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<SEC-DOCUMENT>0001206212-07-000201.txt : 20070705
<SEC-HEADER>0001206212-07-000201.hdr.sgml : 20070704
<ACCEPTANCE-DATETIME>20070705154741
ACCESSION NUMBER:		0001206212-07-000201
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070703
FILED AS OF DATE:		20070705
DATE AS OF CHANGE:		20070705

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:		07964618

	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>m36925ore6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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






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

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

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


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


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

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

<DIV align="center" style="font-size: 24pt; margin-top: 18pt"><B>BCE Inc.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><I>(Translation
of Registrant&#146;s name into English)</I>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Indicate by check mark whether the Registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the Registrant in connection with
Rule&nbsp;12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Notwithstanding any reference to BCE Inc.&#146;s or Bell Canada&#146;s Web site on the World Wide Web in the
documents attached hereto, the information contained in BCE Inc.&#146;s or Bell Canada&#146;s site or any
other site on the World Wide Web referred to in BCE Inc.&#146;s or Bell Canada&#146;s site is not a part of
this Form 6-K and, therefore, is not filed with the Securities and Exchange Commission.
</DIV>

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









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

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

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







<!-- link1 "SIGNATURE" -->

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


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

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;<B>BCE Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Patricia A. Olah</I></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Patricia A. Olah</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Corporate Secretary and Lead Governance Counsel<BR><BR>
Date:&nbsp;July 5, 2007&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>6796508 CANADA INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Purchaser

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BCE INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Company

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>June&nbsp;29, 2007</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The attached document is a definitive agreement between 6796508 Canada Inc. and BCE Inc. dated as
of June&nbsp;29, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This definitive agreement was negotiated at arm&#146;s length to provide contractual protections for the
benefit of BCE Inc. and 6796508 Canada Inc. and certain of their associated entities and not for
purposes of disclosure to investors or any other purpose. The terms of this agreement may be
varied or amended. Accordingly, investors and potential investors are cautioned that it would be
inappropriate to rely on this document in making an investment decision.
</DIV>


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

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

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




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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;1 INTERPRETATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.1 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.2 Interpretation Not Affected by Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.3 Interpretation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.4 Date for Any Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.5 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.6 Statutory References, References to Persons and References to Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.7 Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.8 Accounting Principles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.9 Schedules</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;2 THE ARRANGEMENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.1 Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.2 Interim Order</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.3 The Company Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.4 The Company Circular</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.5 Final Order</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.6 Court Proceedings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.7 Stock Compensation Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.8 Articles of Arrangement and Effective Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.9 Payment of Consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.1 Representations and Warranties of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.2 Survival of Representations and Warranties of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;4 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.1 Representations and Warranties of the Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.2 Survival of Representations and Warranties of the Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;5 COVENANTS OF THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.1 Conduct of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.2 Non-Solicitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.3 Assistance with Purchaser Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.4 Completion of the Telesat Transaction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.5 Cooperation Regarding Reorganization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.6 Conduct of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.7 Dividend Reinvestment Plan; Employee Savings Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.8 Cooperation with Solvency Opinion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;6 COVENANTS OF THE PURCHASER PARTIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.1 Conduct of the Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.2 Director and Officer Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.3 Interim Period Consents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.4 Purchaser Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->( i )<!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.5 Investment Canada Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.6 Syndication of Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;7 MUTUAL COVENANTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.1 Regarding the Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.2 Industry Canada Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.3 FCC Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.4 CRTC Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.5 Public Communications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.6 Notice and Cure Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.7 Access to Information; Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.8 Employee Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;8 CONDITIONS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>49</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.1 Mutual Conditions Precedent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.2 Additional Conditions Precedent to the Obligations of the Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.3 Additional Conditions Precedent to the Obligations of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.4 Satisfaction of Conditions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;9 TERMINATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.1 Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.2 Effect of Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Article&nbsp;10 GENERAL PROVISIONS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.1 Standard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.2 Amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.3 Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.4 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.5 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.6 Expenses and Termination Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.7 Injunctive Relief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.8 Time of Essence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.9 Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.10 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.11 No Third Party Beneficiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.12 Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.13 No Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.14 Language</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.15 Counterparts, Execution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->( ii )<!-- /Folio -->
</DIV>

