp;1,&nbsp;2012&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">20,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">&#150;</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AC&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">5.54
	%</font></TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AD&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">March&nbsp;1,&nbsp;2008&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">March&nbsp;1,&nbsp;2008&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">20,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">20,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">510</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">510&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AD&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AC&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">March&nbsp;1, 2013&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">20,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">&#150;</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AE&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AF&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">February&nbsp;1,&nbsp;2010&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">24,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">1,914,218&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">48</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AF&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">4.40%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AE&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">February&nbsp;1,&nbsp;2010&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">February&nbsp;1,&nbsp;2010&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">24,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">14,085,782&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">352</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AG&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">4.35%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AH&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">May&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">May&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">22,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">10,051,751&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">251</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AH&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AG&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">May&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">22,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">3,948,249&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">99</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AI&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">4.65%
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AJ&nbsp; </font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">August&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">August&nbsp;1,&nbsp;2011&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.00&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">22,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">14,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">350</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">AJ&nbsp; </font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=right>
<font size="1">floating
	</font>
	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=right>
<font size="1">Series&nbsp;AI&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">August&nbsp;1,&nbsp;2016&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=right>
<font size="1">At any time&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">$25.50&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">22,000,000&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">&#150;</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">&#150;&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="20">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="6%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width="1%" align=left>
&nbsp;</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="11%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="10%" align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<B><font size="1">2,770</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="7%" align=right>
<font size="1">1,670&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="20">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P>
<B>Plan of Arrangement</B></P>
<P>
<font size="2">On January&nbsp;25,&nbsp;2007, the articles of amalgamation of BCE&nbsp;Inc. were amended to create six new Series&nbsp;of First Preferred Shares. These new series of preferred shares were created further to a plan of arrangement of Bell&nbsp;Canada whereby all of the
issued and outstanding Bell&nbsp;Canada Class A Preferred Shares Series&nbsp;15, 16, 17, 18, 19 and 20, having a stated capital of $1,100&nbsp;million as at December&nbsp;31,&nbsp;2006, were exchanged for the corresponding Series&nbsp;AE, AF, AG, AH, AI and AJ of First Preferred
Shares of BCE&nbsp;Inc. The impact on our balance sheet was a reclassification from our non-controlling interest to preferred shares of $1,100&nbsp;million. This plan of arrangement became effective on January&nbsp;31,&nbsp;2007. The characteristics of the preferred
shares of BCE&nbsp;Inc. issued under the plan of arrangement are described below.</font></P>
<P>
Voting Rights</P>
<P>
<font size="2">Subsequent to the plan of arrangement whereby the Bell&nbsp;Canada preferred shares were exchanged for BCE&nbsp;Inc. preferred shares, these issued and outstanding preferred shares are non-voting, except under special circumstances when the holders are
entitled to one vote per share.</font></P>
<P>
Entitlement to Dividends</P>
<P>
<font size="2">Holders of Series&nbsp;AF, Series&nbsp;AG and Series&nbsp;AI shares are entitled to fixed cumulative quarterly dividends. The dividend rate on these shares is reset every five years, as set out in BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">Holders of Series&nbsp;AE and Series&nbsp;AH are entitled to floating adjustable cumulative monthly dividends. The floating dividend rate on these shares is calculated every month, as set out in BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">If Series&nbsp;AJ shares are issued, their holders will be entitled to floating adjustable cumulative monthly dividends.</font></P>
<P>
Conversion Features</P>
<P>
<font size="2">Subsequent to the plan of arrangement whereby the Bell&nbsp;Canada preferred shares were exchanged for BCE&nbsp;Inc. preferred shares, all of the issued and outstanding preferred shares at March&nbsp;31,&nbsp;2007 are convertible at the holder&#146;s option into
another associated series of preferred shares on a one-for-one basis according to the terms set out in BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended.</font></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">41 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<font size="4"><b>Note 8. Share Capital </b>(continued)</font><p>Redemption Features</p>
<P>
<font size="2">Subsequent to the plan of arrangement whereby the Bell&nbsp;Canada preferred shares were exchanged for BCE&nbsp;Inc. preferred shares, BCE&nbsp;Inc. may redeem each of Series&nbsp;AF, AG and AI shares on the applicable redemption date and every five years after that
date. <br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">BCE&nbsp;Inc. may redeem Series&nbsp;AE, and AH shares at any time at $25.50 per share.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">If Series&nbsp;AJ shares are issued, BCE&nbsp;Inc. may redeem them at any time at $25.50 per share.</font></P>
Normal Course Issuer Bid (NCIB)<P>
<font size="2">On December&nbsp;12,&nbsp;2006, BCE&nbsp;Inc. announced its plan to renew its share repurchase program for an additional 12-month period to repurchase
up to 5% of its outstanding common shares through a NCIB for which BCE&nbsp;Inc. obtained approval from the Toronto Stock
Exchange (TSX) on February&nbsp;6,&nbsp;2007. As at March&nbsp;31,&nbsp;2007, BCE&nbsp;Inc. had repurchased a total of 7.4&nbsp;million common shares, representing approximately 18% of the total common shares targeted for repurchase, for a total cash outlay of $227&nbsp;million.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">Of the shares repurchased, 7.3&nbsp;million shares were cancelled for a total cost of $223&nbsp;million. Of the total cost, $121&nbsp;million represents stated capital and reduced the total value of common shares and $9&nbsp;million reduced the contributed surplus
attributable to these common shares. The remaining $93&nbsp;million was charged to the deficit.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">The remaining 0.1&nbsp;million common shares which had been repurchased for a total of $4&nbsp;million have been recorded as treasury stock as they had not been cancelled as at March&nbsp;31,&nbsp;2007.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">At March&nbsp;31,&nbsp;2007, BCE&nbsp;Inc. had 800.9&nbsp;million common shares issued and outstanding.</font></P>
<P>
&nbsp;</P>
<font FACE="CyclesNineLF-SemiBold" SIZE="4"><b>
<p ALIGN="LEFT">Note 9. Stock-Based Compensation Plans </p>
</b></font>
<P>
<b><font size="2">
RESTRICTED SHARE UNITS (RSUs)&nbsp;
</font></b></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table44">
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NUMBER OF
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">RSUs
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Outstanding, January&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2,985,035
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Granted&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">56,465
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Dividends credited&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">33,006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Payments&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Forfeited&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(77,233
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="86%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Outstanding, March&nbsp;31,&nbsp;2007</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2,997,273</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><P>
<font size="2">For the three months ended March&nbsp;31,&nbsp;2007 and March&nbsp;31,&nbsp;2006, we recorded compensation expense for RSUs of $17&nbsp;million and $11&nbsp;million, respectively.</font></P>
<P>
<b><font size="2">STOCK OPTIONS&nbsp; </font></b> </P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table45">
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">WEIGHTED&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">AVERAGE&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">NUMBER
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">EXERCISE&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">OF SHARES
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">PRICE&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Outstanding, January&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">24,241,848
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">$33&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Granted&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5,739,106
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">$31&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Exercised&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(552,461
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">$27&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Expired/forfeited&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(6,426,521
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">$31&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Outstanding, March&nbsp;31,&nbsp;2007</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">23,001,972</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">$33</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Exercisable, March&nbsp;31,&nbsp;2007</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">16,131,394</font></B><font size="1"> </font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">$34</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
&nbsp;</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><P>
<font size="2">For options   granted before January&nbsp;1, 2004, the right to exercise options generally vests or accrues at 25% a year for four years of continuous employment from the date of grant, unless a special vesting period applies. Options become exercisable
when they vest and can generally be exercised for a period of up to 10 years from the date of grant.</font></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">42 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P align="right">
Notes to Consolidated Financial Statements</P>
<P>
&nbsp;</P>
<font FACE="CyclesNineLF-SemiBold" SIZE="4"><b>
<p ALIGN="LEFT">Note 9. Stock-Based Compensation Plans </b>(continued)</p>
</font>
<P>
<font size="2">For most options granted from January&nbsp;1, 2004 until December&nbsp;31,&nbsp;2006, the right to exercise options vested after two and three years of continuous employment from the date of grant and if a specific company-wide performance target was met. Options
were exercisable when they vested and for a period up to six years from the date of grant. On March&nbsp;7,&nbsp;2007, it was determined that the target was not met and all of these stock options were forfeited.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">For most options granted as of March 2007, the right to exercise
options generally vests or accrues at 25% a year for four years of continuous
employment from the date of grant, unless a special vesting period applies.
Options become exercisable when they vest and can generally be exercised for a
period of up to 6 years from the date of grant.<br>
</font>
<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P>
<b><font size="2">ASSUMPTIONS USED IN STOCK OPTION PRICING MODEL</font></b></P>
<P>
<font size="2">The following table shows the assumptions used to determine the stock option expense using the Black-Scholes option pricing model.</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%" id="table46">
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">FOR THE THREE MONTHS ENDED MARCH 31&nbsp;

	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">2006
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Compensation expense ($&nbsp;millions)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">3</font></B><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Number of stock options granted&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">5,739,106</font></B><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">132,200
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Weighted average fair value per option granted ($)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4</font></B><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">Weighted average assumptions:&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Dividend yield&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4.5%</font></B><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">4.3%
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Expected volatility&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">20%</font></B></TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">17%
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Risk-free interest rate&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4.0%</font></B></TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">4.0%
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Expected life (years)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<B><font size="1">4.5</font></B><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width="12%" align=right>
<font size="1">3.5
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P>
<b><font size="4">Note 10. Accumulated Other Comprehensive Income (Loss)</font></b></P>
<P>
<font size="2">The following table summarizes the changes in the balance of each classification within accumulated other comprehensive income (loss).</font></P>
<TABLE border=0 cellspacing=0 cellpadding=0 id="table47">
<TR valign="bottom">
	<TD width="44%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">AVAILABLE-</font></TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
<font size="1">DERIVATIVES
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">ACCUMULATED
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">FOR-SALE
	</font>
	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
<font size="1">DESIGNATED
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">CURRENCY
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">OTHER
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
<font size="1">&nbsp;</font></TD><TD width="12%" align=right><font size="1">FINANCIAL</font></TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
<font size="1">AS CASH FLOW</font></TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">TRANSLATION</font></TD>
	<TD width="2%" align=right>
&nbsp;</TD>
	<TD width="12%" align=right>
<font size="1">COMPREHENSIVE</font></TD><TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">ASSETS</font></TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
<font size="1">HEDGES
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">ADJUSTMENT
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">INCOME (LOSS)
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 12px"><font size="1">Restatement of previously recognized CTA upon
	adoption of new financial instruments accounting standards on January&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 &nbsp;</TD>
	<TD width="12%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 12px"><font size="1">Adjustments to opening balance in accumulated other comprehensive income (loss) upon adoption of new financial instruments accounting
	standards on January&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(20
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">5
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 12px"><font size="1">Balance in accumulated other comprehensive income (loss) at January&nbsp;1,&nbsp;2007&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">25
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(20
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">3
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="12%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Details of other comprehensive income</font></B><font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=left>

	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Unrealized gains&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">339
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">342
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Reclassification adjustment included in earnings&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">1
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 24px"><font size="1">Income taxes&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(64
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">&#150;
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">(64
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">)&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Other comprehensive </font> </B><font size="1"><b>income</b>&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">275
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">2
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<font size="1">279
	</font>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="44%">
 <p style="text-indent: -12px; margin-left: 12px">
<B><font size="1">Balance in accumulated other comprehensive income </font></B>
	<font size="1"><B>(loss) at March&nbsp;31,&nbsp;2007</B>&nbsp;
	</font>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">300
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<b>
<font size="1">&nbsp;
	</font>
	</b>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">(18
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<b>
<font size="1">)&nbsp;
	</font>
	</b>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">&#150;
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<b>
<font size="1">&nbsp;
	</font>
	</b>
	</TD>
	<TD width="12%" align=right>
<b>
<font size="1">282
	</font>
	</b>
	</TD>
	<TD width=2% align=left>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="9">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2">43 BCE&nbsp;INC.&nbsp;2007 QUARTERLY REPORT</font></P>
<P>
&nbsp;</P>
<p>

<img border="0" src="logo.jpg" width="216" height="92"><br>
&nbsp;</p>
<TABLE border=0 cellspacing=0 cellpadding=0 width="62%" id="table48">
<TR valign="bottom">
	<TD width="30%" align=left>
<p style="margin-top: 0; margin-bottom: 0">
<B><font size="2">BCE&nbsp;Inc.</font></B><font size="2">
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="30%">
<p style="margin-top: 0; margin-bottom: 0">
<font size="2">For further information concerning the Dividend</font></TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">1000, rue De La Gaucheti&egrave;re Ouest</font></TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Reinvestment and Stock Purchase Plan (DRP),</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Bureau 3700</font></TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">direct deposit of dividend payments, the</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Montr&eacute;al (Qu&eacute;bec)</font></TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">elimination of multiple mailings or the receipt</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">H3B 4Y7</font></TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">of quarterly reports, please contact:</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">www.bce.ca</font></TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Computershare Trust</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0">
<B><font size="2">Communications</font></B><font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Company of&nbsp;Canada</font></TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">e-mail: bcecomms@bce.ca&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">100 University Avenue,&nbsp;
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">tel: 1 888 932-6666&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">9th Floor,&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">fax: (514) 870-4385&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Toronto, Ontario&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">M5J 2Y1&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">This document has been filed by BCE&nbsp;Inc.&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
 <p style="margin-top: 0; margin-bottom: 0"><font size="2">tel:
	(514) 982-7555</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">with Canadian securities commissions and&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">or 1 800 561-0934&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">the U.S. Securities and Exchange Commission.&nbsp;
	</font>
	</TD>
	<TD width="2%" align=right>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
 <p style="margin-top: 0; margin-bottom: 0"><font size="2">fax: (416) 263-9394</font></TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">It can be found on BCE&nbsp;Inc.&#146;s website at&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%">
<p style="margin-top: 0; margin-bottom: 0">
<font size="2">or 1 888 453-0330</font></TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">www.bce.ca, on SEDAR at www.sedar.com&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">e-mail: bce@computershare.com&nbsp;
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">and on EDGAR at www.sec.gov&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">or is available upon request from:&nbsp;</font></TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">PRINTED IN CANADA&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">07-05 BCE-1E&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0">
<B><font size="2">Investor Relations</font></B><font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%">
<p style="margin-top: 0; margin-bottom: 0">
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">e-mail: investor.relations@bce.ca&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">tel: 1 800 339-6353&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">fax: (514) 786-3970&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">For additional copies of these&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">statements, please call&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">1 888 932-6666.&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Pour obtenir un exemplaire&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">de la version fran&ccedil;aise de ce document,&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="25%" align=left>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">composez le 1 888 932-6666.&nbsp;
</font>
	</TD>
	<TD width="2%" align=left>

	<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD width="25%" align=left>
&nbsp;</TD>
</TR>
</TABLE>&nbsp;<HR noshade size=1 color="#000000">

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<TYPE>EX-4
<SEQUENCE>5
<FILENAME>ceocfocerts.htm
<DESCRIPTION>CEO-CFO CERTIFICATES
<TEXT>
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   <TITLE> CEO/CFO Certification of Interim Filings </TITLE>
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<P align="right">
<font face="TimesNewRoman,Bold,Times New Roman,Times,serif">EXHIBIT 4</font></P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">Certification of Interim Filings </FONT></B></P>
<P align="center">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="100%" colspan="5" align="left" valign="top">
		<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">I, Michael J. Sabia, President and Chief Executive Officer of BCE Inc., certify that: </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">1.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">I have reviewed
the interim filings (as this term is defined in Multilateral Instrument 52-109&nbsp;</FONT><I><FONT size=2 face="TimesNewRoman,Italic,Times New
Roman,Times,serif">Certification of Disclosure in Issuers&#146; Annual and Interim
Filings</FONT></I><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)
of BCE&nbsp;Inc. (the issuer) for the interim period ending March&nbsp;31,&nbsp;2007; </FONT></P>
		</td>
	</tr>
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		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">2.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a
statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">3.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the
financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings; </FONT></P>
		</td>
	</tr>
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		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">4.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">The issuer&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for
the issuer, and we have: </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">a.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the interim filings are being prepared; and </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">b.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP; and </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">5.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">I have caused the issuer to disclose in the interim MD&amp;A any change in the issuer&#146;s internal control over financial reporting that occurred during the issuer&#146;s most
recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="48%">
		<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Dated: May 2, 2007</FONT></td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
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	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">By: </FONT></td>
		<td width="48%" align="left" valign="top">
<P align="left">
<U><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(signed) </FONT></U><I><U><FONT size=2 face="TimesNewRoman,Italic,Times New Roman,Times,serif">Michael J. Sabia </FONT></U></I>
<FONT size=2 face="TimesNewRoman,Times New
Roman,Times,serif">&nbsp;</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top"><FONT size=2 face="TimesNewRoman,Times New
Roman,Times,serif">Michael J. Sabia</FONT></td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">President and Chief Executive Officer </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">
		<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">BCE Inc. </FONT></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">250832 v4 </FONT></P>
<P align="left">
&nbsp;</P><hr>

