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<SEC-DOCUMENT>0001277645-07-000014.txt : 20070510
<SEC-HEADER>0001277645-07-000014.hdr.sgml : 20070510
<ACCEPTANCE-DATETIME>20070510120637
ACCESSION NUMBER:		0001277645-07-000014
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070502
FILED AS OF DATE:		20070510
DATE AS OF CHANGE:		20070510

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		07835921

	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/A
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6K
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
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<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>
The Reconciliation of Canadian GAAP to United States GAAP (&#147;Reconciliation&#148;)
filed with this Form 6-K replaces the Reconciliation that was filed by BCE&nbsp;Inc.
with the Securities and Exchange Commission on May&nbsp;2,&nbsp;2007 as Exhibit 2 to its
Form 6-K. The Reconciliation that was filed on May&nbsp;2,&nbsp;2007 as Exhibit 2 to BCE&nbsp;Inc.&#146;s Form 6-K contained a typographical error in the first line of the second
paragraph of note (k) entitled &#147;Comparative Periods&#148; (the word &#147;increased&#148;
should have read &#147;decreased&#148;). Accordingly, such Exhibit 2 is superseded by the
current filing and should not be relied on.</P>
<P>
The Reconciliation filed with this Form 6-K is incorporated by reference in the
registration statements filed by BCE Inc. with the Securities and Exchange
Commission on Form F-3 (Registration No. 333-12130), Form S-8 (Registration No.
333-12780), Form S-8 (Registration No. 333-12802) and Form S-8 (Registration No.
333-12804). 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%" colspan="2">&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 valign="bottom" align="left" width="10%">By:</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" colspan="2">&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 10, 2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="6">&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">2.&nbsp;&nbsp;
Reconciliation of Canadian GAAP to United States GAAP - AMENDED</p></font>

</font>
</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>2
<FILENAME>usgaap.htm
<DESCRIPTION>US GAAP RECONCILIATION - AMENDED
<TEXT>
<HTML>
<HEAD>
   <TITLE> RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP - AMENDED</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
- - AMENDED </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>

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&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">


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

</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 decreased 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">


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

</font>

<P>
<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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