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


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PLAN OF ARRANGEMENT</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIAL RESOLUTION</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KEY REGULATORY APPROVALS</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADDITIONAL REGULATORY APPROVALS</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">REPRESENTATIONS AND WARRANTIES OF THE COMPANY</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRE-APPROVED EQUITY PARTNERS</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->( iii )<!-- /Folio -->
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS AGREEMENT </B>is made as of June&nbsp;29, 2007,
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>6796508 CANADA INC.</B>, a corporation incorporated under the laws of Canada
(the &#147;<B>Purchaser</B>&#148;)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">- and -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>BCE INC.</B>, a corporation existing under the laws of Canada<br>
(&#147;<B>BCE</B>&#148; or the &#147;<B>Company</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE</B>, in consideration of the covenants and agreements herein contained, the Parties
agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>INTERPRETATION</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.1 Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, unless something in the subject matter or the context is inconsistent
therewith:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>1933 Act</B>&#148; means the <I>United States Securities Act of 1933</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>1934 Act</B>&#148; means the <I>United States Securities Exchange Act of 1934</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Acquisition Proposal</B>&#148; means, other than the transactions contemplated by this Agreement
(including, for greater certainty, the Telesat Transaction) and other than any transaction
involving only the Company and/or one or more of its wholly-owned Subsidiaries, any offer,
proposal or inquiry from any Person or group of Persons (other than any Purchaser Party)
after the date hereof relating to (i)&nbsp;any acquisition or purchase, direct or indirect, of
assets representing 20% or more of the consolidated assets or contributing 20% or more of
the consolidated revenue of the Company and its Subsidiaries or 20% or more of the voting or
equity securities of the Company or any of its Subsidiaries (or rights or interests therein
or thereto) whose assets or revenues, individually or in the aggregate, constitute 20% or
more of the consolidated assets or consolidated revenue, as applicable, of the Company, (ii)
any take-over bid or exchange offer that, if consummated, would result in such Person or
group of Persons beneficially owning 20% or more of any class of voting or equity securities
of the Company or any of its Subsidiaries whose assets or revenues, individually or in the
aggregate, constitute 20% or more of the consolidated assets or consolidated revenue, as
applicable, of the Company or (iii)&nbsp;a plan of arrangement, merger, amalgamation,
consolidation, share exchange, business combination, reorganization, recapitalization,
liquidation, dissolution or other similar transaction involving the Company or any of its
Subsidiaries whose assets or revenues, individually or in the aggregate, constitute 20% or
more of the
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">consolidated assets or revenue, as applicable, of the Company, but excluding for greater
certainty the ordinary course conversion from time to time of issued and outstanding
Preferred Shares of one or more series into Preferred Shares of a different series in
accordance with their terms and the ordinary course refinancing of existing indebtedness of
the Company or its Subsidiaries as permitted by the terms hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Additional Regulatory Approvals</B>&#148; means the approvals listed on Schedule&nbsp;D hereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Affected Shareholders</B>&#148; means the Common Shareholders and the Preferred Shareholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>affiliate</B>&#148; has the meaning ascribed thereto in Section&nbsp;1.2 of National Instrument 45-106 &#150;
<I>Prospectus and Registration Exemptions </I>as in effect on the date hereof, but with respect to
the Company does not include Telesat (so long as the Telesat Purchase Agreement has not been
terminated) or the Bell Aliant Entities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Agreement</B>&#148; means this definitive agreement as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>AMF</B>&#148; means the Autorit&#233; des march&#233;s financiers, and includes any successor thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Applicable Law</B>&#148; means, with respect to any Person, any domestic or foreign federal,
national, state, provincial or local law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree,
ruling or other similar requirement enacted, adopted, promulgated or applied by a
Governmental Authority that is binding upon or applicable to such Person, as amended unless
expressly specified otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Arrangement</B>&#148; means an arrangement under Section&nbsp;192 of the CBCA on the terms and subject to
the conditions set out in the Plan of Arrangement, subject to any amendments or variations
thereto made in accordance with Section&nbsp;10.2 hereof or the Plan of Arrangement or made at
the direction of the Court in the Final Order with the consent of the Company and the
Purchaser, each acting reasonably;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Arrangement Resolution</B>&#148; means the special resolution approving the Plan of Arrangement to
be considered at the Company Meeting, to be substantially in the form and content of
Schedule&nbsp;B hereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Articles of Arrangement</B>&#148; means the articles of arrangement of the Company in respect of the
Arrangement, required by the CBCA to be sent to the Director after the Final Order is made,
which shall be in a form and content satisfactory to the Company and the Purchaser, each
acting reasonably;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>BCE Current Public Disclosure Record</B>&#148; means (i)&nbsp;the annual information form of the Company
dated March&nbsp;7, 2007 for the year ended December&nbsp;31, 2006, (ii)&nbsp;the audited consolidated
financial statements of the Company as at and for the years ended December&nbsp;31, 2006 and
2005, including the notes thereto and the management&#146;s discussion and analysis thereof,
(iii)&nbsp;the unaudited interim consolidated financial
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">statements of the Company as at and for the three months ended March&nbsp;31, 2007, including the
notes thereto and the management&#146;s discussion and analysis thereof, and (iv)&nbsp;the management
proxy circular of the Company dated April&nbsp;13, 2007;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Bell Aliant Entities</B>&#148; means Bell Aliant Regional Communications Income Fund, Bell Aliant
Holdings Trust, Bell Aliant Regional Communications Holdings Inc., Bell Aliant Regional
Communications Holdings, Limited Partnership, Bell Nordiq Trust, Bell Aliant Regional
Communications Inc., Bell Aliant Regional Communications, Limited Partnership, Bell Nordiq
Group Inc., Telebec, Limited Partnership, Northern Tel, Limited Partnership and any of their
respective direct or indirect Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Board</B>&#148; means the board of directors of the Company as the same is constituted from time to
time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Break-Up Fee</B>&#148; has the meaning ascribed thereto in Section&nbsp;10.6(6);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Broadcasting Act</B>&#148; means the <I>Broadcasting Act </I>(Canada);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Business Day</B>&#148; means a day, other than a Saturday, Sunday or other day on which commercial
banks in Montr&#233;al, Qu&#233;bec, Toronto, Ontario or New York, New York are closed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Canadian Equity Sponsors</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.6;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>CBCA</B>&#148; means the <I>Canada Business Corporations </I>Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Certificate of Arrangement</B>&#148; means the certificate of arrangement to be issued by the
Director pursuant to subsection 192(7) of the CBCA in respect of the Articles of
Arrangement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Change in Recommendation</B>&#148; has the meaning ascribed thereto in Section&nbsp;9.1(1)(c)(i);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Code</B>&#148; means the <I>United States Internal Revenue Code of 1986</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Collective Agreements</B>&#148; has the meaning ascribed thereto in paragraph (o)&nbsp;of Schedule&nbsp;E;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Commitment Letter</B>&#148; has the meaning ascribed thereto in paragraph (f)&nbsp;of Schedule&nbsp;F;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Common Shareholders</B>&#148; means the registered or beneficial holders of Common Shares, as the
context requires;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Common Shares</B>&#148; means the common shares in the capital of the Company, as currently
constituted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Balance Sheet</B>&#148; means the consolidated balance sheet of the Company as of March&nbsp;31,
2007 and the footnotes thereto;
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Circular</B>&#148; means the notice of the Company Meeting and accompanying management
information circular, including all schedules, appendices and exhibits thereto, to be sent
to the Affected Shareholders in connection with the Company Meeting, as amended,
supplemented or otherwise modified from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Disclosure Letter</B>&#148; means the disclosure letter dated the date hereof regarding this
Agreement that has been provided by the Company to the Purchaser;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Employees</B>&#148; means the employees of the Company and its Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Filings</B>&#148; means all documents publicly filed under the profile of the Company on the
System for Electronic Document Analysis Retrieval (SEDAR)&nbsp;since December&nbsp;31, 2005;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Meeting</B>&#148; means the special meeting of Affected Shareholders, including any
adjournment or postponement thereof, to be called and held in accordance with the Interim
Order to consider the Arrangement Resolution;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Company Shares</B>&#148; means, collectively, the Common Shares and the Preferred Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Competition Act</B>&#148; means the <I>Competition Act </I>(Canada);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Competition Act Compliance</B>&#148; means that the applicable waiting period under Part&nbsp;IX of the
Competition Act shall have expired or been waived or terminated and there shall be no order
in place issued by the Competition Tribunal established under the <I>Competition Tribunal Act</I>
(Canada) which would preclude completion of the transactions contemplated by this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Competition Laws</B>&#148; means the Competition Act, the HSR Act and any other applicable foreign
antitrust or competition laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Confidentiality Agreements</B>&#148; means: (i)&nbsp;the confidentiality agreements (or related
undertaking) dated as of June&nbsp;5, 2007 between each of the Equity Sponsors and the Company
pursuant to which the Equity Sponsors and the Purchaser have been provided with access to
confidential information of the Company, as amended from time to time in accordance with
their terms, and (ii)&nbsp;any other letter agreements entered into between the Company and any
of the Equity Sponsors regarding confidential information of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Consideration</B>&#148; means an amount in cash per Company Share as set out in Exhibit&nbsp;I to the
Plan of Arrangement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Contract</B>&#148; means any legally binding contract, agreement, license, franchise, lease,
arrangement or commitment (written or oral) to which the Company or any of its Subsidiaries
is a party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Court</B>&#148; means the Qu&#233;bec Superior Court;
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>CRTC</B>&#148; means the Canadian Radio-television and Telecommunications Commission, and includes
any successor thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>CRTC Applications</B>&#148; means applications to the CRTC pursuant to the Broadcasting Act and
related regulations for approval of a change in control of the CRTC Licensees and to approve
new licensees of Express-Vu if requested by the Purchaser (provided that such licensees are
Subsidiaries of the Company);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>CRTC Approval</B>&#148; means that all required approvals by the CRTC of the CRTC Applications shall
have been received;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>CRTC Licensees</B>&#148; means the Company and those affiliates of the Company that hold CRTC
Licenses, treating for this purpose the Bell Aliant Entities as affiliates of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>CRTC Licenses</B>&#148; means those licenses issued by the CRTC to the Company and affiliates of the
Company under the Broadcasting Act and related regulations, treating for this purpose the
Bell Aliant Entities as affiliates of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Data Room</B>&#148; means the material contained in the virtual data room established by the Company
as at 3:15 p.m. on June&nbsp;29, 2007, the index of documents of which is appended to the Company
Disclosure Letter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Depositary</B>&#148; means Computershare Investor Services Inc.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Dividend Reinvestment Plan</B>&#148; means the Shareholder Dividend Reinvestment and Stock Purchase
Plan of the Company, as the same may be amended from time to time in compliance with this
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Direction</B>&#148; means the <I>Direction to the CRTC (Ineligibility of Non-Canadians)</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Director</B>&#148; means the Director appointed pursuant to Section&nbsp;260 of the CBCA;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Dissent Rights</B>&#148; means the rights of dissent in respect of the Arrangement described in the
Plan of Arrangement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>D&#038;O Insurance</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.2(2);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>DSUs</B>&#148; means deferred share units issued under the Company&#146;s 1997 Share Unit Plan for
Non-Employee Directors or the Company&#146;s 1997 Share Unit Plan for Senior Executives and Other
Key Employees, in each case as amended from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Effective Date</B>&#148; means the date shown on the Certificate of Arrangement giving effect to the
Arrangement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Effective Time</B>&#148; has the meaning ascribed thereto in the Plan of Arrangement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Employee Plans</B>&#148; has the meaning ascribed thereto in paragraph (n)&nbsp;of Schedule&nbsp;E hereto;
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Employee Savings Plans</B>&#148; means the 1970 Employees&#146; Savings Plan and the 2000 Employees&#146;
Savings Plan (US)&nbsp;of the Company, in each case as amended from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Environmental Laws</B>&#148; means any Applicable Law relating to the environment or pollutants,
contaminants, wastes or chemicals or any toxic, radioactive, ignitable, corrosive, reactive
or hazardous substances, wastes or materials;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Equity Commitment Letters</B>&#148; has the meaning ascribed thereto in paragraph (f)&nbsp;of Schedule&nbsp;F;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Equity Sponsors</B>&#148; has the meaning ascribed thereto in paragraph (f)&nbsp;of Schedule&nbsp;F;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Exchange</B>&#148; or &#147;<B>Exchanges</B>&#148; means the Toronto Stock Exchange and/or the New York Stock
Exchange, as applicable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>executive officer</B>&#148; has the meaning ascribed thereto in National Instrument 51-102 &#150;
<I>Continuous Disclosure Obligations</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>FCC</B>&#148; means the United States Federal Communications Commission, and includes any successor
thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>FCC Applications</B>&#148; means the applications and declaratory rulings to the FCC in relation to
the FCC Licenses for approval of the change in control of the Company or its applicable
Subsidiaries (treating for this purpose the Bell Aliant Entities and Telesat, in Telesat&#146;s
case for so long as the Telesat Transaction has not been completed, as Subsidiaries of the
Company) on the completion of the transactions contemplated herein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>FCC Approval</B>&#148; means that all required approvals of the FCC Applications shall have been
received from the FCC or relevant FCC staff pursuant to delegated authority;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>FCC Licenses</B>&#148; means the authorizations, licenses and declaratory rulings issued by the FCC
to the Company or a Subsidiary thereof (treating for this purpose the Bell Aliant Entities
and Telesat, in Telesat&#146;s case for so long as the Telesat Transaction has not been
completed, as Subsidiaries of the Company) for the provision of service in the United States
or between the United States and any foreign points as disclosed in the Company Disclosure
Letter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Final Order</B>&#148; means the final order of the Court in a form acceptable to the Company and the
Purchaser, acting reasonably, approving the Arrangement as such order may be amended by the
Court (with the consent of both the Company and the Purchaser, each acting reasonably) at
any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn
or denied, as affirmed or as amended (provided that any such amendment is acceptable to both
the Company and the Purchaser, each acting reasonably) on appeal;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Financial Advisors</B>&#148; means, collectively, Goldman, Sachs &#038; Co., CIBC World Markets Inc., BMO
Nesbitt Burns Inc., RBC Dominion Securities Inc. and Greenhill &#038; Co. Canada Ltd.;
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 7 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>GAAP</B>&#148; means accounting principles generally accepted in Canada including those set out in
the Handbook of the Canadian Institute of Chartered Accountants, at the relevant time
applied on a consistent basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Governmental Authority</B>&#148; means any (a)&nbsp;multinational, federal, national, provincial, state,
regional, municipal, local or other government, governmental or public department, central
bank, court, tribunal, arbitral body, commission, board, bureau, ministry or agency,
domestic or foreign, (b)&nbsp;any subdivision, agent, commission, board, or authority of any of
the foregoing, (c)&nbsp;any quasi-governmental or private body exercising any regulatory,
self-regulatory, expropriation or taxing authority under or for the account of any of the
foregoing, or (d)&nbsp;any stock exchange;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Heritage Minister</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.5(1);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>HSR Act</B>&#148; means the <I>United States Hart-Scott-Rodino Antitrust Improvements Act of 1976</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>HSR Approval</B>&#148; means the expiration or early termination of any waiting period, and any
extension thereof, applicable to the completion of the transactions contemplated hereby
under the HSR Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Indemnified Person</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.2(1);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Industry Canada</B>&#148; means the Minister of Industry acting in accordance with the powers and
discretion accorded to the Minister under the Radiocommunication Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Industry Canada Applications</B>&#148; means applications to Industry Canada in respect of Industry
Canada Licenses under the Radiocommunication Act and related regulations for approval of the
change in control of the Industry Canada Licensees on the completion of the transactions set
out herein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Industry Canada Approval</B>&#148; means that all required approvals by Industry Canada of the
Industry Canada Applications shall have been received;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Industry Canada Licensees</B>&#148; means those affiliates of the Company who hold Industry Canada
Licenses, treating for this purpose the Bell Aliant Entities and Telesat, in Telesat&#146;s case
for so long as the Telesat Transaction has not been completed, as affiliates of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Industry Canada Licenses</B>&#148; means only those radio or spectrum licenses issued by Industry
Canada pursuant to the Radiocommunication Act to affiliates of the Company (treating for
this purpose the Bell Aliant Entities and Telesat, in Telesat&#146;s case for so long as the
Telesat Transaction has not been completed, as affiliates of the Company) which contain, as
a condition of license, the requirement to seek the prior approval of Industry Canada for a
material change in ownership or control of the licensee, a complete list of which is set out
in the Company Disclosure Letter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Intellectual Property Rights</B>&#148; has the meaning ascribed thereto in paragraph (u)&nbsp;of Schedule
E;
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 8 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>internal controls</B>&#148; has the meaning ascribed thereto in Rule&nbsp;13a-15 of the 1934 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Interim Order</B>&#148; means the interim order of the Court in a form acceptable to the Company and
the Purchaser, acting reasonably, providing for, among other things, the calling and holding
of the Company Meeting, as the same may be amended by the Court with the consent of the
Company and the Purchaser, each acting reasonably;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Investment Canada Act</B>&#148; means the <I>Investment Canada Act</I>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Investment Canada Act Approval</B>&#148; means, if required, that the Minister designated for the
purposes of the Investment Canada Act shall have confirmed to the Purchaser that he or she
has determined, or shall have been deemed to have determined, that the transactions
contemplated by this Agreement are of &#147;net benefit&#148; to Canada;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Key Regulatory Approvals</B>&#148; means the approvals listed on Schedule&nbsp;C hereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>knowledge</B>&#148; means the actual knowledge of any of the individuals expressly identified for
these purposes in the Company Disclosure Letter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Leased Real Property</B>&#148; has the meaning ascribed thereto in paragraph (q)&nbsp;of Schedule&nbsp;E;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Leased Network Facilities</B>&#148; means all of the Company&#146;s and its Subsidiaries&#146; Network
Facilities that are not owned by the Company or its Subsidiaries but are provided under
lease, license or other agreement between the Company or the Subsidiary and one or more
other Persons;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Lenders</B>&#148; has the meaning ascribed thereto in paragraph (f)&nbsp;of Schedule&nbsp;F;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Lien</B>&#148; means, with respect to any property or asset, any mortgage, lien, hypothec, pledge,
charge, security interest, encumbrance, defect of title, restriction or other rights of
third parties, or other adverse claim of any kind in respect of such property or asset;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Marketing Period</B>&#148; shall mean, unless otherwise agreed to by the Parties, the first period
of 20 consecutive calendar days after the Required Information Schedule is delivered, during
which (A)&nbsp;the Purchaser shall have the Required Information that the Company is required to
provide to the Purchaser pursuant to Section&nbsp;5.3 and (B)&nbsp;all conditions set forth in Section
8.1 and Section&nbsp;8.2 (other than those that by their nature will not be satisfied until the
Effective Time or conditions set forth in Section&nbsp;8.1 with respect to which any Purchaser
Party shall have failed to comply with its obligations hereunder) have been satisfied and no
event has occurred and no conditions exist that would cause any of the conditions set forth
in Section&nbsp;8.1 (other than conditions set forth in Section&nbsp;8.1 that are not satisfied as a
result of any Purchaser Party having failed to comply with its obligations hereunder) or
Section&nbsp;8.2 to fail to be satisfied assuming the Effective Time were to be scheduled for any
time during such 20 consecutive calendar day period; provided, however, that the Marketing
Period shall end on any earlier date that is the date on which the debt financing
contemplated by the Commitment Letter is otherwise obtained; provided further that if the
Marketing Period would not end on or prior to December&nbsp;19, 2007, the Marketing Period shall
commence no earlier than
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio --> - 9 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">January&nbsp;7, 2008, and if the Marketing Period would not end on or prior to August&nbsp;15, 2008,
the Marketing Period shall commence no earlier than September&nbsp;8, 2008; provided further that
the Marketing Period shall not be deemed to have commenced if, (i)&nbsp;after the date hereof and
prior to the completion of the Marketing Period, Deloitte and Touche LLP shall have
withdrawn its audit opinion with respect to any of the financial statements contained in the
Company Filings or refuses to issue a customary comfort letter (in accordance with its
normal practices) or (ii)&nbsp;the financial statements included in the Required Information that
is available to the Purchaser on the first day of any such 20 consecutive calendar day
period would not be sufficiently current on any day during such 20 consecutive calendar day
period to permit a registration statement using such financial statements to be declared
effective by the SEC on the last day of the 20 consecutive calendar day period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Material Adverse Effect</B>&#148; means an effect that, individually or in the aggregate with other
such effects, is or would reasonably be expected to be material and adverse to the financial
condition, business or the results of operations of the Company and its Subsidiaries, taken
as a whole, (treating for purposes of this definition the Bell Aliant Entities and, for so
long as the Telesat Transaction has not been completed, Telesat, as Subsidiaries of the
Company), except any such effect resulting from or arising in connection with: (a)&nbsp;any
change in GAAP; (b)&nbsp;any adoption, proposal, implementation or change in Applicable Law or
any interpretation thereof by any Governmental Authority; (c)&nbsp;any change in global, national
or regional political conditions (including the outbreak of war or acts of terrorism) or in
general economic, business, regulatory, political or market conditions or in national or
global financial or capital markets; (d)&nbsp;any change affecting any of the industries in which
the Company or any of its Subsidiaries operate; (e)&nbsp;any natural disaster; (f)&nbsp;the execution,
announcement or performance of the Agreement or consummation of the transactions
contemplated hereby, including any loss or threatened loss of, or adverse change or
threatened adverse change in, the relationship of the Company or any of its Subsidiaries
with any of their employees, financing sources, bondholders or shareholders; (g)&nbsp;any change
in the market price or trading volume of any securities of the Company (it being understood
that the causes underlying such change in market price may be taken into account in
determining whether a Material Adverse Effect has occurred), or any suspension of trading in
securities generally on any securities exchange on which any securities of the Company
trade; (h)&nbsp;the Company ceasing to be a &#147;qualified corporation&#148; for purposes of the
Telecommunications Regulations, or ceasing to be a &#147;Canadian&#148; for purposes of the
Radiocommunication Regulations, or ceasing to be a &#147;Canadian&#148; for purposes of the Direction
or ceasing to be in compliance with the Direction; (i)&nbsp;the failure of the Company in and of
itself to meet any internal or public projections, forecasts or estimates of revenues or
earnings (it being understood that the causes underlying such failure may be taken into
account in determining whether a Material Adverse Effect has occurred); (j)&nbsp;the failure of
the Telesat Transaction to be completed for any reason; (k)&nbsp;any actions taken (or omitted to
be taken) upon the request of the Purchaser; or (l)&nbsp;any action taken by the Company or any
of its Subsidiaries which is required pursuant to the Agreement; provided, however, that
with respect to clauses (c), (d)&nbsp;and (e), such matter does not have a materially
disproportionate effect on the Company and its Subsidiaries, taken as a whole, relative to
other comparable companies and entities operating in the industries in which the Company
and/or its Subsidiaries
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">operate, and unless expressly provided in any particular section of this Agreement,
references in certain sections of this Agreement to dollar amounts are not intended to be,
and shall not be deemed to be, illustrative or interpretive for purposes of determining
whether a &#147;<B>Material Adverse Effect</B>&#148; has occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Material Contract</B>&#148; means: (a)&nbsp;any Contract which, if terminated or modified or if it ceased
to be in effect, would reasonably be expected to have a Material Adverse Effect; (b)&nbsp;any
partnership agreement, limited liability company agreement, joint venture agreement or
similar agreement or arrangement relating to the formation, creation or operation of any
partnership, limited liability company or joint venture, the properties and assets of which
exceed $400&nbsp;million (book value or fair market value), in which the Company or any of its
Subsidiaries is a partner, member or joint venturer (or other participant) and in which the
interest of the Company and its Subsidiaries has a fair market value which exceeds $200
million, but excluding any such partnership, limited liability company or joint venture
which is a wholly-owned Subsidiary of the Company; (c)&nbsp;any Contract under which indebtedness
in excess of $250&nbsp;million is or may become outstanding, other than any such Contract between
two or more wholly-owned Subsidiaries of the Company or between the Company and one or more
or its wholly-owned Subsidiaries; (d)&nbsp;any Contract providing for the sale or exchange of, or
option to sell or exchange, any property or asset where the sale price or agreed value or
fair market value of such property or asset is in excess of $200&nbsp;million, or the purchase or
exchange of, or option to purchase or exchange, any property or asset where the purchase
price or agreed value or fair market value of such property or asset is in excess of $200
million, in either case entered into in the past 12&nbsp;months or entered into more than 12
months prior to the date hereof in respect of which the applicable transaction has not yet
been substantially consummated, other than any such Contract between two or more
wholly-owned Subsidiaries of the Company or between the Company and one or more or its
wholly-owned Subsidiaries; or (e)&nbsp;any Contract restricting the incurrence of indebtedness by
the Company or any of its Subsidiaries or (including by requiring the granting of an equal
and rateable Lien) the incurrence of any Liens on any properties or assets of the Company or
any of its Subsidiaries which are material to the Company and its Subsidiaries, taken as a
whole, or restricting the payment of dividends by the Company, other than any such Contract
between two or more wholly-owned Subsidiaries of the Company or between the Company and one
or more or its wholly-owned Subsidiaries which may be amended, and the terms of which may be
waived without the consent of any other Party (the &#147;<B>Lien Restrictions</B>&#148;); (f)&nbsp;any Contract
under which the Company or its wholly-owned Subsidiaries are obligated to make or expect to
receive payments on an annual basis in excess of $100&nbsp;million or $300&nbsp;million over the
remaining term of the Contract; and (g)&nbsp;any Contract that limits or otherwise restricts, in
a manner material to the Company and its Subsidiaries, taken as a whole, (i)&nbsp;the ability of
the Company or any of its wholly-owned Subsidiaries to compete in any material geographic
area or material line of business or (ii)&nbsp;the scope of Persons to whom the Company or any of
its Subsidiaries may sell products or deliver services;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>material fact</B>&#148; has the meaning ascribed thereto in the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Material Subsidiaries</B>&#148; means those subsidiaries of Company which are identified as such in
the Company Disclosure Letter;
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 11 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>misrepresentation</B>&#148; has the meaning ascribed thereto in the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Network Facilities</B>&#148; means all of the Company&#146;s and its Subsidiaries&#146; material network
facilities (including cable, wires, conduits, switches and other equipment and facilities)
and related material operating support equipment systems, network operations centres, and
land and buildings, whether owned or leased;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Network Facility Agreements</B>&#148; means agreements under which third Persons provide Network
Facilities to the Company and/or its Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Option</B>&#148; means an option to purchase Common Shares granted under any of the Stock Option
Plans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Owned Network Facilities</B>&#148; means Network Facilities that are owned by the Company or one of
its Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Owned Real Property</B>&#148; has the meaning ascribed thereto in paragraph (q)&nbsp;of Schedule&nbsp;E;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Outside Date</B>&#148; means June&nbsp;30, 2008, or such later date as the Purchaser and the Company may
agree in writing, provided that if the Effective Date has not occurred by the Outside Date
as a result of the failure to obtain all of the Key Regulatory Approvals, then either the