<P align="center">
&nbsp;</P>
<P align="center">
<B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">Certification of Interim Filings </FONT></B></P>
<P align="center">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table5">
	<tr>
		<td width="100%" colspan="5" align="left" valign="top">
		<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">I, Siim A. Vanaselja, Chief Financial Officer of BCE Inc., certify that: </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">1.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 </FONT><I><FONT size=2 face="TimesNewRoman,Italic,Times New
Roman,Times,serif">Certification of Disclosure in Issuers&#146; Annual and Interim Filings</FONT></I><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">) of BCE&nbsp;Inc. (the issuer) for the interim period ending March&nbsp;31,&nbsp;2007; </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">2.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a
statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">3.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the
financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings; </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">4.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">The issuer&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for
the issuer, and we have: </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">a.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the interim filings are being prepared; and </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">b.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP; and </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">5.</FONT></td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="96%" colspan="3" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">I have caused the issuer to disclose in the interim MD&amp;A any change in the issuer&#146;s internal control over financial reporting that occurred during the issuer&#146;s most
recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="92%" align="left" valign="top">&nbsp;</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table6">
	<tr>
		<td width="48%">
		<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Dated: May 2, 2007</FONT></td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">By: </FONT></td>
		<td width="48%" align="left" valign="top">
<P align="left">
<U><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(signed)</FONT></U><I><U><FONT size=2 face="TimesNewRoman,Italic,Times New Roman,Times,serif"> Siim A. Vanaselja</FONT></U></I></P>
		</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Siim A. Vanaselja </FONT></P></td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Chief Financial Officer </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="48%">&nbsp;</td>
		<td width="4%" align="left" valign="top">&nbsp;</td>
		<td width="48%" align="left" valign="top">
		<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">BCE Inc. </FONT></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">250828 v3 </FONT></P>

<P align="left">
&nbsp;</P>

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<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>cover.jpg
<DESCRIPTION>SHAREHOLDER COVER
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>7
<FILENAME>newsreleaseq1.htm
<DESCRIPTION>Q1 NEWS RELEASE
<TEXT>
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<p align="right"><font face="Times New Roman">EXHIBIT 5</font></p>
<p>&nbsp;</p>
<p><font face="Times New Roman">




<IMG src="bcenewslogo.jpg" border=0>
<BR>
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<P>
<FONT size=7 face="Times New Roman">News Release</FONT></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<FONT face="Times New Roman">For immediate release </FONT></P>
<P>
<I><FONT size=2 face="Times New Roman">This news release contains forward-looking statements. For a description of the related risk factors and assumptions please see the section entitled &#147;Caution Concerning Forward-Looking
Statements&#148; later in this release. This release should be read in conjunction with BCE Inc.'s 2007 First Quarter MD&amp;A dated May 1, 2007 (available at </FONT><U>
<FONT color="#0000ff" size=2
face="Times New Roman">http://www.bce.ca/data/documents/reports/en/2007/q1/2007q1-sr-en.pdf</FONT></U><FONT size=2 face="Times New Roman">) which is incorporated by reference in this release,
filed by BCE Inc. with the U.S. Securities and Exchange Commission under Form 6-K and with Canadian securities commissions.</FONT></I><B><I><FONT size=2 face="Times New Roman"> </FONT></I></B></P>
<P align="center">
<B><FONT size=2 face="Times New Roman">BCE REPORTS 2007 FIRST QUARTER RESULTS </FONT></B></P>
<ul>
	<li><B><FONT size=2 face="Times New Roman">Solid EBITDA growth from ARPU improvements contribute to increase in EPS
	</FONT></B></li>
	<li><B><FONT size=2 face="Times New Roman">Wireline segment tracking to plan, erosion rates declining
	</FONT></B></li>
	<li><B><FONT size=2 face="Times New Roman">Wireless net additions down, steady financial performance
	</FONT></B></li>
	<li><B><FONT size=2 face="Times New Roman">Customer service levels strengthening
	</FONT></B></li>
</ul>
<P>
<B><FONT size=2 face="Times New Roman">MONTR&Eacute;AL, Qu&eacute;bec, May 2, 2007</FONT></B><FONT size=2 face="Times New Roman"> &#150; Bell Canada&#146;s improving wireline segment combined with further cost
reductions led to steady financial performance as BCE Inc. (TSX, NYSE: BCE), Canada&#146;s largest communications company, today reported results for the first quarter of 2007. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">&#147;Once again, we were able to deliver solid EBITDA growth and that contributed to an increase in earnings per share,&#148; said Michael Sabia, President and Chief Executive Officer of BCE and
Chief Executive Officer of Bell Canada. &#147;Overall, our wireline services held their own against competitors this quarter. There was less erosion in our local and long distance revenues and we had good performance in high-speed Internet. We also
continued to deliver on our cost reduction goals. However, aggressive changes in our wireless strategy during the last quarter had a significant adverse impact on wireless subscriber growth.&#148; </FONT></P>
<P>
<FONT size=2 face="Times New Roman">In this quarter, local line losses decreased due in part to winbacks and other initiatives in our residential and SMB units. These results support the Company&#146;s expectation that residential
local line losses will stabilize in 2007. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">Bell achieved steady revenue increases in both its residential high-speed Internet and video services. The SMB unit also had solid revenue growth in Internet and VAS/VCIO services. The Enterprise
unit achieved higher margins on customer deals won this quarter and contributed positively to EBITDA. However, demand in the enterprise data market remains a challenge. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">In the wireless segment, net activations were 13,000 this quarter compared to 76,000 last year due primarily to lower postpaid gross activations and higher prepaid churn. Despite the lower level
of activations, wireless revenues grew due to a $4 increase in ARPU which reflected pricing initiatives and growth in wireless data revenues of over 50%. Wireless EBITDA </FONT></P>
<P>
&nbsp;</P>
<P align="center">
<font face="Times New Roman" size="2">- 1 -</font></P>

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<A name="page_2"></A>

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&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">increased 23% and margins on network revenues increased by 4.1 percentage points due mainly to higher ARPU and lower subscriber acquisition costs.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">&#147;Although we&#146;re pleased with the performance of our wireline segment, the challenges we encountered with wireless subscriber growth in Q4 extended into this quarter,&#148; said George
Cope, President and Chief Operating Officer of Bell Canada.</FONT><B><FONT size=2 face="Times New Roman"> </FONT></B>
<FONT size=2 face="Times New Roman">&#147;We continue to work toward striking a balance
between achieving our fair share of gross activations while at the same time growing ARPU more cost effectively. New initiatives like Bell to Bell Calling and an improved handset line-up showed traction in March and April, but there is more to
do.&#148;</FONT></P>
<P>
<FONT size=2 face="Times New Roman">&#147;We will continue to expand our handset line-up, improve our distribution effectiveness, introduce innovative promotions and pricing plans, promote our SOLO brand, and further enhance the
quality of our network,&#148; Mr. Cope said.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Bell&#146;s continuing commitment to cost reduction yielded an additional $86 million of savings this quarter, on track with the target for 2007. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">On customer service, Bell increased first call resolution by 3.6 percentage points from Q4 2006 to 78%, while the rate of missed appointments for wireline installations and repairs improved by 10%
and 23% respectively compared to Q1 2006. For Internet customers, residential high-speed repair times improved by 69% over last year and service outages were reduced by 20% compared to Q4 2006. For video, customers in 86% of postal codes can now get
next day service. For wireless customers, dropped call rates improved and contact center service levels were enhanced. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">Progress was also made expanding Bell&#146;s distribution channels. During the quarter, 10 new corporate stores were opened and 58 new retail partner locations were added. </FONT></P>
<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Financial Highlights </FONT></B></P>
<P style="margin-top: 0">
<FONT size=2 face="Times New Roman">In the first quarter of 2007, BCE changed its financial reporting to reflect the company&#146;s simplified corporate structure and focus on Bell. Results of operations are now reported in four
segments: Bell Wireline and Bell Wireless (collectively referred to as Bell), Bell Aliant and Telesat.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Also effective this quarter, the Company is including net benefit plans cost (including pension expense) in EBITDA</FONT><SUP><FONT size=2
face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman">, consistent with North American peers. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">Bell&#146;s revenues were $3,579 million in the first quarter, an increase of 0.4% compared to the same period last year. BCE&#146;s revenues were $4,385 million this quarter, up 1.0% due to
higher revenues at Bell, Bell Aliant and Telesat.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">Operating income of $711 million for Bell and $917 million for BCE this quarter reflected increases of 8.7% and 7.4% respectively compared to the same period last year. In each case, lower
restructuring costs and higher EBITDA more than offset higher amortization expenses. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">Bell&#146;s EBITDA grew this quarter by 4.0% to $1,379 million due to ARPU growth, lower subscriber acquisition costs for wireless and lower pension expenses, more than offsetting the continued
erosion of higher margin legacy voice and data services. BCE&#146;s EBITDA this quarter grew by 2.5% to $1,740 million due to EBITDA growth at Bell</FONT><B><FONT size=2 face="Times New Roman">.</FONT></B><FONT size=2
face="Times New Roman"> </FONT></P>
<P>
<FONT size=2 face="Times New Roman">BCE reported cash from operating activities of $967 million this quarter, or 2.0% higher than last year. Free cash flow</FONT><SUP><FONT size=2
face="Times New Roman">(2)</FONT></SUP><FONT size=2 face="Times New Roman"> (FCF) this quarter was negative $159 million compared to FCF of </FONT></P>
<P>
&nbsp;</P>
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&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">negative $23 million last year, due primarily to an increase in capital expenditures of $141 million related mainly to wireless and FTTN network expansion and service quality programs. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">BCE&#146;s net earnings per share (EPS) was $0.62 for the quarter compared to $0.52 for the same period last year. The increase relates to higher EBITDA and a lower base of BCE common shares
outstanding. The increase also reflects a dilution gain on the privatization of the Bell Nordiq Income Fund.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">EPS before restructuring and other items, net gains on investments and costs incurred to form Bell Aliant</FONT><SUP><FONT size=2 face="Times New Roman">(3)</FONT></SUP><FONT
size=2 face="Times New Roman">, the figure used for financial guidance purposes,</FONT><SUP><FONT size=2 face="Times New Roman"> </FONT></SUP>
<FONT size=2 face="Times New Roman">was $0.52 in the
quarter, compared to $0.49 in the same period last year reflecting higher EBITDA and a lower base of BCE common shares outstanding. </FONT></P>
<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Operational Highlights </FONT></B></P>
<P style="margin-top: 0">
<FONT size=2 face="Times New Roman">On April 4, 2007, the Canadian government established new criteria relating to forbearance of residential and business local exchange services, which will accelerate the pace of forbearance in
local exchange markets which meet the new criteria. Forbearance will provide Bell with the flexibility to bundle and package local telephony services with other non-regulated services. On April 11, 2007, Bell applied for forbearance in six major
Canadian cities in Ontario and Qu&eacute;bec and is expecting decisions from the CRTC in Q3, 2007. On May 1, 2007, Bell applied for forbearance in additional local exchanges outside the six major cities.</FONT><I><FONT size=2
face="Times New Roman"> </FONT></I><FONT size=2 face="Times New Roman">In addition, this regulatory change has eliminated the restrictions on customer winbacks and other promotions effective immediately.
</FONT></P>
<P>
<FONT size=2 face="Times New Roman">On April 30, 2007, the CRTC established new pricing rules governing the rates charged by large telephone companies for local telephone services in areas which remain regulated. These new rules
come into effect on June 1, 2007. They reflect a more market-based approach to regulation and provide Bell with greater flexibility. </FONT></P>
<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Bell Wireline Segment </FONT></B></P>
<P style="margin-top: 0">
<FONT size=2 face="Times New Roman">The Bell Wireline segment performed well against plan this quarter as the rate of revenue erosion in local and long distance improved and it achieved the first quarter of reduced year over year
local access line (NAS) losses since the launch of competing services by cable companies.</FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">For the quarter, Bell Wireline revenues decreased by 2.2% to $2,638 million as gains in video, high-speed Internet and VAS/VCIO revenues were
more than offset by legacy revenue erosion and a decline in ICT sales. </FONT>
	</li>
	<li><FONT size=2 face="Times New Roman">Bell Wireline operating income decreased 4.6% to $416 million due to the loss of high-margin legacy services and higher amortization expenses.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Local and access revenue erosion was curtailed for the second quarter in a row, but revenues declined by 5.3% to $910 million due mainly to the
loss of NAS and related line features to cable competitors.</FONT></li>
	<li><FONT size=2 face="Times New Roman">NAS declines of 107,000 this quarter were an improvement over the decline of 133,000 in Q1 2006 due to fewer losses in our residential unit as a
result of an increase in customer winbacks as well as higher wholesale demand and
	moderating losses in our SMB unit. This was the first quarter of reduced year over year NAS losses since the launch of competing services by cable companies.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Long distance revenue declined 9.1% to $310 million compared to last year due to NAS erosion and substitution to wireless and the Internet.
However, the rate of decline of long distance revenue has been steadily improving since Q1 2006 due to various pricing actions. Long distance continues to face competitive pricing pressures, particularly in enterprise and wholesale markets.
	</FONT></li>
</ul>
<P>&nbsp;</P>
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<P>
&nbsp;</P>
<ul>
	<li><FONT size=2 face="Times New Roman">Data revenues increased 0.7% this quarter to $893 million due to growth in Internet revenues, higher IP Broadband revenues and higher VAS/VCIO
sales to SMB customers partly offset by the further erosion of legacy data services and lower enterprise ICT sales.
	</FONT></li>
<li><FONT size=2 face="Times New Roman">Fiber-to-the-node rollout continued this quarter, increasing the number of neighbourhood nodes deployed by 180 to 3,792.
</FONT></li>
</ul>
<P>
<B><FONT face="Times New Roman">High-speed Internet </FONT></B></P>
<ul>
	<li><FONT size=2 face="Times New Roman">Total subscribers grew by 10.3% to 1,941,000.
	</FONT></li>
<li><FONT size=2 face="Times New Roman">Net additions of 43,000 subscribers, were up 16.2% over last year, reflecting the success of hardware offers, including PC Fusion and LCD Monitor
programs, improved performance in the Qu&eacute;bec market, as well as a new low in churn.
</FONT></li>
	<li><FONT size=2 face="Times New Roman">Portal revenues increased by 33%.
	</FONT></li>
<li><FONT size=2 face="Times New Roman">Sympatico / MSN had 19.8 million unique visitors this quarter, representing 87% of online Canadians.
</FONT></li>
<li><FONT size=2 face="Times New Roman">Sympatico / MSN also had 75 million video streams, or four and half times more than last year.</FONT><B><FONT size=2
face="Times New Roman"> </FONT></B></li>
</ul>
<P>
<B><FONT face="Times New Roman">Video </FONT></B></P>
<ul>
	<li><FONT size=2 face="Times New Roman">First quarter revenues were up 13.4% from last year to $314 million.
	</FONT></li>
<li><FONT size=2 face="Times New Roman">ARPU increased by $4 to $57. </FONT>
</li>
<li><FONT size=2 face="Times New Roman">EBITDA grew by 34.1% to $55 million with EBITDA margin increasing by 2.7 percentage points to 17.5%.
</FONT></li>
<li><FONT size=2 face="Times New Roman">Total subscribers increased by 4.9% to reach 1,824,000.
</FONT></li>
	<li><FONT size=2 face="Times New Roman">The net addition of 4,000 subscribers this quarter was lower than the 12,000 recorded last year due to decreased sales through independent retail channels and slightly higher churn at 1.1%.
	</FONT></li>
<li><FONT size=2 face="Times New Roman">Bell remains Canada&#146;s leading digital TV and HD provider.
</FONT></li>
</ul>
<P>
<B><FONT face="Times New Roman">Bell Wireless Segment </FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">In the first quarter, the Bell Wireless segment had significantly lower net additions than last year while its financial performance was steady. </FONT></P>
<ul>
	<li><FONT size=2 face="Times New Roman">Bell Wireless revenues grew 8.1% this quarter due to higher ARPU and a larger subscriber base, partly offset by lower handset sales. Wireless
network revenues increased by 11.9%. </FONT></li>
	<li><FONT size=2 face="Times New Roman">Operating income for Bell Wireless increased by 35% to $295 million reflecting higher revenues,
lower total subscriber acquisition costs and lower customer retention and handset upgrade costs.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">With higher ARPUs and lower subscriber acquisition costs, Bell Wireless EBITDA increased 22.7% to $405 million and EBITDA margins on network
revenues increased 4.1&nbsp;percentage points to 45.7%. </FONT></li>
	<li><FONT size=2 face="Times New Roman">Blended ARPU increased by $4 to $52 while postpaid ARPU and prepaid ARPU increased by
$3 and $2 to $64 and $15, respectively. Wireless data revenue growth of over 50% contributed to the increases.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Blended churn was unchanged year over year at 1.6% with postpaid churn decreasing to 1.2% from 1.3% while prepaid churn increased to 2.9% from
2.5% reflecting a change in the prepaid deactivation policy to better align with industry practice.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">The Bell Wireless customer base increased by 5.5% to 5,821,000. This total reflects the removal of 146,000 non-revenue generating customers from
the prepaid subscriber base at the beginning of the year as a result of a change in the prepaid deactivation policy.</FONT></li>
</ul>
<P>&nbsp;</P>
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<P>&nbsp;</P>
<ul>
	<li><FONT size=2 face="Times New Roman">Total gross activations were 296,000, down 13.5% from last year due to lower postpaid activations caused by weaker sales, fewer promotional
incentives, a stricter credit policy for new activations and new handset introductions by our competitors.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Total net activations were 13,000 this quarter compared to 76,000 in Q1 2006 due to lower postpaid gross activations and higher prepaid churn.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">The outlook for growth of wireless customers in 2007 is now in the 4%-6% range rather than the 8%-10% range originally expected given the level
of additions this quarter and the recent termination of a significant public sector contract that will increase the level of deactivations as the individual service agreements under the overall public sector contract expire.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Consistent with North American industry practices, total wireless gross activations, net activations and subscribers include 100% of Virgin
Mobile&#146;s subscribers.</FONT></li>
	<li><FONT size=2 face="Times New Roman">Wireless ARPU, churn, usage per subscriber and cost of acquisition continue to be computed by including 50% of Virgin Mobile&#146;s results, a
level corresponding to Bell&#146;s ownership position. </FONT></li>
	<li><FONT size=2 face="Times New Roman">Bell&#146;s high-speed Evolution, Data Optimized (EVDO) network now has a footprint covering approximately 60% of the Canadian population.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Bell began the Rev A overlay to the EVDO network which will enable peak download speeds of more than 3 Mbps.
	</FONT></li>
	<li><FONT size=2 face="Times New Roman">Introduced Canada&#146;s thinnest handset, the Samsung m610, and announced that the BlackBerry 8830 World Edition smartphone, the first CDMA
BlackBerry to support international roaming on GSM/GPRS networks will be available this summer.
	</FONT></li>
</ul>
<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Bell Aliant Regional Communications </FONT></B></P>
<P style="margin-top: 0">
<FONT size=2 face="Times New Roman">Bell Aliant&#146;s revenues increased 3.4% in the first quarter to $851 million due to growth in Internet, data and information technology (IT) services. Operating income increased 4.7% to $177
million due to lower amortization expense which offset lower EBITDA from higher expenses related to growth in IT revenues and higher labour costs. </FONT></P>
<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Telesat </FONT></B></P>
<P style="margin-top: 0">
<FONT size=2 face="Times New Roman">Telesat&#146;s revenues were $122 million in the first quarter, up 3.4% over the previous year, due to growth of its two-way broadband service and its Telipro</FONT><SUP><FONT size=2
face="Times New Roman">TM</FONT></SUP><FONT size=2 face="Times New Roman"> IP-based network satellite solution. Operating income was $38 million, down 2.6% due to higher expenses associated with higher
sales.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">The determination of the use of the proceeds from the sale of Telesat will be dependent on the outcome of the review of strategic alternatives announced by the Company on April 17, 2007.
</FONT></P>
<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Normal Course Issuer Bid (NCIB) </FONT></B></P>
<P style="margin-top: 0">
<FONT size=2 face="Times New Roman">To date, BCE has purchased and cancelled 7.3 million shares related to its 2007 NCIB program. That program which began on February 9, 2007 was intended to purchase for cancellation up to 40
million, or 5% of BCE&#146;s outstanding common shares. This program has been suspended pending the review of strategic alternatives. </FONT></P>
<P>
&nbsp;</P>
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<P style="margin-bottom: 0">
<B><FONT face="Times New Roman">Outlook</FONT></B></P>
<P style="margin-top: 0">
<I><FONT size=2 face="Times New Roman">Refer to the section entitled &#147;Caution Concerning Forward-Looking Statements&#148; later in this news release for a discussion concerning the material risk factors that could
affect, and the material assumptions underlying, our 2007 guidance. </FONT></I></P>
<div align="center">
<TABLE border=0 cellpadding=0 width="50%" style="border-collapse: collapse; border: 1px solid #000000">
<TR valign="bottom">
	<TD width=22%>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=26% align=right style="border: 1px solid #000000">
<B><FONT size=2 face="Times New Roman">Guidance 2007E(i)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD style="border: 1px solid #000000">
&nbsp;</TD>
	<TD style="border: 1px solid #000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" colspan="2" style="border: 1px solid #000000">
<B><FONT size=2 face="Times New Roman">Bell</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">Revenue growth</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=26% align=right style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">3% - 5%</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">EBITDA growth</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=26% align=right style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">4% - 6%</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">Capital intensity</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=26% align=right style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">16% - 17%</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" colspan="2" style="border: 1px solid #000000">
<B><FONT size=2 face="Times New Roman">BCE Inc.</FONT></B><font face="Times New Roman">&nbsp;&nbsp;
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">EPS growth (ii)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=26% align=right style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">4% - 7%</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22%>
<FONT size=2 face="Times New Roman">Free cash flow</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=26% align=right style="border: 1px solid #000000">
<FONT size=2 face="Times New Roman">$700M - $900M</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE></div>
&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="10%">&nbsp;</td>
		<td width="90%" colspan="2"><FONT size=2 face="Times New Roman">BCE confirmed the 2007 financial guidance above. However, it expects to achieve the lower end of the guidance range for Revenue and EBITDA growth. </FONT>
		</td>
	</tr>
	<tr>
		<td width="10%">&nbsp;</td>
		<td width="90%" colspan="2">&nbsp;</td>
	</tr>
	<tr>
		<td width="10%">&nbsp;</td>
		<td width="5%">&nbsp;</td>
		<td width="85%">
<FONT size=2 face="Times New Roman">(i) Bell&#146;s 2007 financial guidance for
		revenues, EBITDA and capital intensity is exclusive of Bell Aliant. <br>
(ii)
		Before restructuring and other items, net gains on investments and costs
		incurred to form Bell Aliant. Assumes completion of the normal course
		issuer bid for the repurchase of approximately 5% of BCE Inc.&#146;s
		outstanding common share announced on February 6, 2007. However, pending
		completion of BCE Inc.&#146;s strategic alternatives review, purchases under
		the normal course issuer bid have been suspended. </FONT></td>
	</tr>
</table>
<P>
<B><FONT face="Times New Roman">Notes</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">The information contained in this news release is unaudited. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">(1) The term EBITDA does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies. We define EBITDA
(earnings before interest, taxes, depreciation and amortization) as operating revenues less operating expenses, meaning it represents operating income before amortization expense and restructuring and other items. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">We use EBITDA, among other measures, to assess the operating performance of our ongoing businesses without the effects of amortization expense and restructuring and other items. We exclude these
items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. We exclude amortization expense because it largely depends on the accounting methods and assumptions a
company uses, as well as non-operating factors such as the historical cost of capital assets. Excluding restructuring and other items does not imply they are necessarily non-recurring. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">EBITDA allows us to compare our operating performance on a consistent basis. We believe that certain investors and analysts use EBITDA to measure a company&#146;s ability to service debt and to meet
other payment obligations, or as a common measurement to value companies in the telecommunications industry. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">The most comparable Canadian GAAP financial measure is operating income. Please refer to the section of the BCE 2007 Q1 MD&amp;A entitled &#147;Non-GAAP Financial Measures&#148; for a reconciliation of
EBITDA to operating income. For 2007, we expect growth in operating income to be between 13% to 15% for Bell Canada excluding Bell Aliant. </FONT></P>
<P>
&nbsp;</P>
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&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">(2) The term free cash flow does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies. We define
it as cash from operating activities after capital expenditures, total dividends and other investing activities. We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows how
much cash is available to repay debt and to reinvest in our company. We present free cash flow consistently from period to period, which allows us to compare our financial performance on a consistent basis. We believe that free cash flow is also
used by certain investors and analysts in valuing a business and its underlying assets. The most comparable Canadian GAAP financial measure is cash from operating activities. Please refer to the section of the BCE 2007 Q1 MD&amp;A entitled &#147;Non-GAAP
Financial Measures&#148; for a reconciliation of free cash flow to cash from operating activities. For 2007, BCE expects to generate approximately $700&nbsp;million to $900&nbsp;million in free cash flow. This amount reflects expected cash from operating
activities of approximately $5.6 billion to $5.8 billion less capital expenditures, total dividends and other investing activities. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">(3) The term net earnings (or EPS) before restructuring and other items, net gains on investments, and costs incurred to form Bell Aliant does not have any standardized meaning according to
Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">We use net earnings (or EPS) before restructuring and other items, net gains on investments, and costs incurred to form Bell Aliant, among other measures, to assess the operating performance of
our ongoing businesses without the effects of after-tax restructuring and other items, net gains on investments, and costs incurred to form Bell Aliant. We exclude these items because they affect the comparability of our financial results and could
potentially distort the analysis of trends in business performance. Excluding these items does not imply they are necessarily non-recurring. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">The most comparable Canadian GAAP financial measure is net earnings applicable to common shares. Please refer to the section of the BCE 2007 Q1 MD&amp;A entitled &#147;Non-GAAP Financial Measures&#148; for
a reconciliation of net earnings before restructuring and other items, net gains on investments, and costs incurred to form Bell Aliant to net earnings applicable to common shares on a total and per share basis. </FONT></P>
<P>
<B><FONT face="Times New Roman">Call with Financial Analysts </FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">BCE will hold a conference call for financial analysts to discuss its first quarter results on </FONT>
<B><FONT size=2 face="Times New Roman">Wednesday, May 2 at 8:00 a.m</FONT></B><FONT size=2 face="Times New Roman">. (Eastern). </FONT><I>
<FONT size=2 face="Times New Roman">Media are
welcome to participate on a listen-only basis</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>
<P>
<FONT size=2 face="Times New Roman">To participate, please dial (416) 641-6105 or toll-free 1-866-696-5895 shortly before the start of the call. A replay will be available for one week by dialing (416) 695-5800 or 1-800-408-3053 and
entering passcode 3220130#. This conference call will also be webcast live and archived for 90 days on BCE&#146;s website at: </FONT><U>
<FONT color="#0000ff" size=2
face="Times New Roman">http://www.bce.ca/en/investors/investorevents/quarterlyresults/</FONT></U><FONT size=2 face="Times New Roman">. The mp3 file will also be available for download on this page shortly after the
call. </FONT></P>
<P>
<B><FONT face="Times New Roman">Call with Media </FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">BCE will also hold a conference call for the media to discuss its first quarter results on </FONT>
<B><FONT size=2 face="Times New Roman">Wednesday, May 2, 2007 at 2:00 p.m.</FONT></B><FONT size=2 face="Times New Roman"> (Eastern).</FONT></P>
<P>
<FONT size=2 face="Times New Roman">To participate, please dial (514) 861-0443 or 1-866-542-4238</FONT><B><FONT size=2 face="Times New Roman"> </FONT></B>
<FONT size=2
face="Times New Roman">shortly before the start of the call. A replay will be available for one week. To access the replay, please dial (514) 861-2272 or 1-800-408-3053 and enter passcode 3221297#. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">To sign up for an RSS feed of BCE&#146;s corporate and financial news, please click here: </FONT><U>
<FONT color="#0000ff" size=2
face="Times New Roman">http://bce.ca/en/news/rss/index.php</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P>
<P>
&nbsp;</P>
<P align="center">
<font face="Times New Roman" size="2">- 7 -</font></P>

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<font face="Times New Roman">


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<P>
&nbsp;</P>
<P>
<B><FONT face="Times New Roman">Caution Concerning Forward-Looking Statements </FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">Certain statements made in this press release, including, but not limited to, the statements appearing under the &#147;Outlook&#148; section, and other statements that are not historical facts, are
forward-looking statements and are subject to important risks, uncertainties and assumptions. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements contained in this press release represent the expectations of BCE Inc., Bell Canada and their respective subsidiaries, joint ventures and associated companies (collectively we, us, our or
BCE) as of May 2, 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. Except as otherwise indicated by BCE, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other
transactions that may be announced or that may occur after the date hereof. </FONT></P>
<P>
<B><FONT face="Times New Roman">Material Assumptions </FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">A number of Canadian economic and market assumptions were made by BCE in making forward-looking statements for 2007 contained in this release, including but not limited to: (i)&nbsp;Canadian GDP growth
in 2007 to be essentially in line with GDP growth in 2006, consistent with estimates by the Conference Board of Canada, (ii) the Bank of Canada prime rate and the Consumer Price Index, as estimated by Statistics Canada, to decline from their 2006
year-end levels, (iii) growth in the overall Canadian telecommunications market revenues in 2007 to be in line with Canadian GDP growth, (iv) revenues of the residential wireline voice telecommunications market in Canada to continue to decrease in
2007 due to wireless substitution, competition and other factors including the Internet, (v) intense wireline competition in both the business and residential telecommunications markets in Canada to continue in 2007 mainly from cable companies, and
(vi) the 2007 revenue growth rates of the Canadian wireless and video industries to be in line with 2006 and the 2007 revenue growth rate of the Canadian Internet market to be slightly lower than 2006. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">In addition, BCE Inc.&#146;s and Bell Canada&#146;s 2007 guidance is also based on various internal financial and operational assumptions. Our guidance related to Bell Canada (excluding Bell Aliant) is
based on certain assumptions concerning Bell Canada, including but not limited to: (i) revenue growth estimates for 2007 being based upon an assumption of increasing average revenue per unit (&#147;ARPU&#148;) across various lines of service, (ii) a wireless
subscriber growth rate of 4% to 6%, a video subscriber growth rate of 5% to 7% and a high-speed Internet subscriber growth rate of 8% to 10%, Bell Canada&#146;s residential network access services (NAS) losses to stabilize in 2007 compared to 2006,
(iv) Bell Canada&#146;s 2007 total net benefit plans cost, which assumes a discount rate of 5.3%, expected to be approximately $325 million, (v) the funding of our total net benefit plans in 2007 estimated to be approximately $300 million, (vi) Bell
Canada&#146;s capital intensity in 2007 being estimated to be in the 16% to 17% range, and (vii) 2007 productivity improvements at Bell Canada estimated at approximately $450&nbsp;million. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">Our guidance related to BCE Inc. is based on certain assumptions, including but not limited to: (i) in 2007, BCE to incur restructuring costs in the range of $100 million to $150 million, (ii)
amortization expense for 2007 in the range of $3,200 million to $3,300 million, (iii) BCE&#146;s effective tax rate in 2007 to be approximately 26%, (iv) no significant escalation in cash taxes in 2007 as we accelerate the use of Bell Canada&#146;s R&amp;D
tax credits, and (v) EPS for 2007 to be positively impacted by the planned repurchase of common shares under BCE Inc.&#146;s normal </FONT></P>
<P>
&nbsp;</P>
<P align="center">
<font face="Times New Roman" size="2">- 8 -</font></P>