Purchaser or the Company may from time to time elect in writing, provided that the Party so
electing is then in compliance in all material respects with its obligations under the
Agreement, to extend the Outside Date by a specified period of not less than five Business
Days, provided that in aggregate such extensions shall not exceed three months, and provided
further that the Outside Date may only be extended if the Party so extending the Outside
Date reasonably believes that all of the Key Regulatory Approvals are capable of being
obtained prior to the Outside Date, as it may be so extended; and provided that, after the
Key Regulatory Approvals have been obtained, the Outside Date shall not occur prior to the
end of the Marketing Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Parties</B>&#148; means, collectively, the Purchaser and the Company, and &#147;<B>Party</B>&#148; means any of them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Permitted Dividend</B>&#148; means, in respect of the Common Shares, a dividend not in excess of
$0.365 per Common Share per quarter (adjusted for any stock split, stock dividend,
reorganization or similar event after the date hereof), and in respect of any Preferred
Share, a dividend in an amount and with a payment frequency as provided for or contemplated
by the terms of such Preferred Share, including as such dividend rate may be reset by the
Company from time to time, in each case with customary record and payment dates;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Permitted Liens</B>&#148; means: (i)&nbsp;the reservations, limitations, provisos and conditions
expressed in the original grant from the Crown and any statutory exceptions to title; (ii)
inchoate or statutory liens of contractors, subcontractors, mechanics, workers, suppliers,
materialmen, carriers and others in respect of the construction, maintenance, repair or
operation of real or personal property; (iii)&nbsp;easements, servitudes, restrictions,
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">restrictive covenants, party wall agreements, rights of way, licenses, permits and other
similar rights in real property (including, without limiting the generality of the
foregoing, easements, rights of way and agreements for sewers, drains, gas and water mains
or electric light and power or telephone, telecommunications or cable conduits, poles, wires
and cables); (iv)&nbsp;liens for Taxes in respect of real property not yet due and payable; (v)
zoning and building by-laws and ordinances, regulations made by public authorities and other
restrictions affecting or controlling the use, marketability or development of real
property; (vi)&nbsp;agreements with any municipal, provincial or federal governments or
authorities and any public utilities or private suppliers of services, including (without
limitation) subdivision agreements, development agreements, site control agreements,
engineering, grading or landscaping agreements and similar agreements; and (vii)&nbsp;such other
imperfections or irregularities of title or Liens as do not materially affect the use of the
properties or assets subject thereto or affected thereby or otherwise materially impair
business operations at such properties; which in the case of (iii), (v)&nbsp;and (vi), do not
materially impair the use of the applicable real property subject thereto as such property
is being used at the date hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Person</B>&#148; includes any individual, firm, partnership, limited partnership, limited liability
partnership, joint venture, venture capital fund, limited liability company, unlimited
liability company, association, trust, trustee, executor, administrator, legal personal
representative, estate, body corporate, corporation, company, unincorporated association or
organization, Governmental Authority, syndicate or other entity, whether or not having legal
status;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Plan of Arrangement</B>&#148; means the plan of arrangement, substantially in the form of Schedule&nbsp;A
hereto, and any amendments or variations thereto made in accordance with Section&nbsp;10.2 hereof
or the Plan of Arrangement or made at the direction of the Court in the Final Order with the
consent of the Company and the Purchaser, each acting reasonably;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Pre-Acquisition Reorganization</B>&#148; has the meaning ascribed thereto in Section&nbsp;5.5;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Preferred Shareholders</B>&#148; means the registered or beneficial holders of Preferred Shares, as
the context requires;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Preferred Shares</B>&#148; means the first preferred shares in the capital of the Company, as
constituted on the date hereof, and includes all series thereof (and, for greater certainty,
includes, as the context requires, the series of preferred shares into which one or more
outstanding series may be converted in accordance with their terms);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Proceedings</B>&#148; means any claim, action, suit, proceeding or investigation, whether civil,
criminal, administrative or investigative;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Purchaser Parties</B>&#148; means the Purchaser and each of the Equity Sponsors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Radiocommunication Act</B>&#148; means the <I>Radiocommunication Act </I>(Canada);
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 13 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Radiocommunication Regulations</B>&#148; means the <I>Radiocommunication Regulations </I>made under the
Radiocommunication Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Regulatory Approvals</B>&#148; means the Key Regulatory Approvals and the Additional Regulatory
Approvals;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Representatives</B>&#148; has the meaning ascribed thereto in Section&nbsp;5.2(1);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Required Information</B>&#148; has the meaning ascribed thereto in Section&nbsp;5.3;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Required Information Schedule</B>&#148; has the meaning ascribed thereto in Section&nbsp;5.3;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Returns</B>&#148; means all reports, forms, elections, designations, schedules, statements,
estimates, declarations of estimated tax, information statements and returns required to be
filed with a Governmental Authority with respect to Taxes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Right-of-Way Agreement</B>&#148; has the meaning ascribed thereto in paragraph (r)&nbsp;of Schedule&nbsp;E;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>RSUs</B>&#148; means restricted share units issued under the Company&#146;s 2004 Restricted Share Unit
Plan for Executives and Other Key Employees, as amended from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Securities Act</B>&#148; means the <I>Securities Act </I>(Qu&#233;bec);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Securities Authorities</B>&#148; means the United States Securities and Exchange Commission, the AMF
and the applicable securities commissions and other securities regulatory authorities in
each of the other provinces and territories of Canada;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Securities Laws</B>&#148; means the Securities Act and all other applicable Canadian provincial and
territorial, United States federal and state securities laws, rules and regulations and
published policies thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Solvent</B>&#148; when used with respect to the Company, means that, as of any date of determination
(a)&nbsp;the amount of the &#147;fair saleable value&#148; of the assets of the Company will, as of such
date, exceed (i)&nbsp;the value of all &#147;liabilities of the Company, including contingent and
other liabilities,&#148; as of such date, as such quoted terms are generally determined in
accordance with Applicable Laws governing determinations of the insolvency of debtors, and
(ii)&nbsp;the amount that will be required to pay the probable liabilities of the Company on its
existing debts (including contingent and other liabilities) as such debts become absolute
and mature, (b)&nbsp;the Company will not have, as of such date, an unreasonably small amount of
capital for the operation of the businesses and transactions in which it intends to engage
or proposes to be engaged following the Effective Date, (c)&nbsp;the Company will be able to meet
its obligations as they generally become due and to pay its liabilities, including
contingent and other liabilities, as they mature, and (d)&nbsp;the aggregate of the property of
the Company is, at a fair valuation, sufficient, or, if disposed of at a fairly conducted
sale under legal process, would be sufficient, to enable payment of all its obligations, due
and accruing due. For purposes of this definition, &#147;not have an unreasonably small amount
of capital for the operation of the businesses in which it is engaged or proposed to be
engaged&#148; and &#147;able to pay its
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 14 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">liabilities, including contingent and other liabilities, as they mature&#148; means that the
Company will be able to generate enough cash from operations, asset dispositions or
refinancing, or a combination thereof, to meet its obligations as they become due;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Stock Option Plans</B>&#148; means, collectively, the BCE Inc. Long Term Incentive (Stock Option)
Program (1999), the BCE Inc. Replacement Stock Option Plan (Plan of Arrangement 2000) and
any other existing stock option plan of the Company, in each case as amended from time to
time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Subsidiary</B>&#148; has the meaning ascribed thereto in Section&nbsp;1.1 of National Instrument 45-106 &#150;
<I>Prospectus and Registration Exemptions </I>as in effect on the date hereof, but with respect to
the Company does not include Telesat (so long as the Telesat Purchase Agreement has not been
terminated) or the Bell Aliant Entities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Superior Proposal</B>&#148; shall mean any written Acquisition Proposal: (i)&nbsp;to acquire not less
than 50.1% of the outstanding Common Shares or assets of the Company on a consolidated
basis, (ii)&nbsp;that is reasonably capable of being completed, taking into account to the extent
considered appropriate by the Board, all financial, legal, regulatory and other aspects of
such proposal and the Person making such proposal, (iii)&nbsp;in respect of which, where
applicable, financing commitment letters reasonably satisfactory to the Company shall have
been furnished to the Company, (iv)&nbsp;that is not subject to a due diligence condition, and
(v)&nbsp;that the Board determines, in its good faith judgment, after receiving the advice of its
outside legal and financial advisors and after taking into account all the terms and
conditions of the Acquisition Proposal, is on terms and conditions that are more favourable
from a financial point of view to the Affected Shareholders than those contemplated by this
Agreement (after taking into account for greater certainty any modifications to this
Agreement proposed by the Purchaser as contemplated by Section&nbsp;5.2);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Taxes</B>&#148; means any and all domestic and foreign federal, state, provincial, municipal and
local taxes, assessments and other governmental charges, duties, impositions and liabilities
imposed by any Governmental Authority, including Canada Pension Plan and provincial pension
plan contributions, tax instalment payments, unemployment insurance contributions and
employment insurance contributions, worker&#146;s compensation and deductions at source,
including taxes based on or measured by gross receipts, income, profits, sales, capital,
use, and occupation, and including goods and services, value added, ad valorem, sales,
capital, transfer, franchise, non-resident withholding, customs, payroll, recapture,
employment, excise and property duties and taxes, together with all interest, penalties,
fines and additions imposed with respect to such amounts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Technology</B>&#148; has the meaning ascribed thereto in paragraph (u)&nbsp;of Schedule&nbsp;E;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Telecommunications Act</B>&#148; means the <I>Telecommunications Act </I>(Canada);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Telecom Laws</B>&#148; means the Telecommunications Act, the Broadcasting Act and the
Radiocommunication Act, and the respective regulations, rules, policies and directions
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">made thereunder, as well as any applicable foreign telecommunications or communications
laws, regulations, rules, policies and directions including those administered by the FCC;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Telecommunications Regulations</B>&#148; means the <I>Canadian Telecommunications Common Carrier
Ownership and Control Regulations </I>made under the Telecommunications Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Telesat</B>&#148; means Telesat Canada, a corporation continued under the laws of Canada;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Telesat Purchase Agreement</B>&#148; means the share purchase agreement dated as of December&nbsp;16,
2006 among the Company, Telesat and 4363213 Canada Inc. as the same has been or may be
amended from time to time in accordance with its terms and this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Telesat Transaction</B>&#148; means the purchase and sale transaction, and related transactions,
contemplated by Telesat Purchase Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Termination Fee</B>&#148; has the meaning ascribed thereto in Section&nbsp;10.6(2); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;<B>Termination Fee Event</B>&#148; has the meaning ascribed thereto in Section&nbsp;10.6(2).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.2 Interpretation Not Affected by Headings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Agreement into Articles and Sections and the insertion of a table of
contents and headings are for convenience of reference only and do not affect the construction or
interpretation of this Agreement. The terms &#147;hereof&#148;, &#147;hereunder&#148; and similar expressions refer to
this Agreement and not to any particular Article, Section or other portion hereof. Unless something
in the subject matter or context is inconsistent therewith, references herein to Articles, Sections
and Schedules are to Articles and Sections of and Schedules to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.3 Interpretation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement words importing the singular number include the plural and vice versa, and
words importing any gender include all genders. Whenever the words &#147;include&#148;, &#147;includes&#148; or
&#147;including&#148; are used in this Agreement, they shall be deemed to be followed by the words &#147;without
limitation&#148;, whether or not they are in fact followed by those words or words of like import. The
term &#147;made available&#148; means that (i)&nbsp;copies of the subject materials were included in the Data Room
on or prior to 3:15 p.m. on June&nbsp;29, 2007, (ii)&nbsp;copies of the subject materials were provided to
the Purchaser or any of the Purchaser Parties, or (iii)&nbsp;the subject material was listed in the
Company Disclosure Letter or referred to in the Data Room on or prior to 3:15 p.m. on June&nbsp;29, 2007
and copies were provided to the Purchaser or any of the Purchaser Parties by the Company if
requested. Any capitalized terms used in any Schedule or in the Company Disclosure Letter but not
otherwise defined therein, shall have the meaning as defined in this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.4 Date for Any Action</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the date on which any action is required to be taken hereunder by a Party is not a Business
Day, such action shall be required to be taken on the next succeeding day which is a
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 16 - <!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Business Day. In this Agreement, references from or through any date mean, unless otherwise
specified, from and including that date and/or through and including that date, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.5 Entire Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, the agreements and other documents herein referred to, and the Confidentiality
Agreements, constitute the entire agreement between the Parties pertaining hereto and supersede all
other prior agreements, understandings, negotiations and discussions, whether oral or written,
between the Parties hereto. Except as expressly represented and warranted herein or in any other
binding agreement relating hereto executed by the Parties after the date hereof, no Party shall be
considered to have given any other express or implied representations or warranties, including
without limitation as a result of oral or written statements or management or other presentations
or memoranda. The Parties acknowledge that in order to induce the Company to enter into this
Agreement, the Equity Sponsors have, contemporaneously with the execution and delivery of this
Agreement, executed and delivered to the Company a guarantee of certain of the obligations of the
Purchaser hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.6 Statutory References, References to Persons and References to Contracts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, unless something in the subject matter or context is inconsistent therewith
or unless otherwise herein provided, a reference to any statute, regulation, direction or
instrument is to that statute, regulation, direction or instrument as now enacted or as the same
may from time to time be amended, re-enacted or replaced, and in the case of a reference to a
statute, includes any regulations, rules, policies or directions made thereunder. Any reference in
this Agreement to a Person includes its heirs, administrators, executors, legal personal
representatives, predecessors, successors and permitted assigns. References to any contract are to
that agreement or contract as amended, modified or supplemented from time to time in accordance
with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.7 Currency</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated, all references in this Agreement to sums of money are expressed in
lawful money of Canada and &#147;$&#148; refers to Canadian dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.8 Accounting Principles</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings
attributable thereto under GAAP, and all determinations of an accounting nature required to be made
shall be made in a manner consistent with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.9 Schedules</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Schedules are annexed to this Agreement and are incorporated by reference into
this Agreement and form a part hereof:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Schedule&nbsp;A &#150; Plan of Arrangement<BR>
Schedule&nbsp;B &#150; Special Resolution<BR>
Schedule&nbsp;C &#150; Key Regulatory Approvals<BR>
Schedule&nbsp;D &#150; Additional Regulatory Approvals
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 17 - <!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Schedule&nbsp;E &#150; Representations and Warranties of the Company<BR>
Schedule&nbsp;F &#150; Representations and Warranties of the Purchaser<BR>
Schedule&nbsp;G &#150; Pre-Approved Equity Partners
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>THE ARRANGEMENT</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.1 Arrangement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Purchaser agree that the Arrangement will be implemented in accordance
with and subject to the terms and conditions contained in this Agreement and the Plan of
Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.2 Interim Order</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that as soon as reasonably practicable after the date hereof, but in any
event in sufficient time to permit the Company Meeting to be convened in accordance with Section
2.3(1), the Company shall apply in a manner reasonably acceptable to the Purchaser pursuant to
Section&nbsp;192 of the CBCA and, in cooperation with the Purchaser, prepare, file and diligently pursue
an application for the Interim Order, which shall provide, among other things:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the class of persons to whom notice is to be provided in respect of the
Arrangement and the Company Meeting and for the manner in which such notice is to be
provided;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the requisite approval for the Arrangement Resolution shall be two-thirds
of the votes cast on the Arrangement Resolution by Affected Shareholders present in
person or represented by proxy at the Company Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, in all other respects, the terms, restrictions and conditions of the
Company&#146;s articles of amalgamation and by-laws, including quorum requirements and all
other matters, shall apply in respect of the Company Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the grant of the Dissent Rights;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the notice requirements with respect to the presentation of the application
to the Court for the Final Order; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the Company Meeting may be adjourned or postponed from time to time by the
Company without the need for additional approval of the Court.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.3 The Company Meeting</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms of this Agreement, the Company agrees to convene and conduct the Company
Meeting in accordance with the Interim Order, the Company&#146;s articles of amalgamation and
by-laws and Applicable Laws on or before October&nbsp;29, 2007, and not to propose to adjourn or
postpone the Company Meeting:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as required for quorum purposes or by Applicable Law;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 18 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as required under Section&nbsp;7.6(2) of this Agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except for an adjournment for the purpose of attempting to obtain the requisite
approval of the Arrangement Resolution.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms of this Agreement and compliance by the directors and officers of the
Company with their fiduciary duties, the Company will use its commercially reasonable efforts
to solicit proxies in favour of the approval of the Arrangement Resolution, including, if so
requested by the Purchaser, acting reasonably, using dealer and proxy solicitation services
and cooperating with any Persons engaged by the Purchaser to solicit proxies in favour of the
approval of the Arrangement Resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will give notice to the Purchaser of the Company Meeting and allow the
Purchaser&#146;s representatives and legal counsel to attend the Company Meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will advise the Purchaser as the Purchaser may reasonably request, and at least
on a daily basis on each of the last five Business Days prior to the date of the Company
Meeting, as to the aggregate tally of the proxies received by the Company in respect of the
Arrangement Resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will promptly advise the Purchaser of any written notice of dissent or purported
exercise by any Affected Shareholder of Dissent Rights received by the Company in relation to
the Arrangement Resolution and any withdrawal of Dissent Rights received by the Company and,
subject to Applicable Laws, any written communications sent by or on behalf of the Company to
any Affected Shareholder exercising or purporting to exercise Dissent Rights in relation to
the Arrangement Resolution. The Company shall not settle any claims with respect to Dissent
Rights without first consulting with the Purchaser.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.4 The Company Circular</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Promptly after the execution of this Agreement, the Company shall prepare and complete, in
consultation with the Purchaser, the Company Circular together with any other documents
required by the CBCA, Securities Laws and other Applicable Laws in connection with the Company
Meeting and the Arrangement, and the Company shall, promptly after obtaining the Interim
Order, cause the Company Circular and other documentation required in connection with the
Company Meeting to be filed and to be sent to each Affected Shareholder and other Persons as
required by the Interim Order and Applicable Laws, in each case so as to permit the Company
Meeting to be held within the time required by Section&nbsp;2.3(1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall ensure that the Company Circular complies in all material respects with all
Applicable Laws, and, without limiting the generality of the foregoing, that the Company
Circular (including with respect to any information incorporated therein by reference) will
not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements contained therein not misleading in
light of the circumstances in which they are made (other than in each case with respect to any
information furnished by the Purchaser Parties) and shall</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide Affected Shareholders with information in sufficient detail to permit them to form a
reasoned judgement concerning the matters to be placed before them at the Company Meeting.
Subject to Section&nbsp;5.2(6), the Company Circular will include the recommendation of the Board
that Affected Shareholders vote in favour of the Arrangement Resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser and its legal counsel shall be given a reasonable opportunity to review and
comment on drafts of the Company Circular and other documents related thereto, and reasonable
consideration shall be given to any comments made by the Purchaser and its counsel, provided
that all information relating solely to the Purchaser Parties included in the Company Circular
shall be in form and content satisfactory to the Purchaser, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser will furnish to the Company all such information concerning the Purchaser
Parties as may be reasonably required by the Company in the preparation of the Company
Circular and other documents related thereto, and the Purchaser shall ensure that no such
information will contain any untrue statement of a material fact or omit to state a material
fact required to be stated in the Company Circular in order to make any information so
furnished or any information concerning the Purchaser Parties not misleading in light of the
circumstances in which it is disclosed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser will indemnify and save harmless the Company, its Subsidiaries and their
respective directors, officers, employees, agents, advisors and representatives from and
against any and all liabilities, claims, demands, losses, costs, damages and expenses to which
the Company, any Subsidiary or any of their respective directors, officers, employees, agents,
advisors or representatives may be subject or may suffer, in any way caused by, or arising,
directly or indirectly, from or in consequence of:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any misrepresentation or alleged misrepresentation in any information included
in the Company Circular that is provided by the Purchaser Parties for the purpose of
inclusion in the Company Circular; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any order made, or any inquiry, investigation or proceeding by any Securities
Authority or other Governmental Authority, based on any misrepresentation or any
alleged misrepresentation in any information related solely to the Purchaser Parties
and provided by the Purchaser Parties for the purpose of inclusion in the Company
Circular.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and the Purchaser shall each promptly notify each other if at any time before the
Effective Date it becomes aware (in the case of the Company only with respect to the Company
and in the case of the Purchaser only with respect to it or a Purchaser Party) that the
Company Circular contains an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements contained therein not
misleading in light of the circumstances in which they are made, or that otherwise requires an
amendment or supplement to the Company Circular, and the Parties shall co-operate in the
preparation of any amendment or supplement to the Circular, as required or appropriate, and
the Company shall promptly mail or otherwise publicly disseminate any amendment or supplement
to the Company Circular to Affected</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shareholders and, if required by the
Court or Applicable Laws, file the
same with the Securities Authorities
and as otherwise required.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.5 Final Order</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Interim Order is obtained, the Arrangement Resolution is passed at the Company Meeting
as provided for in the Interim Order and as required by Applicable Law and the condition in Section
8.1(d) has been satisfied or waived by each of the Parties, and subject to the terms of this
Agreement, the Company shall as soon as reasonably practicable thereafter take all steps necessary
or desirable to submit the Arrangement to the Court and diligently pursue an application for the
Final Order pursuant to Section&nbsp;192 of the CBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.6 Court Proceedings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser and the Company will cooperate in seeking the Interim Order and the Final Order,
including by the Purchaser providing to the Company on a timely basis any information required to
be supplied by any Purchaser Party in connection therewith. The Company will provide legal counsel
to the Purchaser with reasonable opportunity to review and comment upon drafts of all material to
be filed with the Court in connection with the Arrangement, and will give reasonable consideration
to all such comments. The Company will also provide legal counsel to the Purchaser on a timely
basis with copies of any notice of appearance and evidence served on the Company or its legal
counsel in respect of the application for the Final Order or any appeal therefrom. Subject to
Applicable Laws, the Company will not file any material with the Court in connection with the
Arrangement or serve any such material, and will not agree to modify or amend materials so filed or
served, except as contemplated hereby or with the Purchaser&#146;s prior written consent, such consent
not to be unreasonably withheld, conditioned or delayed; provided that nothing herein shall require
the Purchaser to agree or consent to any increase in Consideration or other modification or
amendment to such filed or served materials that expands or increases the Purchaser&#146;s obligations
set forth in any such filed or served materials or under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.7 Stock Compensation Plans</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms and conditions of this Agreement, pursuant to the Arrangement, each
holder of Options, whether vested or unvested, will be entitled to receive from the Company in
respect of each Option an amount equal to the Consideration per Common Share less the
applicable exercise price in respect of such Option, as well as any applicable related special
compensation payments, and the Company shall take all such reasonable steps as may be
necessary or desirable to give effect to the foregoing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms and conditions of this Agreement, pursuant to the Arrangement, all DSUs
and all RSUs (other than any interests in RSUs held by individuals eligible to participate in
the Company&#146;s retention plan, which will be paid out on the earlier of 12&nbsp;months from the date
hereof and six months from the Effective Date for an amount provided under such retention
plan, a description of which was provided to the Purchaser on June&nbsp;22, 2007), will be acquired
or cancelled by the Company for cash equal to the Consideration per Common Share per DSU or
RSU, as the case may be, and the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company shall take all such reasonable steps as may be necessary or
desirable to give effect to the foregoing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.8 Articles of Arrangement and Effective Date</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Articles of Arrangement shall implement the Plan of Arrangement. The Articles of
Arrangement shall include the form of the Plan of Arrangement attached to this Agreement as
Schedule&nbsp;A, as it may be amended at the reasonable request of the Purchaser to include such terms
and conditions as may be determined by the Purchaser, acting reasonably, to be necessary or
desirable provided that no such term or condition (i)&nbsp;shall be prejudicial to the Affected
Shareholders or other Persons to be bound by the Plan of Arrangement or be inconsistent with the
provisions of this Agreement or (ii)&nbsp;creates a reasonable risk of delaying, impairing or impeding
in any material respect the receipt of any Key Regulatory Approval or the satisfaction of any
condition set forth in Article&nbsp;8 hereof. Subject to the Interim Order, the Final Order and any
Applicable Law, the Company agrees to amend the Plan of Arrangement at any time prior to the
Effective Time in accordance with Section&nbsp;10.2 of this Agreement to add, remove or amend any steps
or terms determined to be necessary or desirable by the Purchaser, acting reasonably, provided that
the Plan of Arrangement shall not be amended in any manner which is (i)&nbsp;prejudicial to the Affected
Shareholders or other Persons to be bound by the Plan of Arrangement or is inconsistent with the
provisions of this Agreement or (ii)&nbsp;creates a reasonable risk of delaying, impairing or impeding
in any material respect the receipt of any Key Regulatory Approval or the satisfaction of any
condition set forth in Article&nbsp;8 hereof. On the later of (i)&nbsp;the second Business Day following the
last day of the Marketing Period and (ii)&nbsp;the fifth Business Day after the satisfaction or, where
not prohibited, the waiver by the applicable Party or Parties in whose favour the condition is, of
the conditions (excluding conditions that, by their terms, cannot be satisfied until the Effective
Date, but subject to the satisfaction or, where not prohibited, the waiver by the applicable Party
or Parties in whose favour the condition is, of those conditions as of the Effective Date) set
forth in Article&nbsp;8, unless another time or date is agreed to in writing by the Parties, the
Articles of Arrangement shall be filed by the Company with the Director. From and after the
Effective Time, the Plan of Arrangement will have all of the effects provided by Applicable Law,
including the CBCA. The closing of the transactions contemplated hereby will take place at the
offices of Stikeman Elliott LLP, 1155 Ren&#233;-L&#233;vesque Blvd. West, 40th Floor, Montr&#233;al, Qu&#233;bec, or at
such other location as may be agreed upon by the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.9 Payment of Consideration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser will, following receipt of the Final Order and prior to the filing by the
Company of the Articles of Arrangement with the Director, provide the Depositary with sufficient
funds in escrow (the terms and conditions of such escrow to be satisfactory to the Company, acting
reasonably) to complete all of the transactions contemplated by the Plan of Arrangement, as
provided in the Plan of Arrangement.
</DIV>