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<P>
<FONT size=2 face="Times New Roman">course issuer bid for approximately 5% of its outstanding common shares. However, pending completion of BCE Inc.&#146;s strategic alternatives review, purchases under the normal course issuer bid
have been suspended. </FONT></P>
<P>
<FONT size=2 face="Times New Roman">The foregoing assumptions, although considered reasonable by BCE at the time of preparation of the related guidance and other forward-looking statements made at the date of this press release, may
prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release. </FONT></P>
<P>
<B><FONT face="Times New Roman">Material Risks that Could Affect our Business and Results </FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">Risk factors that could cause actual results or events to differ materially from current expectations include, among other things: the intensity of competitive activity from both traditional and
new players, which is increasing following the introduction of new technologies that have reduced barriers to entry that existed in the industry, and its impact on our ability to retain existing, and attract new, customers, and on pricing strategies
and financial results; the increase in wireless competitive activity that could result from Industry Canada&#146;s consultation concerning the possible licensing of additional wireless spectrum; the potential adverse impact on our business of
wireless number portability; general economic and market conditions and the level of consumer confidence and spending, and the demand for, and prices of, our products and services; our ability to implement our strategies and plans in order to
produce the expected benefits and growth prospects; our ability to transform our cost structure, improve productivity and contain capital intensity while maintaining quality of services; our ability to anticipate, and respond to, changes in
technology, industry standards and client needs and migrate to and deploy new technologies, including VoIP, and offer new products and services rapidly and achieve market acceptance thereof; events affecting the functionality of our networks or of
the networks of other telecommunications carriers on which we rely to provide our services; our ability to improve and upgrade, on a timely basis, our various IT systems and software on which many aspects of our businesses, including customer
billing, depend; our ability to effectively manage labour relations, negotiate satisfactory labour agreements, including new agreements replacing expired labour agreements, while avoiding work stoppages, and maintain service to customers and
minimize disruptions during strikes and other work stoppages; our ability to maintain customer service and our networks operational in the event of the occurrence of epidemics, pandemics and other health risks; health concerns about radio frequency
emissions; potential legislation restricting in-vehicle use of cell phones; the availability and cost of capital required to implement our business plan and fund capital and other expenditures and the material adverse impact that BCE Inc.&#146;s
strategic alternative review process may have on such availability and cost of capital; that the proposed disposition of Telesat is subject to approvals and other closing conditions, and the adverse impact on BCE&#146;s liquidity should this
transaction not be completed at all or as proposed; the impact of pending or future litigation and of adverse changes in laws or regulations, including tax laws, or in how they are interpreted, or of adverse regulatory initiatives or proceedings,
including decisions by the CRTC affecting our ability to compete effectively; increased pension fund contributions; BCE Inc.&#146;s dependence on the ability of its subsidiaries, joint ventures and associated companies to pay dividends or otherwise
make distributions to it to service BCE Inc.&#146;s indebtedness and to pay associated dividends; BCE Inc.&#146;s ability to maintain its dividend policy; the impact of Bell Aliant&#146;s performance and the tax treatment of income trusts on Bell
Aliant&#146;s ability to make cash distributions to its unitholders; stock market volatility; our ability to find suitable companies to acquire or to partner with, to integrate the operations of acquired companies and to complete dispositions; the
potential for licences on which we rely to provide services to be revoked or not renewed when they expire; launch and in-orbit risks and the ability to obtain appropriate insurance coverage at favourable rates, concerning Telesat&#146;s satellites,
certain of which are used by Bell ExpressVu to provide services. </FONT></P>
<P>
&nbsp;</P>
<P align="center">
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<P>
&nbsp;</P>
<P>
<FONT size=2 face="Times New Roman">For additional information with respect to certain of these and other assumptions and risk factors, please refer to the sections entitled &#147;Competitive Environment&#148;, &#147;Regulatory
Environment&#148; and &#147;Assumptions and Risks Underlying Our Forward Looking Statements&#148; of BCE Inc.&#146;s 2006 annual MD&amp;A contained on pages 39 to 55 of the Bell Canada Enterprises 2006 Annual Report filed by BCE Inc. with the U.S.
Securities and Exchange Commission (SEC), under Form 40-F (available at </FONT><U>
<FONT color="#0000ff" size=2 face="Times New Roman">www.sec.gov</FONT></U><FONT size=2 face="Times New Roman">), and with the
Canadian securities commissions (available at </FONT><U>
<FONT color="#0000ff" size=2 face="Times New Roman">www.sedar.com</FONT></U><FONT size=2 face="Times New Roman">), as updated in BCE Inc.&#146;s 2007 First
Quarter MD&amp;A (BCE 2007 Q1 MD&amp;A) in the sections entitled &#147;Updates to Regulatory Environment&#148; and &#147;Assumptions and Risks Underlying Our Forward Looking Statements&#148; of BCE Inc.&#146;s 2007 First Quarter Shareholder Report
filed by BCE Inc. with the SEC under Form 6-K (also available at </FONT><U>
<FONT color="#0000ff" size=2 face="Times New Roman">www.sec.gov</FONT></U><FONT size=2 face="Times New Roman">) and with the Canadian
securities commissions (also available at </FONT><U>
<FONT color="#0000ff" size=2 face="Times New Roman">www.sedar.com</FONT></U><FONT size=2 face="Times New Roman">). Both the BCE 2006 annual MD&amp;A and BCE 2007
Q1 MD&amp;A are incorporated by reference in this news release and are also available on BCE Inc.&#146;s website at </FONT><U>
<FONT color="#0000ff" size=2
face="Times New Roman">http://www.bce.ca/en/investors/financialperformance/corporatefinancial/bce/</FONT></U><FONT size=2 face="Times New Roman"> </FONT></P>
<P>
<B><FONT face="Times New Roman">About BCE Inc.</FONT></B></P>
<P>
<FONT size=2 face="Times New Roman">BCE is Canada&#146;s largest communications company, providing the most comprehensive and innovative suite of communication services to residential and business customers in Canada. Under the Bell
brand, the Company&#146;s services include local, long distance and wireless phone services, high-speed and wireless Internet access, IP-broadband services, information and communications technology services (or value-added services) and direct-to-home
satellite and VDSL television services. Other BCE holdings include Telesat Canada, a pioneer and world leader in satellite operations and systems management, and an interest in CTVglobemedia, Canada&#146;s premier media company. BCE shares are listed in
Canada, the United States and Europe. </FONT></P>
<P align="center">
<FONT size=2 face="Times New Roman">&#150; 30 &#150; </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="50%">
<TR valign="bottom">
	<TD width="22%" align=left>
<B><FONT face="Times New Roman">For inquiries, please contact:</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="23%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="22%" align=left>
<FONT size=2 face="Times New Roman">Pierre Leclerc</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="23%" align=left>
<FONT size=2 face="Times New Roman">Thane Fotopoulos</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="22%" align=left>
<FONT size=2 face="Times New Roman">Bell Canada, Media Relations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="23%" align=left>
<FONT size=2 face="Times New Roman">BCE, Investor Relations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="22%" align=left>
<FONT size=2 face="Times New Roman">514 391-2007</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="23%" align=left>
<FONT size=2 face="Times New Roman">514 870-4619</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="22%" align=left>
<FONT size=2 face="Times New Roman">1 877 391-2007</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="23%" align=left>
<U><FONT color="#0000ff" size=2 face="Times New Roman">thane.fotopoulos@bell.ca</FONT></U><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="22%" align=left>
<U><FONT color="#0000ff" size=2 face="Times New Roman">pierre.leclerc@bell.ca</FONT></U><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="5%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="23%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font face="Times New Roman"><BR>

</font>
<p align="center"><font face="Times New Roman" size="2">- 10 -</font></p>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>9
<FILENAME>usgaap.htm
<DESCRIPTION>US GAAP REC.
<TEXT>
<HTML>
<HEAD>
   <TITLE> RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<BODY bgcolor="#ffffff">


<font face="Times New Roman" size="2">


<A name="page_1"></A>

</font>

<P align="right">
<font face="Times New Roman">EXHIBIT 2</font></P>
<P>
&nbsp;</P>
<P>
<b>
<FONT face="Times New Roman">RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP </FONT>
</b></P>
<P>
<FONT face="Times New Roman" size="2">Our interim consolidated financial statements are prepared according to Canadian Generally Accepted Accounting Principles (&#147;GAAP&#148;). The following tables provide a reconciliation of the
material differences between Canadian GAAP and United States GAAP relating to the statement of operations and total shareholders&#146; equity. </FONT></P>
<P>
<B><FONT face="Times New Roman">Reconciliation of Net Earnings </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<b>
<FONT size=2 face="Times New Roman">For the three months ended March 31&nbsp;
	</FONT></b>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<b>
<FONT size=2 face="Times New Roman">(in $ millions, except share amounts) (unaudited)&nbsp;
	</FONT></b>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2007</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2006</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<SUP><FONT size=2 face="Times New Roman">&nbsp;(k)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Canadian GAAP - Earnings from continuing operations</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">526</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">403 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Differences:&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Deferred costs </font><SUP>
	<FONT size=2 face="Times New Roman">(a)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(1</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(3 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net benefit plans cost </font><SUP>
	<FONT size=2 face="Times New Roman">(b)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">4</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(6 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Income from joint ventures </font><SUP>
	<FONT size=2 face="Times New Roman">(c)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">80 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Capitalized interest </font><SUP>
	<FONT size=2 face="Times New Roman">(g)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">7</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">10 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Income taxes </font><SUP>
	<FONT size=2 face="Times New Roman">(h)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(45</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">- </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Dilution gain </font><SUP>
	<FONT size=2 face="Times New Roman">(i)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(4</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">- </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">United States GAAP - Earnings from continuing operations</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">489</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">484 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Discontinued operations - United States GAAP <SUP>
	(c) (e)</SUP>&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">1</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">8 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">United States GAAP - Net earnings</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">490</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">492 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Dividends on preferred shares </font><SUP>
	<FONT size=2 face="Times New Roman">(d)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(30</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(18 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=center>
<p align="left" style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">United States GAAP - Net earnings applicable to common shares</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">460</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">474 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Other comprehensive income - net of income taxes</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net change in unrealized gains on available-for-sale investments <SUP>
	(d) (f)</SUP>&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">275</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">5 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net change in gains on derivatives designated as cash flow hedges <SUP>
	(d) (f)</SUP>&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(3 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net change in unrealized gains on currency translation adjustment (CTA)&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">72 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net benefit plans cost </font><SUP>
	<FONT size=2 face="Times New Roman">(b)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(13</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">- </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Comprehensive income</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">726</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">548 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Net earnings per common share - basic</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Continuing operations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">0.57</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.50 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">- </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.01 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net earnings&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">0.57</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.51 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Net earnings per common share - diluted</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Continuing operations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">0.57</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.50 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Discontinued operations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">- </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.01 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="line-height: -12px; text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net earnings&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">0.57</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.51 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Dividends per common share</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">0.365</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">0.33 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="line-height: -12px; text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Average number of common shares outstanding - basic (millions)&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">806.0</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">920.5 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE><font face="Times New Roman" size="2"><BR>

</font>

<HR noshade align="center" width="100%" size=2>


<font face="Times New Roman" size="2">


<A name="page_2"></A>

</font>

<P>
<B><FONT face="Times New Roman">Statements of Accumulated Other Comprehensive Loss </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">December 31,</FONT>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">(in $ millions) (unaudited)&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">March 31, 2007</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">2006</FONT>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Currency translation adjustment&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">-</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(2 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Available-for-sale investments and derivatives designated as cash flow hedges <SUP>
(d) (f)</SUP>&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">282</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">5 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Net benefit plans cost </FONT><SUP>
<FONT size=2 face="Times New Roman">(b)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net actuarial losses&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(1,370</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(1,355 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net past service costs&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(61</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(62 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net transitional obligations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(94</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(95 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Accumulated other comprehensive loss</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(1,243</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(1,509 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>&nbsp;<P>
<B><FONT face="Times New Roman">Reconciliation of Total Shareholders&#146; Equity</FONT></B><FONT face="Times New Roman"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">March 31,</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">December 31,</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">(in $ million) (unaudited)&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2007</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">2006</FONT></B><font face="Times New Roman" size="2">
</font></TD><TD width="2%" align=left><SUP><FONT size=-2 face="Times New Roman">&nbsp;(k)</FONT></SUP></TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">Canadian GAAP - Total shareholders&#146; equity</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">14,747</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">13,367 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Differences:&nbsp;
	</FONT>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Deferred costs </font><SUP>
	<FONT size=2 face="Times New Roman">(a)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(32</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(31 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Net benefit plans cost </font><SUP>
	<FONT size=2 face="Times New Roman">(b)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<font face="Times New Roman" size="2">Valuation allowance&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">76</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">75 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<font face="Times New Roman" size="2">Net actuarial losses&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(1,606</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(1,594 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<font face="Times New Roman" size="2">Net past service costs&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(61</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(62 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<font face="Times New Roman" size="2">Net transitional obligations&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">(94</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=2 face="Times New Roman">)</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">(95 </FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="Times New Roman">)&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Business combinations and goodwill </font><SUP>
	<FONT size=2 face="Times New Roman">(i)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">64</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">68 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Available-for-sale investments and derivatives designated as cash flow hedges <SUP>
	(d) (f)</SUP>&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">27</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">32 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Capitalized interest </font><SUP>
	<FONT size=2 face="Times New Roman">(g)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">378</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">371 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Income taxes </font><SUP>
	<FONT size=2 face="Times New Roman">(h)</FONT></SUP><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">591</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">-</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<font face="Times New Roman" size="2">Other&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">-</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">3 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Times New Roman">United States GAAP - Total shareholders&#146; equity</FONT></B><font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<B><FONT size=2 face="Times New Roman">14,090</FONT></B><font face="Times New Roman" size="2">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="Times New Roman">12,134 </FONT>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>&nbsp;<P>
<FONT face="Times New Roman">DESCRIPTION OF UNITED STATES GAAP DIFFERENCES </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(a) Deferred Costs </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Under Canadian GAAP, certain expenses, such as development costs and pre-operating expenses, are deferred and amortized if they meet specified criteria. Under United States GAAP, these costs must be
expensed as incurred. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(b) Net Benefit Plans Cost </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Under Canadian GAAP, we recognize a pension valuation allowance for any excess of the accrued benefit asset over the expected future benefit. Changes in the pension valuation allowance are recognized
in the consolidated statement of operations. United States GAAP does not specifically address pension valuation allowances. </FONT></P>

<HR noshade align="center" width="100%" size=2>


&nbsp;<P>
<font size="2" face="Times New Roman">Effective December 31, 2006, we adopted the recognition requirements of Statement of Financial Accounting Standards (SFAS) No. 158,
</font><font size="2"><I><FONT face="Times New Roman">Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans</FONT></I></font><font size="2" face="Times New Roman">, on a prospective basis. This standard requires that we:
</font></P>
<ul>
	<li><FONT face="Times New Roman" size="2">recognize the funded status of benefit plans in the balance sheet by aggregating overfunded plans
separately from underfunded plans and recording the resulting amounts as an asset and a liability, respectively.
	</FONT></li>
<li><FONT face="Times New Roman" size="2">recognize as a component of other comprehensive income, net of tax, the actuarial gains or losses and
past service costs or credits that arise during the period. </FONT></li>
</ul>
<P>
<FONT face="Times New Roman" size="2">Prior to December 31, 2006, under United States GAAP, an additional minimum liability was recorded for the excess of the unfunded accumulated benefit obligation over the recorded pension benefit
liability. An offsetting intangible asset equal to the unrecognized prior service costs was recorded. Any difference was recorded through other comprehensive income.</FONT></P>
<P>
<FONT face="Times New Roman" size="2">(c) Income from Joint Ventures </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Under Canadian GAAP, we account for our joint venture investments using the proportionate consolidation method. Under United States GAAP, we account for these investments using the equity method.
</FONT></P>
<P>
<FONT face="Times New Roman" size="2">Certain joint venture interests have been accounted for as discontinued operations under Canadian GAAP. Under United States GAAP, we must continue to reflect these investments in continuing
operations. Our proportionate interest joint venture results of operations and any gain or loss on disposal are reclassified from discontinued operations under Canadian GAAP to continuing operations under United States GAAP. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(d) Derivative Instruments and Hedging Activities </FONT></P>
<P>
<FONT face="Times New Roman" size="2">With the adoption of the new Canadian GAAP standards relating to derivative instruments and hedging activities effective January 1, 2007, the accounting for derivative instruments and hedging
activities under Canadian GAAP is substantially harmonized with United States GAAP, with the exception of the accounting for certain embedded derivatives. Under Canadian GAAP, we do not bifurcate and separately account for foreign-currency
derivatives embedded in a non-financial instrument host contract when specified conditions are met. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Prior to the adoption of the new Canadian standards, significant differences arose between Canadian GAAP and United States GAAP with respect to the recognition of derivatives and accounting for
certain hedging relationships. Under United States GAAP, all derivatives must be recorded on the balance sheet at fair value. Under Canadian GAAP, certain derivatives were not recorded until settled. Also, under United States GAAP any
ineffectiveness measured on derivative instruments that qualify for hedge accounting is reported in net earnings. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">In 2003, we settled the dividend rate swaps used to hedge certain preferred shares. These dividend rate swaps were used to effectively convert the fixed-rate dividends on the </FONT></P>

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<font face="Times New Roman" size="2">


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</font>

<P>
<FONT face="Times New Roman" size="2">preferred shares to floating-rate dividends. Under Canadian GAAP, the proceeds received on settlement were being deferred and amortized against preferred dividends over the remaining original terms
of the swaps extending to 2007. Under United States GAAP, these dividend rate swaps did not qualify for hedge accounting and the settlement gain was recorded through earnings when realized. Effective with the adoption of the new Canadian standards
relating to derivatives and hedging activities, the remaining unamortized gain has been credited to retained earnings as at January 1, 2007. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(e) Discontinued Operations </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Differences between Canadian GAAP and United States GAAP will cause the carrying values of the net assets of certain discontinued operations to be different. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(f) Investments</FONT></P>
<P>
<FONT face="Times New Roman" size="2">With the adoption of the new Canadian GAAP standards relating to financial instruments effective January 1, 2007, the accounting for investments under Canadian GAAP is substantially harmonized with
United States GAAP. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Prior to the adoption of the new Canadian standards, significant differences arose between Canadian GAAP and United States GAAP with respect to the measurement of certain securities. Under United
States GAAP, we classify our investments as available-for-sale and record changes in their fair value through other comprehensive income when the securities are publicly-traded. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(g) Capitalized Interest </FONT></P>
<P>
<FONT face="Times New Roman" size="2">Under Canadian GAAP, we capitalize interest for significant assets under construction, whereas under United States GAAP borrowing costs must be attributed to all assets under construction and
capitalized accordingly. </FONT></P>
<P>
<FONT face="Times New Roman" size="2">(h) Income Taxes </FONT></P>
<P>
<font size="2" face="Times New Roman">In June 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Interpretation No. 48,
</font><font size="2"><I><FONT face="Times New Roman">Accounting for Uncertainty
in Income Taxes</FONT></I><FONT face="Times New Roman">, an interpretation of FAS 109, </FONT><I>
<FONT face="Times New Roman">Accounting for Income Taxes</FONT></I></font><font size="2" face="Times New Roman"> (&#147;FIN 48&#148;), effective for fiscal years beginning after December 15, 2006. FIN 48 provides specific guidance on the recognition, de-recognition and measurement of income tax positions in financial statements, including
the accrual of related interest and penalties. An income tax position is recognized when it is more likely than not that it will be sustained upon examination based on its technical merits, and is measured as the largest amount that is greater than
50% likely of being realized upon ultimate settlement. Under Canadian GAAP, significant differences may arise as we recognize and measure income tax positions, including any related accruals for interest and penalties, based on our best estimate of
the amount that is more likely than not of being realized. </font></P>
<P>
<FONT face="Times New Roman" size="2">The cumulative effect of adopting FIN 48 on January 1, 2007 resulted in a
decrease of $636 million in our opening deficit as reported under United States GAAP. </FONT></P>

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<font face="Times New Roman" size="2">




<P>
(i) Business Combinations and Goodwill</P>
<P>
Under Canadian GAAP, certain business combinations have been accounted for at the carrying value of the underlying assets and liabilities exchanged, whereas under United States GAAP such transactions
were recorded on a fair value basis. Changes in our ownership interest will cause a difference in any resulting gains or losses. </P>
<P>
BCE&#146;s ownership of Bell Aliant has been reduced through a distribution of trust units by way of a return of capital to holders of BCE Inc. common shares on July 10, 2006. This distribution
resulted in an increase in contributed surplus of $1,547 million for Canadian GAAP as the transaction is deemed to have occurred at carrying value. For US GAAP purposes, the distribution of trust units is deemed to have occurred at fair value, with
the resulting gain recognized in earnings. Therefore, the increase in contributed surplus, adjusted for previously existing US and Canadian GAAP differences, was recorded as a gain on distribution of trust units in earnings from continuing
operations for US GAAP purposes. </P>
<P>
During the three months ended March 31, 2007, BCE&#146;s ownership of Bell Aliant decreased, resulting in a dilution gain under Canadian GAAP. As there is a difference in the carrying value of
BCE&#146;s investment in Bell Aliant under United States GAAP, the resulting dilution gain recorded under Canadian GAAP has been adjusted. </P>
<P>
(j) Stock issuance Costs </P>
<P>
Under United States GAAP, stock issue costs are recorded as a reduction of the proceeds raised from the issuance of capital stock, whereas under Canadian GAAP we charge stock issue costs to retained
earnings.</P>
<P>
(k) Comparative Periods</P>
<P>
In September 2006, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 108,
<font size="2"><I><FONT face="Times New Roman">Considering the Effects of Prior
Year Misstatements when Quantifying Misstatements in Current Year Financial Statements</FONT></I></font> (SAB 108), to address the observed diversity in quantification practices of unadjusted differences
with respect to annual financial statements. SAB 108 requires that misstatements in the current year financial statements be quantified using both a balance sheet and an income statement approach and evaluated as to whether either approach results
in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. SAB 108 is effective for fiscal years ending after November 15, 2006 and on initial application, permits a one-time cumulative
effect adjustment to beginning retained earnings. </P>
<P>
Effective December 31, 2006 we adopted SAB 108 and increased our opening deficit as at January 1, 2006 as reported under United States GAAP by $328 million relating to the capitalization of borrowing
costs. The amounts for the comparative interim periods have been adjusted accordingly. </P>



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<FONT face="Times New Roman" size="2">Unrelated to our adoption of SAB 108, we also made corrections to prior periods related mainly to embedded derivatives and available-for-sale investments. We recorded gains on embedded derivatives
that were previously not included in United States GAAP net earnings. We also reversed unrealized gains on available-for-sale investments in non-public companies previously recorded in other comprehensive income. The amounts for the comparative
interim periods have been adjusted accordingly. </FONT></P>

<P>
&nbsp;</P>

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:```````````````````````````````__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>11
<FILENAME>suppfinancial.htm
<DESCRIPTION>SUPPLEMENTARY FINANCIAL INFORMATION
<TEXT>
<HTML>
<HEAD>
   <TITLE> Supplementary Financial Information</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<BODY bgcolor="#ffffff">


<font face="Times New Roman">


<A name="page_1"></A>



<A name="page_2"></A>

</font>

<P align="right">
EXHIBIT 3</P>
<P align="center">
&nbsp;</P>
<P align="center">
<img border="0" src="supfinancover.jpg" width="836" height="648"></P>
<hr color="#000000" size="1">
<P align="right">
<B><FONT size=2 face="Times New Roman">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left">BCE Consolidated </FONT><SUP>
<FONT
size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Consolidated Operational Data</FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">Q1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except per share amounts) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; ">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$ change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">% change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">4,385</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,343</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating expenses</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(2,543</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,509</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(34</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net benefit plan costs</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(102</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">34</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">25.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA </FONT><SUP>
<FONT size=1 face="Times New Roman">(3)</FONT></SUP></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,740</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,698</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=1 face="Times New Roman">EBITDA margin </FONT></I><SUP>
<FONT size=1 face="Times New Roman">(4)</FONT></SUP></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">39.7%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">0.6&nbsp;pts</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Amortization expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(787</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(756</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(4.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(36</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(88</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">59.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">917</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">854</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">63</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">7.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Other income (expense)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">132</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(9</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">141</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Interest expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(215</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(232</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Pre-tax earnings from continuing operations</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">834</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">613</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">221</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">36.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Income taxes</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(213</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(169</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(26.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(95</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Earnings from continuing operations</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">526</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">403</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">123</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">30.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">91</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(88</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(96.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">529</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">494</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">35</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">7.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Dividends on preferred shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(30</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(76.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings applicable to common shares</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; ">

	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<B><FONT size=1 face="Times New Roman">499</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
&nbsp;</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">

	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">477</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">

	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">4.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings per common share &#150; basic</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">47.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	<p align="right">
<B><FONT size=1 face="Times New Roman">$</FONT></B></TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&nbsp;&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Net earnings</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">19.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings per common share &#150; diluted</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">47.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	<p align="right">
<B><FONT size=1 face="Times New Roman">$</FONT></B></TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&nbsp;&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Net earnings</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">19.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Dividends per common share</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.365</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.33</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.04</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">12.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Average number of common shares outstanding &#150; basic (millions)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">806.0</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">920.5</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Average number of common shares outstanding &#150; diluted (millions)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">806.6</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">920.9</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=1% align=left style="border-top:1px solid #000000; border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; ">

	&nbsp;</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

	&nbsp;</TD>
	<TD width="2%" align=left style="border-top:1px solid #000000; border-bottom:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; ">
&nbsp;</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

	&nbsp;</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

	&nbsp;</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

	&nbsp;</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

	&nbsp;</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">

	&nbsp;</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">The following items are included in net earnings:</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Net gains (losses) on investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">103</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">102</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">80</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(79</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(98.8%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; ">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(25</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; ">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(58</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">33</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">56.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">79</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">56</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Impact on net earnings per share</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.10</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.03</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.07</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left height="12">
	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; " height="12">
	</TD>
	<TD width="6%" align=right height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; " height="12">
	</TD>
	<TD width="2%" align=left height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
    </TD>
	<TD width=1% align=right height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="6%" align=right height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left height="12">
    </TD>
	<TD width=1% align=right height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="6%" align=right height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="6%" align=right height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left height="12" style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EPS before restructuring and other items, net gains on investments,
<br>
and costs incurred to form Bell Aliant </FONT><SUP>
<FONT size=1
face="Times New Roman">(3)</FONT></SUP></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; ">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">0.52</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.03</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">6.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left height="4">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" height="4">

	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" height="4">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" height="4">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left height="4">
    </TD>
	<TD width=1% align=left height="4">

	</TD>
	<TD width="6%" align=left height="4">

	</TD>
	<TD width="2%" align=left height="4">
	</TD>
	<TD width="2%" align=left height="4">
    </TD>
	<TD width=1% align=left height="4">

	</TD>
	<TD width="6%" align=left height="4">

	</TD>
	<TD width="2%" align=left height="4">
	</TD>
	<TD width="6%" align=left height="4">

	</TD>
	<TD width="2%" align=left height="4">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="61%" align=left>
<FONT size=1 face="Times New Roman">n.m.: not meaningful</FONT></TD>
	<TD width=1% align=left>

	&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width=1% align=left>

	&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 2</font></P>


<font face="Times New Roman">


<A name="page_3"></A>

</font>

<P align="right">
<B><FONT size=2 face="Times New Roman">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left">BCE Consolidated </FONT><SUP>
<FONT
size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Consolidated Operational Data &#150; Historical Trend</FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Total</FONT></TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except per share amounts) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">Q1 07</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q4 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q3 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q2 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="36%" align=left height="12">
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left height="12">
  </TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left height="12">
  </TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
  </TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
  </TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
  </TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</tr>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">4,385</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">17,656</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,532</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,407</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,374</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,343</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating expenses</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(2,543</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(10,363</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,770</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,577</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,507</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,509</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net benefit plan costs</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(102</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(511</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(123</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(118</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(134</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,740</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">6,782</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,639</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,712</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,733</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,698</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=1 face="Times New Roman">EBITDA margin</FONT></I></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">39.7%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">38.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">38.8%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Amortization expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(787</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(3,128</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(796</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(787</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(789</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(756</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(36</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(355</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(91</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(126</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(50</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(88</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">917</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">3,299</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">752</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">799</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">894</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">854</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Other income (expense)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">132</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(188</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(29</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(114</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(36</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(9</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Interest expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(215</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(940</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(237</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(244</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(227</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(232</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Pre-tax earnings from continuing operations</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">834</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,171</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">486</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">441</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">631</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">613</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Income taxes</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(213</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(74</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">329</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(81</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(153</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(169</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(95</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(217</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(101</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(38</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(37</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Earnings from continuing operations</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">526</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,880</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">714</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">322</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">441</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">403</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">127</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">91</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">529</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,007</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">717</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">302</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">494</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">494</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Dividends on preferred shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(30</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(70</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(18</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(18</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings applicable to common shares</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">

	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<B><FONT size=1 face="Times New Roman">499</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">1,937</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">699</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
&nbsp;</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">285</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
&nbsp;</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">476</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
&nbsp;</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<FONT size=1 face="Times New Roman">477</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings per common share &#150; basic</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.83</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.38</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.47</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

<B><FONT size=1 face="Times New Roman">$</FONT></B></TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&nbsp;&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.15</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.01</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.02</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Net earnings</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.84</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.36</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net earnings per common share &#150; diluted</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.83</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.38</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.47</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

<B><FONT size=1 face="Times New Roman">$</FONT></B></TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&nbsp;&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.15</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman"> <font size="1">0.01</font> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.02</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Net earnings</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.62</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.84</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.36</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Dividends per common share</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.365</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.32</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.33</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.33</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.33</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.33</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Average number of common shares outstanding &#150; basic (millions)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">806.0</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">861.4</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">811.6</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">818.8</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">896.4</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">920.5</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Average number of common shares outstanding &#150; diluted (millions)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">806.6</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">861.6</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">812.1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">819.0</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">896.7</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">920.9</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left colspan="4" height="12" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left height="12">
    </TD>
	<TD width="9%" align=right colspan="3" height="12" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
	</TD>
	<TD width="2%" align=left height="12">
    </TD>
	<TD width="42%" align=left colspan="15" height="12" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">The following items are included in net earnings:</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Net gains (losses) on investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">103</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">419</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">410</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">8</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">106</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(11</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">35</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">80</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(25</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(222</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(66</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(71</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(58</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Cost incurred to form Bell Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(28</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">79</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">261</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">346</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(102</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(6</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Impact on net earnings per share</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">0.10</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.30</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.40</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(0.12</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(0.01</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.03</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="100%" align=left colspan="24" height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EPS before restructuring and other items, net gains on investments, and costs incurred to form Bell Aliant</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">0.52</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=3% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1.95</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.48</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="1%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 3</font></P>