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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 22 -
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 3<BR>
REPRESENTATIONS AND WARRANTIES OF THE COMPANY</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;3.1 Representations and Warranties of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in (i)&nbsp;the Company Filings filed before the date of this Agreement or (ii)
the Company Disclosure Letter, the Company represents and warrants to the Purchaser as set forth in
Schedule&nbsp;E. For greater certainty, for purposes of Schedule&nbsp;E Telesat shall be deemed not to be a
Subsidiary or affiliate of the Company, regardless of whether the Telesat Purchase Agreement has
been terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;3.2 Survival of Representations and Warranties of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of Company contained in this Agreement shall not survive
the completion of the Arrangement and shall expire and be terminated on the earlier of the
Effective Time and the date on which this Agreement is terminated in accordance with its terms.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4<BR>
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.1 Representations and Warranties of the Purchaser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser represents and warrants to the Company as set forth in Schedule&nbsp;F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.2 Survival of Representations and Warranties of the Purchaser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Purchaser contained in this Agreement shall not
survive the completion of the Arrangement and shall expire and be terminated on the earlier of the
Effective Time and the date on which this Agreement is terminated in accordance with its terms.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5<BR>
COVENANTS OF THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.1 Conduct of Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees that, during the period from the date of this Agreement until
the earlier of the Effective Time and the time that this Agreement is terminated in accordance with
its terms, except as set out in the Company Disclosure Letter, as required or permitted by the
Agreement, as required by Applicable Law or Governmental Authority, as required by the terms of any
existing Contract, or as contemplated by (i)&nbsp;the Company&#146;s 2007 business plans specifically
identified in the Company Disclosure Letter and made available to the Purchaser and as updated in
the written management presentation provided on June&nbsp;7, 2007 or (ii)&nbsp;the Company&#146;s 2008 business
plans which are approved by the Board, acting in good faith and following reasonable consultation
with the Purchaser that are consistent in all material respects with the 2008 forecasts provided to
the Purchaser Parties at the management presentation held on June&nbsp;7, 2007 and the related documents
provided in the Data Room, the
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company shall, and shall cause each of its Subsidiaries to, conduct its business in the
ordinary course consistent with past practice, and shall use its commercially reasonable efforts to
preserve intact the present business organization of the Company and its Subsidiaries and to
preserve the current relationships of the Company and its Subsidiaries with customers, suppliers,
distributors, licensors, employees and other Persons with which the Company or any of its
Subsidiaries has significant business relations. Without limiting the generality of the foregoing,
from the date of this Agreement until the earlier of the Effective Time and the time that this
Agreement is terminated in accordance with its terms, except as set forth in the Company Disclosure
Letter, as required or permitted by this Agreement, as required by Applicable Law, Governmental
Authority or as required by the terms of any existing Contract, or as contemplated by (i)&nbsp;the
Company&#146;s 2007 business plans specifically identified in the Company Disclosure Letter and made
available to the Purchaser and as updated in the written management presentation provided on June
7, 2007 or (ii)&nbsp;the Company&#146;s 2008 business plans which are approved by the Board, acting in good
faith and following reasonable consultation with the Purchaser that are consistent in all material
respects with the 2008 forecasts provided to the Purchaser Parties at the management presentation
held on June&nbsp;7, 2007 and the related documents provided in the Data Room, the Company shall not,
nor shall it permit any of its Subsidiaries to, except with the prior consent of Purchaser (which
consent shall not be unreasonably withheld, conditioned or delayed):
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend its articles of incorporation, articles of amalgamation, by-laws or, in
the case of any Subsidiary which is not a corporation, its similar organizational
documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>split, combine or reclassify any shares of the Company or declare, set aside or
pay any dividend or other distribution (whether in cash, stock or property or any
combination thereof), other than: (i)&nbsp;Permitted Dividends; (ii)&nbsp;dividends or
distributions from a Subsidiary of the Company to the Company or another wholly-owned
Subsidiary of the Company; or (iii)&nbsp;as required by the terms thereof and in accordance
with such terms, including without limitation in order to effect the conversion from
time to time of issued and outstanding Preferred Shares of one or more series into
Preferred Shares of a different series and/or to reset the dividend rate from time to
time on such Preferred Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redeem, repurchase, or otherwise acquire or offer to redeem, repurchase or
otherwise acquire any shares of capital stock of the Company or any of its
Subsidiaries, except: (i)&nbsp;for the acquisition of shares of capital stock of any
wholly-owned Subsidiary of the Company by the Company or by any other wholly-owned
Subsidiary of the Company; (ii)&nbsp;as required by the terms thereof and in accordance with
such terms, including without limitation in order to effect the conversion from time to
time of issued and outstanding Preferred Shares of one or more series into Preferred
Shares of a different series; or (iii)&nbsp;for the acquisition of Common Shares pursuant to
the Company&#146;s normal course issuer bid at prices per share that are less than the
applicable Consideration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, deliver or sell, or authorize the issuance, delivery or sale of any
shares of capital stock, any options, warrants or similar rights exercisable or
exchangeable for or convertible into such capital stock, of the Company or any of its</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsidiaries, or any RSUs, other than: (i)&nbsp;the issuance of Common Shares on the
exercise or termination of Options outstanding on the date hereof or as granted
hereafter in compliance with this Section&nbsp;5.1(d), (ii)&nbsp;the issuance of up to a
maximum of 1,000,000 Options in the ordinary course operation of existing share
issuance plans of the Company (iii)&nbsp;the issuance of additional Preferred Shares on
the conversion from time to time of issued and outstanding Preferred Shares of one
or more series into Preferred Shares of a different series in accordance with the
terms thereof, or (iv)&nbsp;the issuance of any shares of capital stock of any Subsidiary
of the Company to the Company or any other wholly-owned Subsidiary of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire (by merger, consolidation, acquisition of stock or assets or
otherwise), directly or indirectly, in one transaction or in a series of related
transactions, assets, securities, properties, interests or businesses having a cost, on
a per transaction or series of related transactions basis, in excess of $100&nbsp;million
and subject to a maximum of $300&nbsp;million for all such transactions, other than for
greater certainty ordinary course procurement contracts or the acquisition of inventory
or other assets for resale or use by the Company and/or any of its Subsidiaries or
their respective customers in connection with the ordinary course operation of their
businesses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, lease or otherwise transfer, in one transaction or in a series of related
transactions, any assets, securities, properties, interests or businesses, having a
cost or proceeds, as applicable, on a per transaction or series of related transactions
basis, in excess of $200&nbsp;million and subject to a maximum of $500&nbsp;million for all such
transactions, other than: (i)&nbsp;for greater certainty, the sale, lease or other use or
transfer of inventories and products in the ordinary course of business consistent with
past practice; (ii)&nbsp;in connection with the Telesat Transaction; or (iii)&nbsp;in respect of
obsolete, damaged or destroyed assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make, in one transaction or in a series of related transactions, any loans,
advances or capital contributions to, or investments in, in an amount on a per
transaction or series of related transactions basis in excess of $100&nbsp;million
individually and $300&nbsp;million in the aggregate, in any other Person, other than the
Company or any wholly-owned Subsidiary of the Company and other than pursuant to the
exercise of existing pre-emptive or similar rights or existing capital call
obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepay any long-term indebtedness before its scheduled maturity or create,
incur, assume or otherwise become liable, in one transaction or in a series of related
transactions, with respect to any indebtedness for borrowed money or guarantees thereof
in an amount, on a per transaction or series of related transactions basis, in excess
of $200&nbsp;million provided that the amount contemplated by subsection (j)(ii) of Schedule
E shall not be increased by more than $800&nbsp;million as a result of the net effect of all
such transactions, other than (i)&nbsp;indebtedness owing by one Subsidiary of the Company
to the Company or another Subsidiary of the Company or of the Company to another
Subsidiary of the Company; (ii)&nbsp;in connection with the refinancing of indebtedness
outstanding on the date hereof; (iii)&nbsp;in connection with advances under the Company&#146;s
or any Subsidiary&#146;s</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>existing credit facilities; or (iv)&nbsp;indebtedness entered into in the ordinary course
consistent with past practice, including for greater certainty lease financing
transactions (including real property leasing financing transactions) and the
issuance of commercial paper from time to time; provided that any indebtedness
created, incurred, refinanced, assumed or for which the Company or any Subsidiary
becomes liable in accordance with (ii) &#150; (iv)&nbsp;shall be prepayable at the Effective
Time without premium, penalty or other incremental costs (including breakage costs)
in excess of $5&nbsp;million, in the aggregate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as required by Applicable Law or by the terms of the Employee Plans or
Contracts in effect on the date hereof: (i)&nbsp;increase any severance, change of control
or termination pay to (or amend any existing arrangement with) any Company Employee,
director or executive officer of the Company or any of its Subsidiaries; (ii)&nbsp;increase
the benefits payable under any existing severance or termination pay policies with any
Company Employee, director or executive officer of the Company or any of its
Subsidiaries; (iii)&nbsp;increase the benefits payable under any employment agreements with
any Company Employee, director or executive officer of the Company or any of its
Subsidiaries (other than, in the case of a Company Employee other than a director or
executive officer of the Company or Bell Canada, in a manner consistent with past
practice); (iv)&nbsp;enter into any employment, deferred compensation or other similar
agreement (or amend any such existing agreement) with any director or executive officer
of the Company or Bell Canada; or (v)&nbsp;increase compensation, bonus levels or other
benefits payable to any director or executive officer of the Company or Bell Canada or
to any Company Employee (other than, in the case of a Company Employee other than a
director or executive officer of the Company or Bell Canada, in a manner consistent
with past practice); provided that the foregoing shall not prohibit the Company from
paying, establishing or increasing the compensation of the members of the Strategic
Oversight Committee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any material change in the Company&#146;s methods of accounting, except as
required by concurrent changes in GAAP, or pursuant to written instructions, comments
or orders from the SEC, the AMF or any applicable Securities Authority;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive, release, assign, settle or compromise any claim in a manner that could
require a payment by, or release another Person of an obligation to, the Company or any
of its Subsidiaries of $100&nbsp;million individually, or $200&nbsp;million in aggregate, or
could reasonably be expected to have a Material Adverse Effect or to adversely affect
in any material respect the ability of the Company to complete the transactions
contemplated by this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or modify any Contract referred to in clause (aa)&nbsp;of Schedule&nbsp;E to
increase the amounts payable to any of the Financial Advisors or amend or modify in any
material respect or terminate or waive any material right under any Material Contract
or enter into any contract or agreement that would be a Material Contract if in effect
on the date hereof except for (i)&nbsp;any Contract or agreement for the sale or procurement
of goods or services entered into on arm&#146;s length terms with a</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customer or supplier of the Company or any Subsidiary, (ii)&nbsp;any Contract that does
not provide for the possible payment or receipt by the Company and/or its
Subsidiaries over the remaining life of such Contract of an amount in excess of $400
million, (iii)&nbsp;any other revenue-generating Contract entered into in the ordinary
course of business that provides for payment or revenues of less than $200&nbsp;million
per annum and $500&nbsp;million over the remaining life of such Contract, or (iv)&nbsp;any
renewal or extension of any existing Contract (other than the agreements listed in
Section&nbsp;5.1(l) of the Company Disclosure Letter) on substantially similar terms;
provided that the exceptions set out in clauses (i), (ii)&nbsp;and (iii)&nbsp;above shall not
apply in respect of any Contract that is a Material Contract by virtue of clause (g)
of the definition of Material Contract set out in Section&nbsp;1.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into, amend or modify any union recognition agreement, collective
agreement or similar agreement with any trade union or representative body other than
in the ordinary course of business consistent with past practice and upon reasonable
consultation with the Purchaser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for greater certainty, except as contemplated in Section&nbsp;6.2, amend, modify or
terminate any material insurance policy of the Company or any Subsidiary in effect on
the date of this Agreement, except for scheduled renewals of any insurance policy of
the Company or any Subsidiary in effect on the date hereof in the ordinary course of
business consistent with past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant or commit to grant an exclusive licence or otherwise transfer any
Intellectual Property or exclusive rights in or in respect thereto that is material to
the Company and its Subsidiaries taken as a whole, other than in the ordinary course of
business or to wholly-owned Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make, change or revoke any material Tax election or settle or compromise any
material Tax liability;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>materially change the business or regulatory strategy of the Company or its
Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that Telesat or any Bell Aliant Entity is required to obtain the
consent of the Company or its Subsidiaries under any Contract, provide any consent
under such Contract that would permit Telesat or such Bell Aliant Entity to take any
action that would be restricted by this Section&nbsp;5.1 if Telesat or such Bell Aliant
Entity was a Subsidiary of the Company; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agree, resolve or commit to do any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the provisions of (e), (f), (g)&nbsp;and (h)&nbsp;above, the Company and its Subsidiaries
shall not be restricted from efficiently managing excess cash balances (including the proceeds from
the Telesat Transaction) in a tax efficient manner consistent with past practice including (i)
investing in or disposing of money market instruments and (ii)&nbsp;repaying short-term indebtedness
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or maturing other indebtedness. The Company shall not, however, redeem any long term indebtedness
maturing after December&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.2 Non-Solicitation</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as expressly provided in this Section&nbsp;5.2, the Company shall not, directly or
indirectly, through any officer, director, employee, representative (including any financial
or other advisor) or agent of the Company or any of its Subsidiaries (collectively,
&#147;<B>Representatives</B>&#148;): (i)&nbsp;solicit, initiate or knowingly encourage (including by furnishing
information or entering into any Contract) any inquiries or proposals regarding an Acquisition
Proposal; (ii)&nbsp;participate in any substantive discussions or negotiations with any Person
(other than the Purchaser Parties) regarding an Acquisition Proposal; (iii)&nbsp;make a Change in
Recommendation; (iv)&nbsp;accept, approve, endorse or recommend, or propose publicly to accept,
approve, endorse or recommend, any Acquisition Proposal (it being understood that publicly
taking no position or a neutral position with respect to an Acquisition Proposal for a period
of no more than ten Business Days following the formal announcement of such Acquisition
Proposal shall not be considered to be in violation of this Section&nbsp;5.2(1) unless such
position has not been withdrawn by or before the end of such ten Business Day period); or (v)
accept, approve, endorse or recommend or enter into, or publicly propose to accept, approve,
endorse or recommend or enter into, any Contract in respect of an Acquisition Proposal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided in this Section&nbsp;5.2, the Company shall, and shall cause its
Subsidiaries and Representatives to, immediately cease and cause to be terminated any
solicitation, encouragement, discussion or negotiation with any Persons conducted heretofore
by the Company, its Subsidiaries or any Representatives with respect to any Acquisition
Proposal, and, in connection therewith, the Company will discontinue access to the Data Room
(and not establish or allow access to any other data rooms, virtual or otherwise or otherwise
furnish information) and shall as soon as possible request, to the extent that it is entitled
to do so (and exercise all rights it has to require) the return or destruction of all
confidential information regarding the Company and its Subsidiaries previously provided to any
such Person or any other Person and will request (and exercise all rights it has to require)
the destruction of all material including or incorporating or otherwise reflecting any
material confidential information regarding the Company and its Subsidiaries. The Company
agrees that neither it, nor any of its Subsidiaries, shall terminate, waive, amend or modify
any provision of any existing confidentiality agreement relating to an Acquisition Proposal or
any standstill agreement to which it or any of its Subsidiaries is a party (except that the
Purchaser acknowledges that the automatic termination of the standstill provisions and
clubbing restrictions of such agreements as a result of the entering into and announcement of
this Agreement shall not be a violation of this Section&nbsp;5.2(2)).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding Section&nbsp;5.2(1) and any other provision of this Agreement or of any other
agreement between the Parties or between the Company and any other Person, including without
limitation the provisions of any confidentiality or standstill agreement, if at any time
following the date of this Agreement and prior to obtaining the approval of the Arrangement
Resolution by Affected Shareholders at the Company Meeting, the Company receives any written
Acquisition Proposal, other than any Acquisition Proposal</TD>
</TR>