<font face="Times New Roman">


<A name="page_4"></A>

</font>

<P align="right">
<B><FONT size=2 face="Times New Roman">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left">BCE Consolidated </FONT><SUP>
<FONT
size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Segmented Data </FONT><SUP>
<FONT size=2 face="Times New Roman">(2)</FONT></SUP></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">Q1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">$ change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">% change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
    </TD>
	<TD width="6%" align=left style="border-left:1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">

	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
    </TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">

	</TD>
	<TD width=2% align=left height="12">
    </TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
    </TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" height="12">
    </TD>
</TR>
<TR valign="bottom">
	<TD width="68%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2,638</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,696</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(58</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.2%</FONT></TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">952</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">881</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">71</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">8.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(11</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">15.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<B><FONT size=1 face="Times New Roman">3,579</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<FONT size=1 face="Times New Roman">3,564</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<FONT size=1 face="Times New Roman">15</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<FONT size=1 face="Times New Roman">0.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">851</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">823</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">28</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">122</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">118</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(162</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(5</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(3.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<B><FONT size=1 face="Times New Roman">4,385</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">4,343</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">1.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width:1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-width:1px">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width:3px">
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">974</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">996</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">36.9%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">(0.0)&nbsp;pts</FONT></I></TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">405</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">330</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">75</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">22.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">42.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">5.0&nbsp;pts</FONT></I></TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<B><FONT size=1 face="Times New Roman">1,379</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<FONT size=1 face="Times New Roman">1,326</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<FONT size=1 face="Times New Roman">53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<FONT size=1 face="Times New Roman">4.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000; border-top-style:solid; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">38.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">1.3&nbsp;pts</FONT></I></TD>
	<TD width=2% align=left>
<I><FONT size=1 face="Times New Roman">&nbsp;</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">316</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">323</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(7</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">37.1%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">(2.1)</FONT></I><FONT face="Times New Roman">&nbsp;</FONT><I><FONT size=1 face="Times New Roman">pts</FONT></I></TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">67</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">69</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 40px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(22</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(10.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px">
<B><FONT size=1 face="Times New Roman">1,740</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">1,698</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2%>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">2.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">39.7%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">0.6</FONT></I><font face="Times New Roman">&nbsp;</font><I><FONT size=1 face="Times New Roman">pts</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">416</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">436</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(4.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">295</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">218</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">35.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">711</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">654</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">57</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">8.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">177</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">169</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">8</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">38</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">39</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 40px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(9</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(8</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(12.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px">
<B><FONT size=1 face="Times New Roman">917</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">854</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2%>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">63</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">7.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width:1px; border-top-width:1px; border-bottom-width:1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-bottom-width:1px">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:3px">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Capital expenditures</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">403</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">349</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(15.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity </FONT></I><SUP>
<FONT size=1 face="Times New Roman">(5)</FONT></SUP><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">15.3%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">12.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">(2.4)</FONT></I><FONT face="Times New Roman">&nbsp;</FONT><I><FONT size=1 face="Times New Roman">pts</FONT></I></TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">139</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(62</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(80.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">14.6%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">8.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">(5.9)</FONT></I><font face="Times New Roman">&nbsp;</font><I><FONT size=1 face="Times New Roman">pts</FONT></I></TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">542</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">426</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(116</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(27.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">15.1%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">12.0%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">(3.1)&nbsp;pts </FONT></I></TD>
	<TD width=2% align=left>
<FONT face="Times New Roman">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">115</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">112</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">65</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">43</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(51.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">722</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(141</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(24.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px">
<B><I><FONT size=1 face="Times New Roman">16.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px">
&nbsp;</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">13.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-bottom: 3px double #000000">

	&nbsp;&nbsp;&nbsp;&nbsp;

	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">(3.1)&nbsp;pts</FONT></I></TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
&nbsp;</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 4</font></P>


<font face="Times New Roman">


<A name="page_5"></A>

</font>

<P align="right">
<B><FONT size=2 face="Times New Roman">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left">BCE Consolidated </FONT><SUP>
<FONT size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Segmented Data &#150; Historical Trend </FONT><SUP>
<FONT size=2 face="Times New Roman">(2)</FONT></SUP></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Total</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">Q1 07</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q4 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q3 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q2 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Revenues</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2,638</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">10,763</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,745</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,646</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,676</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,696</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">952</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,827</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,016</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">993</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">937</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">881</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 40px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations&nbsp;
	</FONT>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(11</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(11</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(11</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">3,579</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">14,541</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">3,750</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">3,628</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">3,599</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">3,564</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">851</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,301</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">838</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">825</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">815</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">823</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">122</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">479</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">128</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">113</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">120</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">118</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 40px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations&nbsp;
	</FONT>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(665</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(184</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(159</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(160</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(162</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<B><FONT size=1 face="Times New Roman">4,385</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">17,656</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">4,532</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">4,407</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">4,374</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">4,343</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">974</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,845</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">892</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">952</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,005</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">996</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">36.9%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">35.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">32.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.0%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">405</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,435</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">373</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">383</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">349</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">330</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">42.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">38.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">1,379</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">5,280</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,265</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,335</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,354</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,326</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">38.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.3%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">33.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.8%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">316</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,333</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">336</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">340</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">334</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">323</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">37.1%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">40.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">40.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">41.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">41.0%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">67</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">263</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">63</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">61</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">70</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">69</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 40px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations&nbsp;
	</FONT>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">&#150;22</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;94</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;24</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<B><FONT size=1 face="Times New Roman">1,740</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">6,782</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">1,639</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">1,712</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">1,733</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">1,698</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Margin</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">39.7%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">38.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">38.8%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">39.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">416</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,494</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">269</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">340</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">449</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">436</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">295</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">998</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">265</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">276</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">239</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">218</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">711</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2,492</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">534</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">616</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">688</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">654</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">177</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">699</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">195</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">162</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">173</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">169</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">38</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">142</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">32</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">32</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">39</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">39</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 40px">
<FONT size=1 face="Times New Roman">Inter-segment eliminations&nbsp;
	</FONT>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(9</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;34</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;9</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;11</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;6</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">&#150;8</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<B><FONT size=1 face="Times New Roman">917</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">3,299</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">752</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">799</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">894</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<FONT size=1 face="Times New Roman">854</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Capital expenditures</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="48%" align="left" height="12">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">403</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,931</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">609</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">452</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">521</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">349</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">15.3%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">17.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">22.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">17.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">19.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">12.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">139</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">480</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">163</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">133</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">107</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">14.6%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">12.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">16.0%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">13.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">11.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">8.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">542</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2,411</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">772</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">585</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">628</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">426</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">15.1%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">16.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">20.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">16.1%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">17.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">12.0%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Bell Aliant</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">115</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">517</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">131</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">131</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">143</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">112</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 24px">
<B><FONT size=1 face="Times New Roman">Telesat</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">65</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">205</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">32</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">86</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">43</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE</FONT></B><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">722</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">3,133</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">935</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">760</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">857</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="48%" align=left>
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=1 face="Times New Roman">Capital Intensity</FONT></I><font face="Times New Roman" size="1">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<B><I><FONT size=1 face="Times New Roman">16.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">17.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">20.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">17.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">19.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom: 3px double #000000">
<I><FONT size=1 face="Times New Roman">13.4%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-bottom: 3px double #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 5</font></P>


<font face="Times New Roman">


<A name="page_6"></A>

</font>

<P align="right">
&nbsp;<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left"></P>
<P align="right">
<B><FONT size=2 face="Times New Roman">Bell Wireline <sup>(1) (2)</sup></FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">Q1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">% change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Local &amp; access</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">910</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">961</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(5.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Long distance</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">310</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">341</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(9.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Data</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">893</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">887</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Video</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">314</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">277</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Equipment &amp; other</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">170</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">186</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp; </font></TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(8.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total external revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2,597</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,652</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Inter-segment revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">41</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font></TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(6.8%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell Wireline operating revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2,638</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,696</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating expenses</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(1,664</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(1,700</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">974</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">996</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">EBITDA Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">36.9%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">(0.0) </FONT></I><I><FONT size=1 face="Times New Roman">pts</FONT></I></TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">416</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">436</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(4.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">403</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">349</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(15.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital intensity</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">15.3%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">12.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(2.4) pts</FONT></TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" height="6">
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="6">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Local</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Network access services (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Residential</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">5,030</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,562</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(9.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Business</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">3,608</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">3,513</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font></TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Total</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">8,638</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">9,075</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(4.8%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Long Distance (LD)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Conversation minutes (M)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">3,240</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,268</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Average revenue per minute ($)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">0.090</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.096</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(6.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" height="12">
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=left height="12">

	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=left height="12">

	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">ISP</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">High Speed Internet net activations (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">43</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">37</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">16.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">High Speed Internet subscribers EOP </FONT><SUP>
	<FONT size=1 face="Times New Roman">(A) </FONT></SUP>
	<FONT size=1
face="Times New Roman">(k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,941</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,760</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">10.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
&nbsp;</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Video (DTH and VDSL)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Video EBITDA </FONT></B>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">55</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">34.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net subscriber activations EOP</FONT><FONT size=1 face="Times New Roman"> (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">4</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">12</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(66.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total subscribers (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,824</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,739</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">ARPU </FONT><SUP>
<FONT size=1 face="Times New Roman">(9) </FONT></SUP>
<FONT size=1 face="Times New Roman">($/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">57</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Churn </FONT><SUP>
<FONT size=1 face="Times New Roman">(10) </FONT></SUP>
<FONT size=1 face="Times New Roman">(%) (average per month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">1.1%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(0.2) pts</FONT></TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD width="76%">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font size="1"><sup>(A)</sup>&nbsp;&nbsp;&nbsp; The Q1 2007 beginning of
year High Speed Internet subscriber base was increased by 18k to adjust for an
overstatement in deactivations in Q4 2006.</font>
<p>&nbsp;</p>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 6</font></P>


<font face="Times New Roman">


<A name="page_7"></A>

</font>

<P align="right">
&nbsp;<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left"></P>
<P align="right">
<B><FONT size=2 face="Times New Roman">Bell Wireline &#150; Historical Trend <sup>(1) (2)</sup></FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=center>
<p align="right">
<font face="Times New Roman">
<font size="1">Total</font>
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">Q1 07</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q4 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q3 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q2 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Bell Wireline</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Local &amp; access</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">910</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,757</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">925</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">926</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">945</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">961</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Long distance</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">310</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,327</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">316</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">334</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">336</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">341</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Data</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">893</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,627</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">968</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">891</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">881</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">887</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Video</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">314</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,150</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">298</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">289</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">286</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">277</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Equipment &amp; other</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">170</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">726</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">190</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">164</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">186</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">186</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total external revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2,597</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">10,587</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,697</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,604</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,634</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,652</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Inter-segment revenues</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">41</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">176</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">48</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">42</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell Wireline operating revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2,638</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">10,763</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,745</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,646</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,676</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,696</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating expenses</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(1,664</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(6,918</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,853</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,694</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,671</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,700</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">974</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">3,845</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">892</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">952</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,005</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">996</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">EBITDA Margin</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">36.9%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">35.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">32.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.0%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">416</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,494</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">269</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">340</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">449</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">436</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">403</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,931</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">609</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">452</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">521</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">349</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital intensity</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">15.3%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">17.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">22.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">17.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">19.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">12.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Local</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Network access services (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Residential</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">5,030</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,161</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,310</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,400</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,562</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Business</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3,608</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,584</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,577</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,546</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,513</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Total</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">8,638</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8,745</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8,887</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8,946</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">9,075</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Long Distance (LD)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Conversation minutes (M)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3,240</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13,256</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,369</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,266</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,353</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,268</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Average revenue per minute ($)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.090</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.092</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.085</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.095</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.092</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.096</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">ISP</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">High Speed Internet net activations (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">43</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">157</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">34</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">61</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">37</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 24px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">High Speed Internet subscribers EOP </FONT><SUP><FONT size=1 face="Times New Roman">(A)</FONT></SUP><FONT size=1 face="Times New Roman"> (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,941</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,880</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,846</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,785</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,760</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Video (DTH and VDSL)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width="2%" align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Video EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">55</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">163</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">56</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net subscriber activations EOP (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">4</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">93</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">32</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">30</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">19</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">12</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total subscribers (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,824</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,820</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,820</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,788</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,758</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,739</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">ARPU ($/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">57</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">55</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Churn (%) (average per month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">1.1%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font size="1"><sup><br>
(A)</sup>&nbsp;&nbsp;&nbsp; The Q1 2007 beginning of year High Speed Internet
subscriber base was increased by 18k to adjust for an overstatement in
deactivations in Q4 2006.</font>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 7</font></P>


<font face="Times New Roman">


<A name="page_8"></A>

</font>

<P align="right">
&nbsp;<B><FONT size=2 face="Times New Roman">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left"></FONT></B></P>
<P align="right">
<B><FONT size=2 face="Times New Roman">Bell Wireless <sup>(1) (2)</sup></FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">Q1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font></TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">% change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="6">
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="6">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="12">
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=left height="12">

	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=left height="12">

	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Network</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">887</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">793</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">11.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Equipment</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">56</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total external Bell Wireless revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">943</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">870</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Inter-segment</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">9</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">11</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font></TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(18.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell Wireless operating revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">952</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">881</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">8.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating expenses</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(547</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(551</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font></TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">0.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">405</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">330</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">22.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">EBITDA margin (Total revenues)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">42.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">5.0&nbsp;pts</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">EBITDA margin (Network revenues)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><I><FONT size=1 face="Times New Roman">45.7%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">41.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">4.1&nbsp;pts</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating Income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">295</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">218</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">35.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="6">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="6">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">139</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(80.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital intensity</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">14.6%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(5.9)</FONT><FONT face="Times New Roman">&nbsp;</FONT><FONT size=1 face="Times New Roman">pts</FONT><font face="Times New Roman"></font></TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless gross activations </FONT><SUP>
<FONT size=1 face="Times New Roman">(A) </FONT></SUP>
<FONT size=1 face="Times New Roman">(k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">296</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">342</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(13.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">213</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(21.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless net activations </FONT><SUP>
<FONT size=1 face="Times New Roman">(A) </FONT></SUP>
<FONT size=1 face="Times New Roman">(k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">13</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">76</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(82.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">10</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">37</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(73.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless subscribers EOP </FONT><SUP>
<FONT size=1 face="Times New Roman">(A) (B) </FONT></SUP>
<FONT size=1 face="Times New Roman">(k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">5,821</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,517</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">4,254</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">3,988</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">6.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Average revenue per unit (ARPU) </FONT><SUP>
<FONT size=1 face="Times New Roman">(C) </FONT></SUP>
<FONT size=1 face="Times New Roman">($/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">52</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">48</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">8.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Pre-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">15</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">15.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">64</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">61</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">4.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Churn </FONT><SUP>
<FONT size=1 face="Times New Roman">(C) </FONT></SUP>
<FONT size=1 face="Times New Roman">(%) (average per month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1.6%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.0&nbsp;pts</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Pre-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2.9%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.4)</FONT><font face="Times New Roman">&nbsp;</font><FONT size=1 face="Times New Roman">pts</FONT></TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1.2%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">0.1&nbsp;pts</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="6">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="6">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Usage per subscriber </FONT><SUP>
<FONT size=1 face="Times New Roman">(C) </FONT></SUP>
<FONT size=1 face="Times New Roman">(min/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">266</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">250</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">6.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cost of acquisition (COA) </FONT><SUP>
<FONT size=1 face="Times New Roman">(C) (11) </FONT></SUP>
<FONT size=1 face="Times New Roman">($/sub)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">420</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">391</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(7.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left height="6">
	</TD>
	<TD width="6%" align=right height="6" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
	</TD>
	<TD width=2% align=left height="6" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Paging subscribers (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">262</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">323</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(18.9%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="76%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Paging average revenue per unit ($/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">10</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">0.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</tr>
<TR valign="bottom">
	<TD width="76%" align=left>
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
</TABLE><font size="1"><sup>(A)</sup>&nbsp;&nbsp;&nbsp; Total wireless gross activations, net activations
and EOP subscribers include 100% of Virgin Mobile&#146;s subscribers.<sup><br>
(B)</sup>&nbsp;&nbsp;&nbsp; The Q1 2007
beginning of year wireless subscriber base was decreased by 146k as a result of
a change to our prepaid deactivation policy.<sup><br>
(C)</sup>&nbsp;&nbsp;&nbsp; Wireless average revenue per
unit, churn, usage per subscriber and cost of acquisition reflect only the 50%
portion of Virgin Mobile&#146;s results that are consolidated.</font></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 8</font></P>


<img border="0" src="bcelogofinan.jpg" width="99" height="41"><p align="right">
<B><FONT size=2 face="Times New Roman">Bell Wireless &#150; Historical Trend <sup>(1) (2)</sup></FONT></B></p>
<TABLE border=0 cellpadding=0 width="100%" id="table1" style="border-collapse: collapse">
<TR valign="bottom">


	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font></TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<font face="Times New Roman">
<font size="1">Total</font>
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">Q1 07</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q4 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q3 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q2 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q1 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Bell Wireless</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Revenue</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Network</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">887</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,453</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">913</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">902</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">845</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">793</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Equipment</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">56</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">333</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">93</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">81</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">82</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total external Bell Wireless revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">943</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,786</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">983</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">927</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">870</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Inter-segment revenue</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">9</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">11</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Bell Wireless operating revenues</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">952</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,827</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,016</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">993</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">937</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">881</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Operating expenses</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(547</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(2,392</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(643</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(610</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(588</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(551</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">EBITDA</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">405</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,435</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">373</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">383</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">349</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">330</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">EBITDA margin (Total revenues)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">42.5%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">36.7%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">38.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.2%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">37.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">EBITDA margin (Network revenues)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><I><FONT size=1 face="Times New Roman">45.7%</FONT></I></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">41.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">40.9%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">42.5%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">41.3%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<I><FONT size=1 face="Times New Roman">41.6%</FONT></I><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Operating Income</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">295</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">998</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">265</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">276</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">239</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">218</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">139</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">480</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">163</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">133</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">107</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Capital intensity</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">14.6%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">12.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">16.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">13.4</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">%</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">11.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
	<TR>
	<TD colspan=13 width="52%" height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless gross activations </FONT><SUP>
<FONT size=1 face="Times New Roman">(A)</FONT></SUP><FONT size=1 face="Times New Roman"> (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">296</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,531</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">437</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">385</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">367</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">342</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">911</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">218</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">237</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">243</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">213</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless net activations </FONT><SUP>
<FONT size=1 face="Times New Roman">(A)</FONT></SUP><FONT size=1 face="Times New Roman"> (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">13</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">513</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">212</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">128</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">97</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">76</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">10</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">293</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">65</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">91</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">100</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">37</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Wireless subscribers EOP </FONT><SUP>
<FONT size=1 face="Times New Roman">(A) (B)</FONT></SUP><FONT size=1 face="Times New Roman"> (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">5,821</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,954</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,742</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,614</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,517</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=left height="6">

	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">4,254</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,244</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,180</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,088</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,988</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Average revenue per unit (ARPU) </FONT><SUP>
<FONT size=1 face="Times New Roman">(C)</FONT></SUP><FONT size=1 face="Times New Roman"> ($/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">52</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">51</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">53</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">51</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">48</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Pre-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">15</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">15</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">16</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">64</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">64</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">66</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">66</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">63</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">61</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Churn (%) </FONT><SUP>
<FONT size=1 face="Times New Roman">(C) </FONT></SUP>
<FONT size=1 face="Times New Roman">(average per month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1.6%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
	<TD width="6%" align=right height="6">
	</TD>
	<TD width=2% align=left height="6">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Pre-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2.9%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.8%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.8%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Post-paid</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1.2%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Usage per subscriber </FONT><SUP>
<FONT size=1 face="Times New Roman">(C)</FONT></SUP><FONT size=1 face="Times New Roman"> (min/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">266</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">274</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">291</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">277</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">277</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">250</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cost of acquisition (COA) </FONT><SUP>
<FONT size=1 face="Times New Roman">(C)</FONT></SUP><FONT size=1 face="Times New Roman"> ($/sub)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">420</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">420</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">445</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">415</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">425</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">391</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 width="52%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Paging subscribers (k)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">262</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">277</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">277</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">293</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">310</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">323</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Paging average revenue per unit ($/month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">10</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=13 width="52%">
<font size="1"><sup>(A)</sup>&nbsp;&nbsp;&nbsp; Total wireless gross activations, net activations
and EOP subscribers include 100% of Virgin Mobile&#146;s subscribers.<sup><br>
(B)</sup>&nbsp;&nbsp;&nbsp; The Q1 2007
beginning of year wireless subscriber base was decreased by 146k as a result of
a change to our prepaid deactivation policy.<sup><br>
(C)</sup>&nbsp;&nbsp;&nbsp; Wireless average revenue per
unit, churn, usage per subscriber and cost of acquisition reflect only the 50%
portion of Virgin Mobile&#146;s results that are consolidated.</font></TD>
</TR>
</TABLE></P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 9</font></P>


<font face="Times New Roman">


<A name="page_10"></A>

</font>

<P align="right">
<font face="Times New Roman">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left">&nbsp;&nbsp;&nbsp;</font></P>
<P align="right">
<font face="Times New Roman">&nbsp;</font><B><FONT size=2 face="Times New Roman">BCE Consolidated </FONT><SUP>
<FONT size=2 face="Times New Roman">(1) </FONT></SUP>
<FONT size=2 face="Times New Roman"> <br>
Net debt and other information </FONT><SUP>
<FONT size=2 face="Times New Roman">(2</FONT><FONT size=1 face="Times New Roman">)</FONT></SUP></B></P>
<TABLE border=0 cellpadding=0 width="100%" id="table2" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">BCE &#150; Net debt and preferreds</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="60%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">At March 31, 2007</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left colspan="10" style="border: 1px solid #000000">

	<p align="center"><B><FONT size=1 face="Times New Roman">BCE Inc.</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">(unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">Inter-</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">Bell</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">segment</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; ">
<B><FONT size=1 face="Times New Roman">Bell</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">Aliant</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">Telesat </FONT></B>
<FONT size=1 face="Times New Roman">&nbsp;</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">eliminations</FONT></TD>
	<TD width="2%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B>
<FONT size=1 face="Times New Roman">BCE Inc.</FONT></B></TD>
	<TD width=2% align=left style="border-bottom:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; ">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width="2%" align=right height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width="2%" align=right height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash and cash equivalents</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(40</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(43</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(106</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Debt due within one year</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,867</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">15</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">29</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(272</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,639</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">8,389</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,959</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">251</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(272</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">11,327</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net debt</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">10,233</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2,934</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">237</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(544</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">12,860</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Preferred shares &#150; BCE</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,770</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,770</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net debt and preferreds</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">13,003</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2,934</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">237</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(544</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">15,630</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-style: solid; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<TABLE border=0 cellpadding=0 width="100%" id="table3" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="84%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Bell &#150; Balance Sheet Information</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">(unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">March 31</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Dec. 31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left height="21">
<p style="text-indent: -12px; margin-left: 12px">
&nbsp;</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" height="21">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" height="21">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" height="21">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" height="21">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Net Debt</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">8,389</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">9,171</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Debt due within one year</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,867</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,150</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=center>
<p align="left" style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Times New Roman">Less: Cash and cash equivalents</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(23</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">442</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Net Debt</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">10,233</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">10,763</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,193</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Total shareholders' equity</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">14,756</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">15,266</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Capitalization</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">26,156</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">27,222</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net Debt: Total Capitalization</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">39.1%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">39.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net Debt: Trailing 12 month EBITDA</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1.94</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.04</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">EBITDA: Interest (trailing 12 month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">6.53</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">6.20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<TABLE border=0 cellpadding=0 width="100%" id="table4" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="68%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">BCE &#150; Cash Flow Information</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">(unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">Q1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=center>
<p align="left" style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$ change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">% change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=center height="12">
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
	<TD width="6%" align=right height="12">
	</TD>
	<TD width=2% align=left height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow (FCF) </FONT><SUP>
<FONT size=1 face="Times New Roman">(3)</FONT></SUP></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Cash from operating activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">655</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">612</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">43</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(542</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(426</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(116</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Dividends and distributions</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(314</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(340</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">26</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7.6%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Other investing items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">BELL FCF</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(200</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(156</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(28.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Bell Aliant FCF</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">50</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">99</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(49.5%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Telesat FCF</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">3</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(93.2%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(12</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(20.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE FCF</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<B><FONT size=1 face="Times New Roman">(159</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-right: 1px solid #000000; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">(23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">(136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">n.m.</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom: 3px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="68%" align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
	<TD width="6%" align=right>
&nbsp;</TD>
	<TD width=2% align=left>
&nbsp;</TD>
</TR>
</TABLE>&nbsp;<TABLE border=0 cellpadding=0 width="100%" id="table5" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="52%" align=left bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">BCE &#150; Cash Flow Information &#150; Historical Trend</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left bgcolor="#C0C0C0">

	</TD>
	<TD width=2% align=left bgcolor="#C0C0C0">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">(unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">YTD</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">Q1 07</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q4 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q3 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q2 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q1 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=13 align="left" width="52%" height="12">
<p style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow (FCF)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Cash from operating activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">655</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,056</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,211</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,359</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">874</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">612</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(542</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,411</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(772</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(585</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(628</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(426</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Dividends and distributions</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(314</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,310</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(301</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(329</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(340</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(340</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Other investing items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(5</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(5</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(8</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">BELL FCF</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(200</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">330</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">148</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">440</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(102</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(156</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Bell Aliant FCF</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">50</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">383</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">9</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">226</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">99</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Telesat FCF</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">24</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Inter-segment eliminations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(12</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total BCE FCF</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<B><FONT size=1 face="Times New Roman">(159</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">685</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">200</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">442</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">66</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">(23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-top: 1px solid #000000; border-bottom: 3px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 10</font></P>

<P align="right">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left"></P>
<P align="right">
<B><FONT size=2 face="Times New Roman">BCE Consolidated </FONT><SUP>
<FONT
size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Consolidated Balance Sheet Data</FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse" id="table8">
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">March 31</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">December&nbsp;31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="84%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px"><b><I><FONT size=1 face="Times New Roman">ASSETS</FONT></I></b><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Current assets</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Cash and cash equivalents</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">106</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">569</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Accounts receivable</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,961</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,864</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Other current assets</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,214</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,226</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Current assets of discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">20</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total current assets</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3,301</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,684</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Capital assets</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">22,033</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">22,079</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Other long-term assets</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">3,256</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,030</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Indefinite-life intangible assets</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2,913</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,902</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Goodwill</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">5,906</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,475</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Non-current assets of discontinued operations</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">26</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total assets</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">37,435</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">37,171</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=1 face="Times New Roman">LIABILITIES</FONT></I></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Current liabilities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Accounts payable and accrued liabilities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2,994</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,234</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Interest payable</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">188</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">165</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Dividends payable</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">342</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">315</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Debt due within one year</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,639</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">986</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Current liabilities of discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">4</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total current liabilities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">5,167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,702</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Long-term debt</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">11,327</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">11,781</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Other long-term liabilities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">5,025</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5,139</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Non-current liabilities of discontinued operations</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total liabilities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">21,521</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">21,624</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Non-controlling interest</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">1,167</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2,180</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=1 face="Times New Roman">SHAREHOLDERS&#146; EQUITY</FONT></I></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Preferred shares</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2,770</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,670</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Common shareholders&#146; equity</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">13,382</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13,487</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Treasury stock</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(4</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Contributed surplus</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2,546</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,555</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Accumulated other comprehensive income</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">282</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Deficit</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(4,229</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(4,343</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total common shareholders&#146; equity</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">11,977</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">11,697</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total shareholders&#146; equity</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">14,747</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">13,367</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total liabilities and shareholders&#146; equity</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">37,435</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">37,171</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="84%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Number of common shares outstanding</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">800.9</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">807.6</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="84%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Net Debt</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">12,860</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">12,198</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Total Capitalization</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">28,774</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">27,745</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="84%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px; margin-left:0; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Key ratios</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

<font face="Times New Roman">&nbsp;
	</font>

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

<font face="Times New Roman">&nbsp;
	</font>

	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="84%" height="6" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; margin-left:0; padding-left:4px; border-right-style:solid">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; margin-left:0; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net debt: Total Capitalization</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">44.7%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">44.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; margin-left:0; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net debt: Trailing 12 month EBITDA</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1.88</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1.80</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="84%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px; margin-left:0; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">EBITDA: Interest (trailing 12 month)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">7.39</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">7.21</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width=2% align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="84%">
&nbsp;
	</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 11</font></P>


<font face="Times New Roman">


<A name="page_12"></A>

</font>

<P align="right">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left"></P>
<P align="right">
<B><FONT size=2 face="Times New Roman">BCE Consolidated </FONT><SUP>
<FONT
size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Consolidated Cash Flow Data</FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse" id="table9">
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">Q1</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">Q1</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">2007</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">$ change</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Cash flows from operating activities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Earnings from continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">526</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">403</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">123</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Adjustments to reconcile earnings from continuing operations to cash flows from operating activities:</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Amortization expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">787</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">756</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Net benefit plans cost</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">102</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(34</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">36</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">88</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Net (gains) on investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(121</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(119</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Future income taxes</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">198</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(87</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">95</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">54</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Contributions to employee pension plans</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(108</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(77</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Other employee future benefit plan payments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(24</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Payments of restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(52</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(36</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(16</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Operating assets and liabilities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(385</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(580</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">195</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">967</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">948</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">19</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(722</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(141</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Other investing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">2</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">5</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Cash dividends paid on preferred shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(23</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(21</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Cash dividends/distributions paid by subsidiaries to non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(113</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(61</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(52</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow from operations, before common dividends</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">282</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(171</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Cash dividends paid on common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(270</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(305</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">35</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow from operations, after common dividends</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(159</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Business acquisitions</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(147</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(120</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Bell Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(4</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">18</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Increase in investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(13</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Decrease in investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">7</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">51</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(44</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow after investments and divestitures</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(316</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(35</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(281</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Other financing activities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Increase (decrease) in notes payable and bank advances</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">315</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(67</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">382</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Issue of long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">1,025</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,025</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Repayment of long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(1,175</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(297</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(878</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Issue of common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">14</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Repurchase of common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(223</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(525</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">302</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Issue of equity securities by subsidiaries to non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Redemption of equity securities by subsidiaries from non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(74</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(74</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Other financing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(41</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(27</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(159</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(899</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">740</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash used in continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(475</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(934</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">459</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash provided by discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">5</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,367</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(1,362</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net (decrease) increase in cash and cash equivalents</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(470</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">433</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(903</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash and cash equivalents at beginning of period</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">581</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">445</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Cash and cash equivalents at end of period</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">878</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(767</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Consists of:</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Cash and cash equivalents of continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">106</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">873</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(767</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Cash and cash equivalents of discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">5</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">5</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
 <p style="text-indent: -12px; margin-left: 24px"><B><FONT size=1 face="Times New Roman">Total</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">878</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom-color: #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(767</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="73%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Other information</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="73%" height="6" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; padding-left:4px; border-right-style:solid">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash flow per share </FONT><SUP>
<FONT size=1 face="Times New Roman">(6)</FONT></SUP><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.30</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.40</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(0.10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Annualized cash flow yield </FONT><SUP>
<FONT size=1 face="Times New Roman">(7)</FONT></SUP><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1.7%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2.7) pts</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px; padding-left:4px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Common dividend payout</FONT><SUP><FONT size=1 face="Times New Roman"> (8)</FONT></SUP><font face="Times New Roman">&nbsp;</font></TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<b><font face="Times New Roman" size="1">70.2%</font></b><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">67.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2.9 pts</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="73%">
&nbsp;</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 12</font></P>