</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that resulted from a wilful and intentional breach of this Section&nbsp;5.2 by the Company or any
director or officer of the Company or any Representative acting at the direction of or on
behalf of the Company or any director or officer of the Company, that the Board determines
in good faith, after consultation with its financial advisors and outside counsel,
constitutes or could reasonably be expected to lead to a Superior Proposal, then the Company
may:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>furnish information with respect to the Company and its Subsidiaries to the
Person making such Acquisition Proposal; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into, participate, facilitate and maintain discussions or negotiations
with, and otherwise cooperate with or assist, the Person making such Acquisition
Proposal,</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that the Company shall not, and shall not allow its Representatives to, disclose
any non-public information to such Person without having entered into a confidentiality
agreement with such Person that contains provisions that are no less favourable in the
aggregate to the Company and that are not individually or in the aggregate materially more
favourable to such Person than those contained in the Confidentiality Agreements, except
that such agreement may contain a less restrictive or no standstill restriction and may
specifically release such party from any existing standstill restriction (a correct and
complete copy of which confidentiality agreement shall be provided to the Purchaser before
any such non-public information is provided) and provided that such confidentiality
agreement may not include any provision calling for an exclusive right to negotiate with the
Company and may not restrict the Company or its Subsidiaries from complying with this
Section&nbsp;5.2, and will promptly provide to the Purchaser any material non-public information
concerning the Company or its Subsidiaries provided to such other Person which was not
previously provided to the Purchaser. Notwithstanding the foregoing, the Company shall not
provide any commercially sensitive non-public information to any competitor that has made an
Acquisition Proposal, except in a manner consistent with the Company&#146;s past practice in
dealing with the disclosure of such information in the context of considering Acquisition
Proposals prior to the date of this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall promptly (and in any event within 24 hours) notify the Purchaser (orally
and in writing) in the event it receives a written Acquisition Proposal, including the
identity of the Person making such Acquisition Proposal and the material terms and conditions
thereof, and shall, at the Purchaser&#146;s reasonable request, inform the Purchaser as to the
status of developments and negotiations with respect to such Acquisition Proposal, including
any changes to the material terms or conditions of such Acquisition Proposal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not accept, approve, recommend or enter into any agreement relating to an
Acquisition Proposal (other than a confidentiality agreement complying with Section&nbsp;5.2(3))
unless (i)&nbsp;the Acquisition Proposal did not result from the wilful and intentional breach of
this Section&nbsp;5.2 by the Company or any director or officer of the Company or any
Representative acting at the direction of or on behalf of the Company or any director or
officer of the Company, (ii)&nbsp;the Board determines in good faith, after consultation with its
financial advisors and outside counsel, that such Acquisition</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposal constitutes a Superior Proposal, (iii)&nbsp;the Company has provided the Purchaser with
a copy of such Acquisition Proposal, (iv)&nbsp;a period (the &#147;<B>Matching Period</B>&#148;) of five Business
Days has lapsed from the date (the &#147;<B>Notice Date</B>&#148;) that is the later of (a)&nbsp;the date the
Purchaser received written notice of the Company&#146;s proposed determination to take such
action, and (b)&nbsp;the date the Purchaser received a copy of the Acquisition Proposal, (v)
during the Matching Period, the Purchaser shall have the opportunity (but not an obligation)
to offer to amend the terms and conditions of this Agreement such that the Acquisition
Proposal would cease to be a Superior Proposal, (vi)&nbsp;after the Matching Period, the Board
(a)&nbsp;determines in good faith, after consultation with its financial advisors and outside
counsel, that such Acquisition Proposal continues to constitute a Superior Proposal and (b)
determines in good faith, after consultation with outside legal counsel, that failure to
take such action would reasonably be expected to be inconsistent with its fiduciary duties
under Applicable Law, (vii)&nbsp;prior to or simultaneously with taking such action, the Company
(a)&nbsp;terminates this Agreement pursuant to Section&nbsp;9.1(1)(d)(i) and (b)&nbsp;pays the Termination
Fee pursuant to Section&nbsp;10.6(2), and (viii)&nbsp;promptly following such termination, the Company
enters into a definitive agreement with the Person making such Superior Proposal. Each
successive material modification (including any increase in the proposed price) of any
Acquisition Proposal shall constitute a new Acquisition Proposal for purposes of Section
5.2(5), provided that the Matching Period in respect of such new Acquisition Period shall
extend only until the later of the end of the initial five Business Day Matching Period and
36 hours after the Notice Date in respect of the new Acquisition Proposal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing contained in this Agreement, including Section&nbsp;5.2(1), shall prohibit the Board from
making a Change in Recommendation or from making any disclosure to any securityholders of the
Company prior to the Effective Time, including for greater certainty disclosure of a Change in
Recommendation, if, in the good faith judgment of the Board, after consultation with outside
legal counsel, failure to take such action or make such disclosure would reasonably be
expected to be inconsistent with the Board&#146;s exercise of its fiduciary duties or such action
or disclosure is otherwise required under Applicable Law (including without limitation by
responding to an Acquisition Proposal under a directors&#146; circular or otherwise as required
under Securities Laws), provided that for greater certainty in the event of a Change of
Recommendation and a termination by the Purchaser of this Agreement pursuant to Section
9.1(1)(c)(i), the Company shall pay the Termination Fee as required by Section&nbsp;10.6(2). The
Board may not make a Change in Recommendation pursuant to the preceding sentence unless the
Company gives the Purchaser at least two Business Days prior written notice of its intention
to make such Change in Recommendation, provided that, for greater certainty, the foregoing
limitation shall not apply in respect of any actions taken under Section&nbsp;5.2(5). In addition,
nothing contained in this Agreement shall prevent the Company or the Board from calling and
holding a meeting of Shareholders, or any of them, requisitioned by Shareholders, or any of
them, in accordance with the CBCA or ordered to be held by a court in accordance with
Applicable Laws.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.3 Assistance with Purchaser Financing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will, and will cause its Subsidiaries to, and each shall use commercially
reasonable efforts to cause its Representatives to, provide such co-operation to the Purchaser as
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Purchaser may reasonably request in connection with the arrangements by the Purchaser to
obtain the advance of the debt financing referred to in Section&nbsp;6.4 as contemplated in the
Commitment Letter and/or any alternative financing proposed by the Purchaser pursuant to Section
6.4, (provided that such request is made on reasonable notice and reasonably in advance of the
proposed commencement of the Marketing Period and/or the Effective Time, as applicable, and
provided such co-operation does not unreasonably interfere with the ongoing operations of the
Company and its Subsidiaries or interfere with or hinder or delay the performance by the Company or
its Subsidiaries of their other obligations), including (and subject to the foregoing) as so
requested: (a)&nbsp;participating in a reasonable number of meetings, drafting sessions, presentations,
road shows, due diligence sessions and sessions with rating agencies, (b)&nbsp;assisting the Purchaser
and the Lenders in the preparation of offering documents for any debt raised to complete the
Arrangement and materials for rating agency, Lender or investor presentations, (c)&nbsp;cooperating with
the Purchaser in connection with applications to obtain such consents, approvals or authorizations
which may be reasonably necessary or desirable in connection with such debt financing, (d)&nbsp;using
commercially reasonable efforts to seek to take advantage of the Company&#146;s existing lending
relationships, including encouraging the Company&#146;s existing lenders to participate in the syndicate
organized by the Lenders, (e)&nbsp;reasonably cooperating with the marketing efforts of the Purchaser
and the Lenders for any debt raised by the Purchaser to complete the Arrangement, including
participating in presentations to the Lenders and by facilitating direct contact between the
Company&#146;s senior management and the Lenders, (f)&nbsp;having officers execute, without personal
liability, any reasonably necessary officer&#146;s certificates or management representation letters to
the Company&#146;s accountants to issue reports with respect to the financial statements to be included
in any offering documents to the extent customary for similar offerings and solvency certificates
or other certificates customarily requested by lenders in transactions of this type, (g)&nbsp;provided
that all Key Regulatory Approvals have been obtained, subject to the terms of the Company&#146;s and its
Subsidiaries&#146; existing indebtedness, giving timely redemption or prepayment notices, as applicable,
in connection with the refinancing of the Company&#146;s or its Subsidiaries&#146; existing indebtedness
outstanding on or after the Effective Time as may be reasonably required by the Purchaser, (h)
providing advance estimates of payout amounts in respect of indebtedness being repaid on the
Effective Date and arranging for releases and discharge of Liens securing indebtedness being repaid
on the Effective Date, (i)&nbsp;the execution and delivery of a customary purchase agreement and related
documentation on terms reasonably satisfactory to the Company in connection with any offering of
debt securities, (j)&nbsp;subject to Applicable Laws and the obtaining of any necessary consents in
connection therewith (which the Company shall use reasonable commercial efforts to obtain),
executing and delivering any pledge and security documents, currency or interest hedging
arrangements or other definitive financing documents or other certificates and documents as may be
reasonably requested by the Purchaser or otherwise facilitating the pledging of collateral as may
be reasonably requested by the Purchaser; provided that any obligations contained in such documents
shall be effective no earlier than as of the Effective Time, (k)&nbsp;furnishing the Purchaser and its
financing sources as promptly as practicable (and in any event no later than 30&nbsp;days prior to the
Outside Date) with financial and other pertinent information regarding the Company and its
Subsidiaries as may be reasonably requested by the Purchaser, including Canadian GAAP financial
statements together with a reconciliation to US GAAP prepared substantially in accordance with Item
17 of Form 20-F, of the type and form customarily included in offering documents used in private
placements by foreign private issuers under Rule&nbsp;144A of the 1933 Act, to consummate the offerings
of debt securities contemplated by the
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commitment Letters at the time during the Company&#146;s fiscal year such offerings will be made
including but not limited to annual audited financial statements (with accompanying audit reports),
interim financial statements (consistent with the Company&#146;s regular quarterly reporting) and
corresponding LTM data and <I>pro forma </I>financial statements (information required to be delivered
pursuant to this clause (k)&nbsp;being referred to as the &#147;Required Information&#148;), provided that the
Purchaser shall provide the Company with a list of the form and types of financial and other
information requested pursuant to this clause (k)&nbsp;by no later than August&nbsp;1, 2007 (the &#147;<B>Required
Information Schedule</B>&#148;), (l)&nbsp;obtaining customary accountants&#146; comfort letters, accountants&#146;
consents, and legal opinions as reasonably requested by the Purchaser (provided that the Purchaser
shall arrange to provide any opinion required by the terms of any of the Company&#146;s or any of its
Subsidiaries&#146; existing trust indentures in connection with any such financing or related actions)
and (m)&nbsp;taking all actions reasonably necessary to permit the Lenders to evaluate the Company&#146;s and
its Subsidiaries&#146; current assets, cash management and accounting systems, policies and procedures
relating thereto for the purpose of establishing collateral arrangements. Notwithstanding the
foregoing, none of the Company nor any Subsidiary of the Company will be required to (a)&nbsp;pay any
commitment, consent or other fee or incur any other liability in connection with any such financing
prior to the Effective Time, (b)&nbsp;take any action or do anything that would contravene any
Applicable Law, contravene any Contract of the Company or any Subsidiary that relates to borrowed
money or be capable of impairing or preventing the satisfaction of any condition set forth in
Article&nbsp;8 hereof, (c)&nbsp;commit to take any action that is not contingent on the consummation of the
transactions at the Effective Time, or (d)&nbsp;disclose any information that in the reasonable judgment
of the Company would result in the disclosure of any trade secrets or similar information or
violate any obligations of the Company or any other Person with respect to confidentiality. The
Purchaser agrees to indemnify the Company, its affiliates and their respective officers, directors
and employees from and against any and all liabilities, losses, damages, claims, costs, expenses,
interest, awards, judgments and penalties suffered or incurred by any of them in connection with
any financing or potential financing by the Purchaser or any actions or omissions by any of them in
connection with any request by the Purchaser made hereunder and for any alleged misstatement or
omission in any information provided hereunder at the request of the Purchaser (other than
historical factual information to the extent prepared by the Company and relating to the Company
and its Subsidiaries). The Purchaser will promptly upon request by the Company and from time to
time (other than in circumstances where this Agreement is terminated by the Purchaser pursuant to
Section&nbsp;9.1(1)(c)(ii) due to willful and intentional breach or fraud) reimburse the Company for all
reasonable out-of-pocket costs (including legal fees) incurred by the Company or its Subsidiaries
and their respective advisers, agents and representatives in connection with any of the foregoing.
The Company hereby consents to the use of its and its Subsidiaries&#146; logos in connection with the
financing; provided that such logos are used solely in a manner that is not intended to or
reasonably likely to harm or disparage the Company or any of its Subsidiaries or the reputation or
goodwill of the Company or any of its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.4 Completion of the Telesat Transaction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will use all commercially reasonable efforts to complete as promptly as
practicable the Telesat Transaction on substantially the terms and conditions outlined in the
Telesat Purchase Agreement. The Company shall promptly update the Purchaser as to any material
developments relating to the Telesat Transaction and in no event shall the Company
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">make any material amendments or waivers to the Telesat Purchase Agreement without the prior
written consent of the Purchaser (such consent not to be unreasonably withheld, conditioned or
delayed). In the event that the Telesat Purchase Agreement is terminated in accordance with its
terms, then Telesat shall, from the date of such termination, be deemed to be a Subsidiary of the
Company for purposes of Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.5 Cooperation Regarding Reorganization</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the reasonable request or requests of the Purchaser (not less than 30 Business Days
prior to the Effective Time), the Company shall, and shall cause its Subsidiaries to, use all
commercially reasonable efforts to (i)&nbsp;effect, in the period immediately prior to the
Effective Time, such reorganizations of their business, operations and assets as the Purchaser
may request, acting reasonably (each a &#147;<B>Pre-Acquisition Reorganization</B>&#148;); (ii)&nbsp;cooperate fully
with the Purchaser and its advisors to determine the nature of the Pre-Acquisition
Reorganizations that might be undertaken and the manner in which they would most effectively
be undertaken; and (iii)&nbsp;cooperate fully with the Purchaser in the preparation and filing of a
request for an advance income tax ruling to be requested by the Purchaser from the Canada
Revenue Agency (and provincial taxing authorities as applicable) respecting such income tax
matters as the Purchaser may determine including, in particular, rulings relating to
paragraphs 88(1)(c) and (d)&nbsp;of the Tax Act, and to cooperate as requested during the process
of obtaining such tax ruling. The obligations of the Company pursuant to this Section&nbsp;5.5
shall be conditional on the understanding that: (i)&nbsp;any Pre-Acquisition Reorganization shall
not delay, impair or impede the completion of the Arrangement or the ability of the Purchaser
to obtain any financing required by it in connection with the transactions contemplated by
this Agreement; (ii)&nbsp;any Pre-Acquisition Reorganization shall not unreasonably interfere in
the ongoing operations of the Company or any of its Subsidiaries; (iii)&nbsp;any Pre-Acquisition
Reorganization shall not require the Company or any Subsidiary to contravene any Applicable
Laws, their respective organizational documents or any Contract; (iv)&nbsp;any Pre-Acquisition
Reorganization shall not become effective unless the Purchaser shall have waived or confirmed
in writing the satisfaction of all conditions in its favour under Section&nbsp;8.1 and Section&nbsp;8.2
and shall have confirmed in writing that it is prepared to promptly and without condition
(other than satisfaction of the condition contemplated by Section&nbsp;8.2(a)) proceed to effect
the Arrangement; (v)&nbsp;the Company and its Subsidiaries shall not be obligated to take any
action that would reasonably be expected to result in any Taxes being imposed on, or any
adverse Tax or other consequences to, any securityholder of the Company incrementally greater
than the Taxes or other consequences to such party in connection with the consummation of the
Arrangement in the absence of any Pre-Acquisition Reorganization; and (vi)&nbsp;the Company, its
Subsidiaries and their respective officers, directors, employees, agents, advisors and
representatives shall have received an indemnity, in form and substance satisfactory to the
Company, acting reasonably, from the Purchaser Parties from and against any and all
liabilities, losses, damages, claims, costs, expenses, interest, awards, judgements and
penalties suffered or incurred by any of them in connection with or as a result of any
Pre-Acquisition Reorganization. The Purchaser acknowledges and agrees that the
Pre-Acquisition Reorganizations shall not be considered in determining whether a
representation, warranty or covenant of the Company hereunder has been breached, it</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>being acknowledged by the Purchaser that these actions could require the consent of third
parties under applicable Contracts. The Purchaser and the Company shall, at the expense of
the Purchaser, work cooperatively and use commercially reasonable efforts to prepare prior
to the Effective Time all documentation necessary and do such other acts and things as are
necessary to give effect to such Pre-Acquisition Reorganizations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall use its reasonable best efforts to, and shall use its reasonable best
efforts to cause its Subsidiaries to, maintain in good standing the tax loss monetization (the
&#147;<B>Monetization</B>&#148;) among Bell Canada, Bell Mobility Inc. and others, in a manner consistent with
the advance income tax ruling issued on March&nbsp;27, 2007. The Company and its Subsidiaries
shall not unwind, terminate or amend the Monetization, in whole or in part, without the
consent of the Purchaser, acting reasonably.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.6 Conduct of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period commencing on the date hereof and ending on the Effective Time, and except as
required by Applicable Law, the Company shall not, and shall not permit its Subsidiaries to enter
into any merger, acquisition, joint venture, disposition, lease, contract or debt or equity
financing, or agree to do any of the foregoing, that would reasonably be likely to delay, impair or
impede in any material respect the receipt of any Regulatory Approval or the satisfaction of any
condition set forth in Article&nbsp;8 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.7 Dividend Reinvestment Plan; Employee Savings Plans</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From and after the date of this Agreement until the Effective Time, all Common
Shares delivered to participants under the Dividend Reinvestment Plan shall be acquired
only by open market or third party arm&#146;s length purchases, and not for greater
certainty from treasury.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the execution of this Agreement, the Company shall not issue or otherwise
authorize the issuance of any Common Shares from treasury in respect of the Employee
Savings Plans and all Common Shares delivered to participants under the Employee
Savings Plans for the period commencing on the date of this Agreement and ending at the
Effective Time shall be acquired by open market or third party arm&#146;s length purchases.
The Company shall take all steps necessary to cause the Employee Savings Plans to be
terminated at the Effective Time.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.8 Cooperation with Solvency Opinion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Purchaser and the Company shall use their respective reasonable best efforts to
(a)&nbsp;make available their respective officers, agents or other representatives on a customary basis
and on reasonable notice and (b)&nbsp;provide or make available such information and documents
concerning the business, properties, Contracts, assets and liabilities of the Company and, in the
case of the Purchaser, the financing contemplated by the Commitment Letter and Equity Commitment
Letters, as may reasonably be requested by the firm preparing the opinion contemplated by Section
8.1(f).
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6<BR>
COVENANTS OF THE PURCHASER PARTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.1 Conduct of the Purchaser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period commencing on the date hereof and ending on the Effective Time, and except as
required by Applicable Law, no Purchaser Party shall enter into any merger, acquisition, joint
venture, disposition, lease, contract or debt or equity financing, or agree to do any of the
foregoing, that would reasonably be likely to (a)&nbsp;result in any of the representations and
warranties referred to in Section&nbsp;4.1 becoming false or inaccurate in any material respect, or (b)
delay, impair or impede in any material respect the receipt of any Regulatory Approval or the
satisfaction of any condition set forth in Article&nbsp;8 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.2 Director and Officer Liability</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From and after the Effective Time, the Purchaser shall, and shall cause the Company to,
indemnify and hold harmless, to the fullest extent permitted under Applicable Law (and to also
advance expenses as incurred to the fullest extent permitted under Applicable Law), each
present and former director, officer, trustee and employee of the Company and its Subsidiaries
(each, an &#147;<B>Indemnified Person</B>&#148;) against any costs or expenses (including reasonable attorneys&#146;
fees), judgments, fines, losses, claims, damages or liabilities incurred in connection with
any claim, inquiry, action, suit, proceeding or investigation, whether civil, criminal,
administrative or investigative, arising out of or related to such Indemnified Person&#146;s
service as a director, officer, trustee or employee of the Company and/or any of its
Subsidiaries or services performed by such Persons at the request of the Company and/or any of
its Subsidiaries at or prior to or following the Effective Time, whether asserted or claimed
prior to, at or after the Effective Time, including the approval or completion of this
Agreement, the Arrangement or any of the other transactions contemplated by this Agreement or
arising out of or related to this Agreement and the transactions contemplated hereby. Neither
the Purchaser nor the Company shall settle, compromise or consent to the entry of any judgment
in any claim, action, suit, proceeding or investigation or threatened claim, action, suit,
proceeding or investigation involving or naming an Indemnified Person or arising out of or
related to an Indemnified Person&#146;s service as a director, officer, trustee or employee of the
Company and/or any of its Subsidiaries or services performed by such Persons at the request of
the Company and/or any of its Subsidiaries at or prior to or following the Effective Time
without the prior written consent of that Indemnified Person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the Effective Time, the Company shall and, if the Company is unable to, the
Purchaser shall cause the Company as of the Effective Time, to obtain and fully pay the
premium for the extension of the directors&#146;, officers&#146;, trustees&#146; and employees&#146; liability
coverage of the Company&#146;s and its Subsidiaries&#146; existing directors&#146;, officers&#146;, trustees&#146; and
employees&#146; insurance policies for a claims reporting or run-off and extended reporting period
and claims reporting period of at least six years from and after the Effective Time with
respect to any claim related to any period or time at or prior to the Effective Time from an
insurance carrier with the same or better credit rating as the Company&#146;s current insurance
carriers with respect to directors&#146;, officers&#146;, trustees&#146; and employees&#146; liability insurance
(&#147;<B>D&#038;O Insurance</B>&#148;), and with terms, conditions,</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retentions and limits of liability that are no less advantageous to the Indemnified Persons
than the coverage provided under the Company&#146;s and its Subsidiaries&#146; existing policies with
respect to any actual or alleged error, misstatement, misleading statement, act, omission,
neglect, breach of duty or any matter claimed against a director, officer, trustee or
employee of the Company or any of its Subsidiaries by reason of him or her serving in such
capacity that existed or occurred at or prior to the Effective Time (including in connection
with the approval or completion of this Agreement, the Arrangement or the other transactions
contemplated by this Agreement or arising out of or related to this Agreement and the
transactions contemplated hereby). If the Company for any reason fails to obtain such &#147;run
off&#148; insurance policies as of the Effective Time, the Company shall continue to maintain in
effect for a period of at least six years from and after the Effective Time the D&#038;O
Insurance in place as of the date hereof with terms, conditions, retentions and limits of
liability that are no less advantageous in the aggregate than the coverage provided under
the Company&#146;s and its Subsidiaries&#146; existing policies as of the date hereof, or the Company
shall purchase comparable D&#038;O Insurance for such six-year period with terms, conditions,
retentions and limits of liability that are at least as favourable to the Indemnified
Persons as provided in the Company&#146;s existing policies as of the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company or the Purchaser or any of their successors or assigns shall:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amalgamate, consolidate with or merge or wind-up into any other Person and, if
applicable, shall not be the continuing or surviving corporation or entity; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transfer all or substantially all of its properties and assets to any Person or
Persons,</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then, and in each such case, proper provisions shall be made so that the successors, assigns
and transferees of the Company or the Purchaser, as the case may be, shall assume all of the
obligations set forth in this Section&nbsp;6.2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any Indemnified Person makes any claim for indemnification or advancement of expenses
under this Section&nbsp;6.2 that is denied by the Company or the Purchaser, and a court of
competent jurisdiction determines that the Indemnified Person is entitled to such
indemnification, then the Company and the Purchaser shall pay such Indemnified Person&#146;s costs
and expenses, including reasonable legal fees and expenses, incurred in connection with
pursuing such claim against the Company or the Purchaser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights of the Indemnified Persons under this Section&nbsp;6.2 shall be in addition to any
rights such Indemnified Persons may have under the constating documents of the Company or any
of its Subsidiaries, or under any Applicable Law or under any Contract of any Indemnified
Person with the Company or any of its Subsidiaries. All rights to indemnification and
exculpation from liabilities for acts or omissions occurring at or prior to the Effective Time
and rights to advancement of expenses relating thereto in favour of any Indemnified Person as
provided in the constating documents of the Company or any Subsidiary of the Company or any
Contract, the form of which is in the Data Room as at the date hereof, between such
Indemnified Person and the Company or any of its Subsidiaries shall survive the Effective Time
and shall not be amended, repealed or</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise modified in any manner that would adversely affect any right thereunder of any
such Indemnified Person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Section&nbsp;6.2, the Bell Aliant Entities and Telesat shall be deemed to be
Subsidiaries of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Section&nbsp;6.2 shall survive the consummation of the Arrangement and is intended to be for
the benefit of, and shall be enforceable by, the Indemnified Persons and their respective
heirs, executors, administrators and personal representatives and shall be binding on the
Company and its successors and assigns, and, for such purpose, the Company hereby confirms
that it is acting as agent on behalf of the Indemnified Persons.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.3 Interim Period Consents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser will, promptly following the date hereof, designate two individuals from either
of whom the Company may seek approval to undertake any actions not permitted to be taken under
Section&nbsp;5.1, and will ensure that such persons will respond, on behalf of the Purchaser, to the
Company&#146;s requests in an expeditious manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.4 Purchaser Financing</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without limiting the generality of Section&nbsp;7.1, the Purchaser will use its and cause the
Purchaser Parties to use their reasonable best efforts to consummate the financing
contemplated by the Commitment Letter and Equity Commitment Letters no later than the
Effective Date, but in each case shall ensure that any financing arranged by the Purchaser,
when taken together with all other transactions contemplated hereby, shall comply in all
material respects with the requirements of all outstanding Material Contracts of the Company
or its Subsidiaries relating to borrowed money that have been made available and under all
Applicable Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser will use reasonable best efforts to satisfy, on a timely basis, all covenants,
terms, representations and warranties within its control applicable to the Purchaser in the
Commitment Letter and Equity Commitment Letters and accommodate the financing provided for
under the Commitment Letter and Equity Commitment Letters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser will use reasonable best efforts to negotiate and enter into definitive credit
or loan or other agreements and all other documentation with respect to the financings
contemplated in this Section&nbsp;6.4 as may be necessary for the Purchaser to obtain such funds,
on the basis described in this Section&nbsp;6.4 and otherwise on terms and conditions no less
favourable to the Company than those contained in the Commitment Letter and the Equity
Commitment Letters, and otherwise: (a)&nbsp;subject only to such other conditions precedent as are
acceptable to the Company in its reasonable discretion; or (b)&nbsp;on terms and conditions which
do not impair the ability of the Purchaser to perform its obligations hereunder or to effect
the Arrangement, as soon as reasonably practicable but in any event prior to the Outside Date.
The Purchaser will deliver to the Company correct and complete copies of such executed
definitive agreements and documentation promptly when available and drafts thereof from time
to time upon request by the Company.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser will keep the Company informed with respect to all material activity concerning
the status of the financings referred to in this Section&nbsp;6.4 and will give the Company prompt
notice of any material change with respect to any such financings. Without limiting the
generality of the foregoing, the Purchaser agrees to notify the Company promptly, and in any
event within 24 hours, if at any time prior to the Effective Time: (a)&nbsp;the Commitment Letter
or any Equity Commitment Letter referred to in this Section&nbsp;6.4 will expire or be terminated
for any reason, (b)&nbsp;any event occurs that, with or without notice, lapse of time or both,
would individually or in the aggregate, constitute a default or breach on the part of the
Purchaser under any material term or condition of the Commitment Letter or any Equity
Commitment Letter or definitive agreement or documentation referred to in this Section&nbsp;6.4 or
if the Purchaser has any reason to believe that it will be unable to satisfy, on a timely
basis, any term or condition of any funding referred to in this Section&nbsp;6.4 to be satisfied by
it, that in each case would reasonably be expected to impair the ability of the Purchaser to
consummate the financing; or (c)&nbsp;any financing source that is a party to the Commitment Letter
or any Equity Commitment Letter advises the Purchaser or any Purchaser Party, whether orally
or in writing, that such source either no longer intends to provide or underwrite any
financing referred to in this Section&nbsp;6.4 on the terms set forth in the Commitment Letter or
any Equity Commitment Letter, as applicable, or requests amendments or waivers thereto that
are or could reasonably be expected to be materially adverse to the timely completion by the
Purchaser of the transactions contemplated by this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than in connection with and as contemplated in this Agreement, neither the Purchaser
nor any Purchaser Party will, without the prior written consent of the Company, take any
action or enter into any transaction, including any merger, acquisition, joint venture,
disposition, lease, contract or debt or equity financing, that would reasonably be expected to
materially impair, delay or prevent the Purchaser obtaining any of the financings contemplated
by this Section&nbsp;6.4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser will not amend or alter, or agree to amend or alter, the Commitment Letter or
the Equity Commitment Letters or any definitive agreement or documentation referred to in this
Section&nbsp;6.4 in any manner that would reasonably be expected to materially impair, delay or
prevent the consummation of the transactions contemplated by this Agreement, in each case
without the prior written consent of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Commitment Letter or any Equity Commitment Letter is terminated or modified in a
manner materially adverse to the Purchaser&#146;s ability to complete the transactions contemplated
by this Agreement for any reason, the Purchaser will use reasonable best efforts to: (a)
obtain, as promptly as practicable, and, once obtained, provide the Company with a copy of, a
new financing commitment that provides for at least the same amount of financing as
contemplated by the Commitment Letter and/or the Equity Commitment Letters, as the case may
be, on a basis that is not subject to any condition precedent materially less favourable from
the perspective of the Company than the conditions precedent contained in the Commitment
Letter, or the Equity Commitment Letters, as the case may be, and otherwise on terms and
conditions not materially less favourable from the perspective of the Company, (b)&nbsp;negotiate
and enter into definitive credit, loan or other agreements and all required documentation with
such third parties as may be necessary for the Purchaser to obtain such funds (to the extent
reasonably</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>practicable, on terms and conditions not materially less favourable than the Commitment
Letter or the Equity Commitment Letter, as the case may be, being replaced) and on the basis
described in this Section&nbsp;6.4 and on terms and conditions consistent with such new financing
commitment, as soon as reasonably practicable but in any event prior to the Outside Date,
and deliver to the Company correct and complete copies of such executed definitive
agreements and documentation promptly upon request by the Company, (c)&nbsp;satisfy, on a timely
basis, all covenants, terms, representations and warranties applicable to the Purchaser in
respect of such new financing commitments and all other required agreements and
documentation referred to in this Section&nbsp;6.4(7) and enforce its rights under such new
financing commitments and agreements and documentation, and (d)&nbsp;obtain funds under such
commitments to the extent necessary to consummate the transactions contemplated by this
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, all non-public or otherwise confidential information regarding the
Company obtained by the Purchaser or its representatives (including without limitation the
Lenders and any of their representatives or advisors or any Purchaser Party) pursuant to
Section&nbsp;5.3 is information which is subject to the Confidentiality Agreements and will be
treated in accordance with the Confidentiality Agreements; provided the Purchaser shall be
entitled to provide such information to its Lenders and investors in its debt financing and
their respective representatives and rating agencies, subject to the confidentiality
conditions set forth in the Confidentiality Agreements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser acknowledges and agrees that its obtaining financing is not a condition to any
of its obligations hereunder, regardless of the reasons why financing is not obtained or
whether such reasons are within or beyond the control of the Purchaser. For the avoidance of
doubt, if any financing referred to in this Section&nbsp;6.4 is not obtained, the Purchaser will
continue to be obligated to consummate the Arrangement, subject to and on the terms
contemplated by this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.5 Investment Canada Act</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Minister of Canadian Heritage or official of The Department of Canadian Heritage
(together, the &#147;<B>Heritage Minister</B>&#148;), or the Minister of Industry in his capacity as the
Minister responsible for the administration of the Investment Canada Act, in order to
determine whether the Purchaser is a Canadian and not controlled in fact by one or more
non-Canadians (all within the meaning of the Investment Canada Act), requests information or
evidence for that purpose, the Purchaser Parties will promptly comply with each such request.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser Parties will (subject to the Company&#146;s prior written consent if required
pursuant to the terms of this Agreement), use their reasonable best efforts to promptly
satisfy the Heritage Minister or the Minister of Industry that the Purchaser is Canadian and
not controlled in fact by one or more non-Canadians (all within the meaning of the Investment
Canada Act), including for greater certainty making any non-material adjustments or amendments
to the arrangements governing the ownership of the Purchaser, provided that nothing in this
Section&nbsp;6.5(2) shall require the Purchaser Parties to accede to any request of the Heritage
Minister or the Minister of Industry to modify the</TD>
</TR>