<font face="Times New Roman">


<A name="page_13"></A>

</font>

<P align="right">
<img border="0" src="bcelogofinan.jpg" width="99" height="41" align="left"></P>
<P align="right">
<B><FONT size=2 face="Times New Roman">BCE Consolidated </FONT><SUP>
<FONT
size=2 face="Times New Roman">(1)</FONT></SUP><FONT size=2 face="Times New Roman"><br>
Consolidated Cash Flow Data &#150; Historical Trend</FONT></B></P>
<TABLE border=0 cellpadding=0 width="100%" style="border-collapse: collapse" id="table10">
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">Total</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=left style="border-left-style: none; border-left-width: medium">

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Times New Roman">($ millions, except where otherwise indicated) (unaudited)</FONT></I><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">Q1 07</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2006</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q4 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q3 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q2 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">Q1 06</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=19 width="46%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Cash flows from operating activities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Earnings from continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">526</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,880</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">714</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">322</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">441</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">403</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 24px">
	<FONT size=1 face="Times New Roman">Adjustments to reconcile earnings from continuing operations to cash flows from operating activities:</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Amortization expense</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">787</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,128</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">796</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">787</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">789</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">756</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Net benefit plans cost</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">102</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">511</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">123</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">118</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">134</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">36</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">355</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">91</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">126</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">50</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">88</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Net (gains) losses on investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(121</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">26</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">36</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(8</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Future income taxes</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(359</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">43</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">105</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">198</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">95</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">217</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">101</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">38</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">37</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Contributions to employee pension plans</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(108</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(172</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(51</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(41</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Other employee future benefit plan payments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(24</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(96</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(24</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(25</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Payments of restructuring and other items</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(52</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(225</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-bottom-style: none; border-bottom-width: medium">

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(31</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(124</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(34</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(36</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Operating assets and liabilities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(385</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(245</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">124</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">368</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(157</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(580</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">967</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-color: #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-color: #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">5,366</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,520</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,596</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,302</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">948</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Capital expenditures</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(722</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(3,133</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">(935</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(760</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(857</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<FONT size=1 face="Times New Roman">Other investing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">2</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(4</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(8</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(3</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<FONT size=1 face="Times New Roman">Cash dividends paid on preferred shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(23</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(84</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">(22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(21</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(20</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(21</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Cash dividends/distributions paid by subsidiaries to non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(113</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(293</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(108</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(75</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(49</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(61</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow from operations, before common dividends</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,854</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">468</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">736</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">368</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">282</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Cash dividends paid on common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(270</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(1,169</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(268</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(294</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(302</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
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	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(305</FONT><font face="Times New Roman">
</font>
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	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
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	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow from operations, after common dividends</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<B><FONT size=1 face="Times New Roman">(159</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">685</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">200</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">442</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">66</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(23</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Business acquisitions</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<B><FONT size=1 face="Times New Roman">(147</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
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	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(71</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">(5</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(12</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
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	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(27</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Business dispositions</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B><font face="Times New Roman">
</font>
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	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
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	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
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	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
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	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
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	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
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<font face="Times New Roman">&nbsp;
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<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
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	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
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	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
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<font face="Times New Roman">&nbsp;
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</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Bell Aliant</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<B><FONT size=1 face="Times New Roman">(4</FONT></B><font face="Times New Roman">
</font>
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	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
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	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(255</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
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<FONT size=1 face="Times New Roman">(30</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
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	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(152</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
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	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(51</FONT><font face="Times New Roman">
</font>
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	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(22</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px">
	<FONT size=1 face="Times New Roman">Increase in investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<B><FONT size=1 face="Times New Roman">(13</FONT></B><font face="Times New Roman">
</font>
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	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(304</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">(24</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(161</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(105</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Decrease in investments</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">7</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">64</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">51</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Free Cash Flow after investments and divestitures</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(316</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">119</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">141</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">102</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(89</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(35</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=19 width="46%" height="6">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Other financing activities</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Increase (decrease) in notes payable and bank advances</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">315</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(57</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(302</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">80</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">232</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(67</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Issue of long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1,025</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4,392</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">675</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3,419</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">298</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Repayment of long-term debt</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(1,175</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(4,767</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(2,016</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,925</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(529</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(297</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Issue of common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">14</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">29</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Repurchase of common shares</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(223</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(1,241</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(133</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(114</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(469</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(525</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Issue of equity securities by subsidiaries to non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">&#150;</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">13</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">10</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">3</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Redemption of equity securities by subsidiaries from non-controlling interest</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(74</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(305</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-bottom-style: none; border-bottom-width: medium">

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(50</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(255</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">&#150;</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Other financing activities</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">(41</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(157</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(35</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(93</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(15</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(14</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">(159</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(2,093</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(1,851</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">1,384</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(727</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(899</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash (used in) provided by continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">(475</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">(1,974</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">(1,710</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">1,486</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(816</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(934</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash provided by (used in) discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">5</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,110</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">(2</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">695</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">50</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">1,367</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Net (decrease) increase in cash and cash equivalents</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<B><FONT size=1 face="Times New Roman">(470</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<B><FONT size=1 face="Times New Roman">)</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">136</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">(1,712</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,181</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">(766</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">433</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Times New Roman">Cash and cash equivalents at beginning of period</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">581</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">445</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">2,293</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">112</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">878</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">445</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=1 face="Times New Roman">Cash and cash equivalents at end of period</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2,293</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">112</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">878</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 24px"><FONT size=1 face="Times New Roman">Consists of:</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left style="border-top-style: none; border-top-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-top-style: none; border-top-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-right-style: none; border-right-width: medium">

	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=left style="border-left-style: none; border-left-width: medium">

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left>

	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Cash and cash equivalents of continuing operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">106</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-bottom-style: none; border-bottom-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=1 face="Times New Roman">569</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-style: none; border-width: medium">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-style: none; border-width: medium">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=1 face="Times New Roman">569</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2,284</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">129</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">873</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left>
 <p style="text-indent: -12px; margin-left: 36px"><FONT size=1 face="Times New Roman">Cash and cash equivalents (bank indebtedness) of discontinued operations</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">5</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">12</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">12</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">9</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">(17</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">)</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">5</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
 <p style="text-indent: -12px; margin-left: 24px"><B>
	<FONT size=1 face="Times New Roman">Total</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Times New Roman">111</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">

	</TD>
	<TD width="6%" align=right style="border-left-style: none; border-left-width: medium; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">581</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">2,293</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">112</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Times New Roman">878</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=19 width="46%" height="12">
<p align="left" style="text-indent: -12px; margin-left: 12px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 16px">
<B><FONT size=1 face="Times New Roman">Other information</FONT></B><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">

	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=19 width="46%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" height="6">
<p align="left" style="text-indent: -12px; margin-left: 16px">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 16px">
<FONT size=1 face="Times New Roman">Cash flow per share</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<B><FONT size=1 face="Times New Roman">$</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">0.30</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">2.59</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=right>
<FONT size=1 face="Times New Roman">$</FONT><font face="Times New Roman"> </font>
	</TD>
	<TD width="6%" align=left>
<p align="right">
<FONT size=1 face="Times New Roman">0.72</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<p align="right">
<FONT size=1 face="Times New Roman">$</FONT></TD>
	<TD width="6%" align=left>
<p align="right"><FONT size=1 face="Times New Roman">1.02</FONT></TD>
	<TD width="2%" align=left>
&nbsp;</TD>
	<TD width="1%" align=left>
<p align="right"><FONT size=1 face="Times New Roman">$ </FONT>
	</TD>
	<TD width="6%" align=left>
<p align="right"><FONT size=1 face="Times New Roman">0.50</FONT></TD>
	<TD width="2%" align=left>
<FONT size=1 face="Times New Roman">&nbsp;&nbsp; </FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<p align="right">
<font face="Times New Roman">&nbsp;	</font>	<FONT size=1 face="Times New Roman">$</FONT></TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">0.40</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 16px">
<FONT size=1 face="Times New Roman">Annualized cash flow yield</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<B><FONT size=1 face="Times New Roman">1.7%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">7.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">12.0%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">6.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left>
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="Times New Roman">4.4%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="46%" align=left style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 16px">
<FONT size=1 face="Times New Roman">Common dividend payout</FONT><font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=1 face="Times New Roman">70.2%</FONT></B><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">67.7%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">

	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman" size="1">75.0%</font><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">68.8%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">61.1%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;	</font>	</TD>
	<TD width="6%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=1 face="Times New Roman">67.3%</FONT><font face="Times New Roman">
</font>
	</TD>
	<TD width="2%" align=left style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font face="Times New Roman">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=19 width="46%">
&nbsp;</TD>
</TR>
</TABLE>&nbsp;</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 13</font></P>
<P style="margin-top: 0">
&nbsp;</P>

<P align="right">
<B><FONT size=4 face="Times New Roman">Accompanying Notes</FONT></B><FONT size=2 face="Times New Roman"> </FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table11">
	<tr>
		<td width="2%" align="left" valign="top"><FONT size=2 face="Times New Roman">(1) </FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">Throughout this
        report, the following definition applies: Bell refers to BCE Inc.
        excluding Bell Aliant and Telesat. We have reclassified some of the
        figures for the comparative periods in the consolidated financial
        statements to make them consistent with the presentation for the current
        period. We have restated financial information for the previous periods
        to reflect the sale of Aliant Directory Services (ADS) which is shown as
        discontinued operations.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(2) </FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">In the first
        quarter of 2007, our management structure changed and our results of
        operations now are reported in four segments: <i>Bell Wireline, Bell
        Wireless, Bell Aliant</i> and <i>Telesat</i>. We have restated prior periods to
        reflect these new segments. Our reporting structure reflects how we
        manage our business and how we classify our operations for planning and
        measuring performance.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(3) </FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><B><FONT size=2 face="Times New Roman">Non-GAAP Financial Measures </FONT></B>
<P>
<B><FONT size=2 face="Times New Roman">EBITDA </FONT></B></P>
<P>
<font size="2" face="Times New Roman">We define EBITDA as operating revenues
less operating expenses, which means it represents operating income before
amortization expense, and restructuring and other items.</font></P>
        <P>
<font size="2" face="Times New Roman">The term EBITDA (earnings before interest,
taxes, depreciation and amortization), does not have any standardized meaning
according to Canadian generally accepted accounting principles (GAAP). It is
therefore unlikely to be comparable to similar measures presented by other
companies.</font></P>
        <P>
<font size="2" face="Times New Roman">We use EBITDA, among other measures, to
assess the operating performance of our ongoing businesses without the effects
of amortization expense and restructuring and other items. We exclude these
items because they affect the comparability of our financial results and could
potentially distort the analysis trends in business performance. We exclude
amortization expense because it largely depends on the accounting methods and
assumptions a company uses, as well as non-operating factors, such as the
historical cost of capital assets. Excluding restructuring and other items does
not imply they are necessarily non-recurring.</font></P>
        <P>
<font size="2" face="Times New Roman">EBITDA allows us to compare our operating
performance on a consistent basis. We believe that certain investors and
analysts use EBITDA to measure a company&#146;s ability to service debt and to meet
other payment obligations, or as a common valuation measurement in the
telecommunications industry.</font></P>
        <P>
<font size="2" face="Times New Roman">The most comparable Canadian GAAP
financial measure is operating income.</font></P>
        <P>
<b><font size="2" face="Times New Roman">Earnings per share (EPS) before
restructuring and other items, net gains on investments and costs incurred to
form the Bell Aliant Regional Communications Income Fund (Bell Aliant)<br>
</font></b><font size="2" face="Times New Roman">The term EPS before
restructuring and other items, net gains on investments, and costs incurred to
form Bell Aliant, does not have any standardized meaning according to Canadian
GAAP. It is therefore unlikely to be comparable to similar measures presented by
other companies.</font></P>
        <P>
<font size="2" face="Times New Roman">We use EPS before restructuring and other
items, net gains on investments, and costs incurred to form Bell Aliant, among
other measures, to assess the operating performance of our ongoing businesses
without the effects of after-tax restructuring and other items, net gains on
investments, and costs incurred to form Bell Aliant. We exclude these items
because they affect the comparability of our financial results and could
potentially distort the analysis of trends in business performance. Excluding
these items does not imply they are necessarily non-recurring.</font></P>
        <P>
<font size="2" face="Times New Roman">The most comparable Canadian GAAP
financial measure is EPS.</font></P>
        <P>
<font size="2" face="Times New Roman"><b>FREE CASH FLOW</b><br>
We define free cash flow as cash from operating activities after capital
expenditures, total dividends and other investing activities.</font></P>
        <P>
<font size="2" face="Times New Roman">The term free cash flow does not have any
standardized meaning according to Canadian GAAP. It is therefore unlikely to be
comparable to similar measures presented by other companies.</font></P>
        <P>
<font size="2" face="Times New Roman">We consider free cash flow to be an
important indicator of the financial strength and performance of our business
because it shows how much cash is available to repay debt and to reinvest in our
company. We present free cash flow on a consistent basis from period to period,
which allows us to compare our financial performance on a consistent basis.</font></P>

		</td>
	</tr>
</table>

</P>
<p>&nbsp;</p>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 144</font></P>


<font face="Times New Roman">


<A name="page_14"></A>

</font>

<P align="right">
<B><FONT size=4 face="Times New Roman">Accompanying Notes (continued)</FONT></B><FONT size=2 face="Times New Roman"> </FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table12">
	<tr>
		<td width="2%" align="left" valign="top">
		&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">
<font size="2" face="Times New Roman">We believe that certain investors and
analysts use free cash flow when valuing a business and its underlying assets.</font><p>
<font size="2" face="Times New Roman">The most comparable Canadian GAAP
financial measure is cash from operating activities.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
		<FONT size=2 face="Times New Roman">(4)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%">
<font size="2" face="Times New Roman">EBITDA margin is calculated as follows:</font><p>
<font face="Times New Roman"><u><font size="2">EBITDA</font></u><font size="2"><br>
Operating revenues</font></font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(5)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">Capital Intensity
        is calculated as follows:</font><p><font face="Times New Roman"><u>
        <font size="2">Capital expenditures</font></u><font size="2"><br>
        Operating revenues</font></font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(6)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><FONT size=2 face="Times New Roman">&nbsp;Cash flow per
        share is calculated as follows:</FONT><p>
        <FONT size=2 face="Times New Roman"><u>Cash flow from operating
        activities less capital expenditures</u><br>
        Average number of common shares outstanding</FONT></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(7)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">Annualized cash flow yield is calculated as follows:</font><p>
        <font face="Times New Roman">
        <u><font size="2">Free cash flow from operations before common dividends</font></u><font size="2"><br>
        Number of common shares outstanding at end of period multiplied by share
        price at end of period</font></font></p>
        <p><font size="2" face="Times New Roman">Note: to annualize, multiply the most recent quarter&#146;s resultant by
        4.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(8)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">Common dividend payout is calculated as follows:</font><p>
        <font face="Times New Roman"><u>
        <font size="2">Dividends per common share</font></u><font size="2"><br>
        EPS before restructuring and other items, net gains on investments, and
        costs incurred to form Bell Aliant</font></font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(9)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%">
<font size="2" face="Times New Roman">Average revenue per unit (ARPU) represents the measurement of the average
revenue generated by each unit, expressed as a rate per month for the year.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(10)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">Churn is the rate at which existing subscribers cancel
        their services. Churn is calculated as the number of subscribers
        disconnected divided by the average subscriber base.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<FONT size=2 face="Times New Roman">(11)</FONT></td>
		<td width="2%">&nbsp;</td>
		<td width="96%"><font size="2" face="Times New Roman">&nbsp;Cost of acquisition (COA) is also referred to as
        subscriber acquisition costs. This measure is expressed per gross
        activation. It includes costs associated with acquiring a customer such
        as hardware subsidies, marketing and distribution costs.</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%">&nbsp;</td>
		<td width="96%">&nbsp;</td>
	</tr>
	</table>

</P>
<hr color="#000000" size="1">
<P style="margin-top: 0">
<font size="2" face="Times New Roman">BCE&nbsp;INC.&nbsp;SUPPLEMENTARY
FINANCIAL INFORMATION&nbsp;&#150; FIRST QUARTER 2007&nbsp;&nbsp; PAGE 155</font></P>

<P style="margin-top: 0">
&nbsp;</P>


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