</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amount of equity invested or the percentage of equity ownership in the Purchaser on the part
of any of the Equity Sponsors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, in the event that the Purchaser Parties are not, despite compliance
with their obligations under this Section&nbsp;6.5(1) and Section&nbsp;6.5(2), able to satisfy the
Heritage Minister or the Minister of Industry that the Purchaser is Canadian and not
controlled in fact by one or more non-Canadians (all within the meaning of the Investment
Canada Act), then Investment Canada Act Approval shall be deemed to be a Key Regulatory
Approval.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.6 Syndication of Equity</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided by this Section&nbsp;6.6, notwithstanding anything to the contrary contained in
the Confidentiality Agreements, the Purchaser Parties shall not without the prior written
consent of the Company allow the equity syndication of any of their direct or indirect equity
or proposed equity ownership in the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the limitations set forth in this Section&nbsp;6.6, the Company will permit each
Purchaser Party to syndicate equity:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to all Persons identified on Schedule&nbsp;G (and will permit those Persons to
syndicate equity); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to limited partners and co-investors of such Purchaser Party who are not
identified on the Pre-Approved List;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that the Ontario Teachers&#146; Pension Plan Board (the &#147;<B>Canadian Equity Sponsor</B>&#148;) and
any Persons to whom the Canadian Equity Sponsor syndicates equity shall be permitted to
syndicate equity only to Persons who meet the same Canadian status tests for purposes of
applicable Telecom Laws and the Investment Canada Act as the Canadian Equity Sponsor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From the date of this Agreement until the Company Meeting, the Purchaser Parties and their
representatives and Persons to whom the Purchaser Parties may have syndicated all or part of
their interests as permitted by Section&nbsp;6.6(2) (the &#147;<B>Syndicated Parties</B>&#148;) and their
representatives shall be permitted to hold equity syndication discussions and negotiations
with Persons identified in Part&nbsp;3 of Schedule&nbsp;G and any other Persons who are not identified
in Part&nbsp;1 or Part&nbsp;2 of Schedule&nbsp;G.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the Company Meeting, the Purchaser Parties and the Syndicated Parties and their
representatives shall be permitted to commence any form of equity syndication or equity
syndication discussions and negotiations with any Person, including Persons who are identified
in Part&nbsp;1 and Part&nbsp;2 of Schedule&nbsp;G.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Section&nbsp;6.6, &#147;equity syndication&#148; by any Purchaser Party or
Syndicated Party and similar terms includes any discussion or inquiry by that Purchaser Party
or Syndicated Party, whether or not solicited or initiated by that Purchaser Party or
Syndicated Party, or any of its representatives, relating to any other Person acquiring,
directly or indirectly, any equity interest in the Company or the Purchaser Party or</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Syndicated Party (or in any other Person that beneficially owns a material equity interest
in the Purchaser Party or Syndicated Party), whether or not such equity interest is already
outstanding or issued, and including any right to acquire any such equity interest or any
direct or indirect interest in any such equity interest.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything to the contrary in this Section&nbsp;6.6, no syndication by the Purchaser
Parties or Syndicated Parties shall be permitted that would reasonably be expected to impair,
impede or materially delay the receipt of any Key Regulatory Approval.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The written consent of the Purchaser Party shall be required for the syndication of equity by
any Person to whom equity has been syndicated by that Purchaser Party pursuant to this Section
6.6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of equity that may be syndicated by the Purchaser Parties shall be subject to the
following limitations:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there shall be no limit on the amount of equity that the Purchaser Parties may
syndicate to Persons identified in Part&nbsp;3 of Schedule&nbsp;G or other Persons not identified
in Part&nbsp;1 or 2 of Schedule&nbsp;G; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the collective syndication of equity by the Purchaser Parties to Persons
identified in Parts 1 and 2 of Schedule&nbsp;G shall be subject to one of the following
limitations, at the election of the Purchaser made by notice in writing to the Company
prior to any equity syndication to such Persons:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a maximum of $2&nbsp;billion in the aggregate to one or more
of the Persons identified in Part&nbsp;1 of Schedule&nbsp;G, plus a maximum of $750
million in the aggregate to one or more of the Persons identified in Part&nbsp;2
of Schedule&nbsp;G; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a maximum of $2&nbsp;billion of equity in the aggregate to one
or more of the Persons identified in Part&nbsp;2 of Schedule&nbsp;G, plus a maximum of
$750&nbsp;million to one or more of the Persons identified in Part&nbsp;1 of Schedule
G.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in the foregoing to the contrary, the Company may change, modify,
eliminate or amend in any respect any of this Section&nbsp;6.6 if, in the good faith judgment of
the Board, such changes, modifications, elimination or amendments are in the best interests of
the Company and the Affected Shareholders; provided, however, that no such changes,
modifications, eliminations or amendments shall be adverse to the Purchaser Parties.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->

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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7<BR>
MUTUAL COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.1 Regarding the Arrangement</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms and conditions of this Agreement, the Purchaser Parties and the Company
shall use their reasonable best efforts to take, or cause to be taken, all actions and to do,
or cause to be done, all things necessary, proper or advisable under Applicable Law to
consummate the transactions contemplated by this Agreement as soon as practicable, including:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing and filing as promptly as practicable, and in any event by no later
than thirty days from the date of the Agreement, a pre-merger notification filing under
the Competition Act and a request for an advance ruling certificate pursuant to Section
102 of the Competition Act, an appropriate filing of a Notification and Report Form
pursuant to the HSR Act, the CRTC Applications, the FCC Applications and the Industry
Canada Applications, and preparing and filing as promptly as practicable, and in any
event by no later than the earlier of (i)&nbsp;sixty days from the date of the Agreement, or
(ii)&nbsp;within such time as requested by the applicable Governmental Authority, all other
necessary documents, registrations, statements, petitions, filings and applications for
the Key Regulatory Approvals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing and filing as promptly as practicable all necessary documents,
registrations, statements, petitions, filings and applications for the Additional
Regulatory Approvals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>using their reasonable best efforts to obtain and maintain all approvals,
clearances, consents, registrations, permits, authorizations and other confirmations
required to be obtained from any Governmental Authority or other third party that are
necessary, proper or advisable to consummate the transactions contemplated by this
Agreement, including the Key Regulatory Approvals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>using reasonable best efforts to oppose, lift or rescind any injunction or
restraining or other order seeking to stop, or otherwise adversely affecting its
ability to consummate, the Arrangement and to defend, or cause to be defended, any
Proceedings to which it is a party or brought against it or its directors or officers
challenging this Agreement or the consummation of the transactions contemplated hereby;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carrying out the terms of the Interim Order and Final Order applicable to it
and using reasonable best efforts to comply promptly with all requirements which
Applicable Laws may impose on it or its Subsidiaries or affiliates with respect to the
transactions contemplated hereby.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the express provisions of Section&nbsp;7.2, Section&nbsp;7.3 and Section&nbsp;7.4 hereof, the
Parties shall co-operate in the preparation of any application for the Regulatory Approvals
and any other orders, clearances, consents, rulings, exemptions, no-action letters and
approvals reasonably deemed by either the Purchaser or the Company to be</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>necessary to discharge their respective obligations under this Agreement or otherwise
advisable under Applicable Laws in connection with the Arrangement and this Agreement. In
connection with the foregoing, each Party shall furnish, on a timely basis, and in any event
within 15&nbsp;days of a request for same by the other Party or by any Governmental Authority,
all information as may be reasonably required to effectuate the foregoing actions, and each
covenants that, to its knowledge, no information so furnished by it in writing will contain
a misrepresentation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Applicable Laws and to the express provisions of Section&nbsp;7.2, Section&nbsp;7.3 and
Section&nbsp;7.4 hereof, the Purchaser and the Company shall cooperate with and keep each other
fully informed as to the status of and the processes and proceedings relating to obtaining the
Regulatory Approvals, and shall promptly notify each other of any communication from any
Governmental Authority in respect of the Arrangement or this Agreement, and shall not make any
submissions or filings, participate in any meetings or any material conversations with any
Governmental Authority in respect of any filings, investigations or other inquiries related to
the Arrangement or this Agreement unless it consults with the other Party in advance and, to
the extent not precluded by such Governmental Authority, gives the other Party the opportunity
to review drafts of any submissions or filings, or attend and participate in any
communications or meetings. Notwithstanding the foregoing, submissions, filings or other
written communications with any Governmental Authority may be redacted as necessary before
sharing with the other Party to address reasonable attorney-client or other privilege or
confidentiality concerns, provided that external legal counsel to the Purchaser and the
Company shall receive non-redacted versions of drafts or final submissions, filings or other
written communications to any Governmental Authority on the basis that the redacted
information will not be shared with their respective clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Purchaser and the Company will promptly notify the other if at any time before
the Effective Time it becomes aware that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any application for a Regulatory Approval or other filing under Applicable Laws
made in connection with this Agreement, the Arrangement or the transactions
contemplated herein contains a misrepresentation; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Regulatory Approval or other order, clearance, consent, ruling, exemption,
no-action letter or other approval applied for as contemplated herein which has been
obtained contains or reflects or was obtained following submission of any application,
filing, document or submission as contemplated herein that contained a
misrepresentation,</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such that an amendment or supplement to such application, filing, document or submission or
order, clearance, consent, ruling, exemption, no-action letter or approval may be necessary
or advisable. In such case, the Parties will cooperate in the preparation of such amendment
or supplement as required.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in this Agreement to the contrary, if any objections are asserted
with respect to the transactions contemplated hereby under any applicable Competition Law or
Telecom Law, or if any Proceeding is instituted or threatened by any</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 43 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Governmental Authority challenging or which could lead to a challenge of any of the
transactions contemplated hereby as violative of or not in compliance with the requirements
of any applicable Competition Law or Telecom Law, the Company and the Purchaser shall use
their reasonable best efforts to resolve such Proceeding so as to allow the Effective Time
to occur prior to the Outside Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without limiting the generality of the foregoing, in addition to using their reasonable best
efforts to obtain the Competition Act Compliance, the Purchaser Parties shall, and shall cause
their Subsidiaries and affiliates to, take any and all steps necessary to obtain the
Competition Act Compliance, including, without limitation, agreeing in respect of any of the
businesses, properties, assets, rights or interests of the Purchaser Parties and their
Subsidiaries and affiliates (including any businesses, properties, assets, rights or interests
acquired or to be acquired by the Purchaser contemplated hereby): (a)&nbsp;to any and all
divestitures, licensing, hold separate or similar arrangements with respect to assets or
conduct of business arrangements; (b)&nbsp;to terminate any and all existing relationships and
contractual rights and obligations; (c)&nbsp;to commit to, enter into, register or effect any and
all undertakings or consent agreements; and (d)&nbsp;to satisfy, assent to and/or comply with the
terms and conditions of any licence or permit transfer or approval, in each such case without
any reduction of the Consideration provided that the taking of any and all steps necessary to
obtain the Competition Act Compliance shall not require the Purchaser Parties to accede to any
request to modify the amount of equity invested or the percentage of equity ownership in the
Purchaser on the part of any of the Equity Sponsors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, for the purposes of obtaining the FCC Approval, reasonable best
efforts shall include without limitation agreeing to comply with any request of an United
States Governmental Authority to enter into a network security agreement or letter of
assurance concerning law enforcement and security matters that is in form and substance
similar to such agreements or letters on file at the FCC involving similar businesses in
similar circumstances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser shall pay all filings fees, if any, required in connection with obtaining the
HSR Approval and the Competition Act Compliance.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.2 Industry Canada Matters</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser and the Company each will use their reasonable best efforts to take, or cause
to be taken, all actions and to do, or cause to be done, and to assist and cooperate with each
other in doing, all things necessary, proper or advisable under Applicable Law to obtain
Industry Canada Approvals. Subject to the provisions of this Section&nbsp;7.2, the Company shall
cause the Industry Canada Licensees to, as soon as reasonably practicable following the date
hereof, and in any event by not later than forty-five days from the date of the Agreement,
prepare and file the Industry Canada Applications, and in any event by not later than thirty
days from the date of the Agreement, notify Industry Canada of the transactions contemplated
herein pursuant to any licences from Industry Canada held by the Company and its affiliates
requiring such notification. To the extent that Industry Canada takes the position that its
prior approval is required pursuant to any licence so requiring notification of the
transactions contemplated herein, the definition of &#147;<B>Industry</B></TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Canada Licences</B>&#148; shall be amended to include such licence. The Purchaser and the Company
shall at all times reasonably cooperate with each other with respect to the preparation of
the Industry Canada Applications, provided that the Company and the Industry Canada
Licensees shall prepare and have control over such applications and the process related
thereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and the Industry Canada Licensees shall diligently pursue the Industry Canada
Applications on the terms set forth in such applications which shall be consistent with the
terms of this Agreement. The Company shall cause the Industry Canada Licensees to request
that the Industry Canada Applications be processed by Industry Canada on an expedited basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser shall, after consultation with the Industry Canada Licensees and the Company,
and in any event by not later than sixty days from the date of the Agreement, diligently file
with Industry Canada any information, documentation, corporate by-laws, unanimous shareholders
agreements or any other such information which Industry Canada requires to be filed in
connection with the Industry Canada Applications including as to whether the Purchaser
complies with Canadian foreign ownership and control requirements under applicable Telecom
Laws, and shall consider in good faith any suggestions made by the Company in connection
therewith. In particular, the Purchaser shall immediately provide the Company with copies of
any written correspondence received by the Purchaser or its counsel from Industry Canada in
connection with the transactions contemplated hereby, and a complete copy of any response to
Industry Canada as soon as practicable after it is sent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Applicable Laws, representatives of the Purchaser designated by the Purchaser from
time to time shall have the right to attend all material meetings and to participate in all
material conference telephone calls that are attended by or participated in by representatives
of the Company or the Industry Canada Licensees, on the one hand, and of Industry Canada, on
the other hand, in connection with the Industry Canada Applications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser shall pay all filing fees, if any, required in connection with the making of
the Industry Canada Applications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the Parties shall take any action that will have the effect of delaying, impairing or
impeding the approval of the Industry Canada Applications.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.3 FCC Matters</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser and the Company will each use their reasonable best efforts to take, or cause
to be taken, all actions and to do, or cause to be done, and to assist and cooperate with each
other in doing, all things necessary, proper or advisable under Applicable Law to obtain the
FCC Approval. In furtherance and not in limitation of the foregoing, each Party agrees to
make or cause to be made any appropriate filing or filings that are required by or advisable
under the <I>United States Communications Act </I>(including the rules, regulations and policies
promulgated there under by the FCC) as promptly as practicable, and in any event by no later
than forty-five days from the date of the</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreement, and to supply as promptly as practicable, and in any event within 15&nbsp;days of such
request, any additional information and documentary material that may be requested pursuant
to the <I>United States Communications Act </I>or by any Governmental Authority of the United
States participating in a review of such filing or filings pursuant to the <I>United States
Communications Act</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser and the Company, in connection with the foregoing, shall each use their
reasonable best efforts to:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cooperate to prosecute the FCC Applications with reasonable diligence and
otherwise use reasonable best efforts to obtain the FCC Approval as expeditiously as
practicable, including the exercise of reasonable diligence to comply with any request
from the FCC or any other Governmental Authority of the United States for additional
documents, information or materials;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cooperate in all respects with each other in connection with any filing or
submission in connection with the FCC Applications;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notify each other promptly following any communication received by, or given
to, the FCC or any other Governmental Authority of the United States in connection with
the FCC Applications and of any communication received or given in connection with any
Proceeding by a private party relating thereto and, in each case, provide each other
with a copy of any such written communication promptly after the receipt thereof; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose any petitions to deny or other objections filed with respect to the FCC
Applications, including any administrative or judicial review and any request for
reconsideration or review of any FCC Approval.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Parties shall request that the FCC Applications be processed by the FCC on an expedited
basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Purchaser and the Company shall take or cause to be taken all actions necessary,
appropriate or desirable to permit the FCC to approve in a timely fashion the FCC Applications
including using its reasonable best efforts to resolve such objections, if any, as may be
asserted by any Governmental Authority of the United States participating in a review of such
FCC Applications under the <I>United States Communications Act</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Representatives of each of the Parties shall have the right, subject to Applicable Law, to
attend all material meetings and to participate in all material conference calls that are
attended by or participated in by representatives of the other Party, on the one hand, and of
the FCC or any Governmental Authority of the United States participating in a review of such
FCC Applications under the <I>United States Communications Act</I>, on the other hand.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the Parties shall take any action that will have the effect of delaying, impairing or
impeding the approval of the FCC Applications.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser shall pay all filing fees, if any, required in connection with the making of
the FCC Applications.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.4 CRTC Matters</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser and the Company will each use their reasonable best efforts to take, or cause
to be taken, all actions and to do, or choose to be done, and to assist and cooperate with
each other in doing, all things necessary, proper or advisable under Applicable Law to obtain
CRTC Approval. Subject to the provisions of this Section&nbsp;7.4, the Company shall cause the
CRTC Licensees to, as soon as reasonably practicable following the date hereof, and in any
event by not later than forty-five days from the date of the Agreement, prepare and file the
CRTC Applications. The Purchaser and the Company shall at all times reasonably cooperate with
each other with respect to preparing the CRTC Applications, provided that the CRTC Licensees
shall prepare and have control over such applications, including the presentation of any
application at any public hearing held to consider it, if applicable, subject to the
participation of and consultation with the Purchaser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and the CRTC Licensees shall diligently pursue the CRTC Applications on the terms
set forth in such applications which shall be consistent with the terms of this Agreement.
The Company shall, and shall cause the CRTC Licensees to, request that the CRTC Applications
be processed by the CRTC on an expedited basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall inform the Purchaser or its counsel on a regular basis as to the status of
the processing of the CRTC Applications by the CRTC and shall immediately provide the
Purchaser or its counsel with copies of any written correspondence from or to the CRTC in
connection with the CRTC Applications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser shall, after consultation with the CRTC Licensees and the Company, and in any
event by not later than the earlier of sixty days from the date of the Agreement or within any
applicable time limits established by the CRTC, diligently file with the CRTC any information,
documentation, corporate by-laws, unanimous shareholders agreements or any other such
information which the CRTC requires to be filed in connection with the CRTC Applications
including as to whether the Purchaser complies with Canadian foreign ownership and control
requirements under applicable Telecom Laws, and shall consider in good faith any suggestions
made by the Company in connection therewith. In particular, the Purchaser shall immediately
provide the Company with copies of any correspondence from the CRTC in connection with the
transactions contemplated hereby, and a complete copy of any response to the CRTC as soon as
practicable after it is sent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Applicable Laws, representatives of the Purchaser designated by the Purchaser from
time to time shall have the right to attend all material meetings and to participate in all
material conference telephone calls that are attended by or participated in by representatives
of the Company or the CRTC Licensees, on the one hand, and of the CRTC, on the other hand, in
connection with the CRTC Applications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the Parties shall take any action that will have the effect of delaying, impairing or
impeding the approval of the CRTC Applications.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /Folio -->

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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.5 Public Communications</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree to co-operate in the preparation of presentations, if any, to Shareholders
regarding the Arrangement. None of the Company or the Purchaser Parties shall issue any press
release relating to this Agreement or the Arrangement without the consent of the Parties hereto
(which consent shall not be unreasonably withheld, conditioned or delayed) and the Company shall
not make any filing with any Governmental Authority with respect thereto (other than under
Competition Laws or as required under Securities Laws) without the consent of the Purchaser (which
shall not be unreasonably withheld, conditioned or delayed) and the Purchaser shall not make any
filing with any Governmental Authority in connection with the Arrangement without the consent of
the Company (which shall not be unreasonably withheld, conditioned or delayed); provided, however,
that the foregoing shall be subject to the Company&#146;s overriding obligation to make any disclosure
or filing required under Applicable Laws, and in such circumstances the Company shall use its
reasonable best efforts to give prior oral or written notice to the Purchaser and reasonable
opportunity for the Purchaser to review or comment on the disclosure or filing (other than with
respect to confidential information contained in such disclosure or filing), and if such prior
notice is not possible, to give such notice immediately following the making of any such disclosure
or filing; provided, however, that the Company shall have no obligation to consult with the
Purchaser or any Purchaser Party prior to making any disclosure related to an Acquisition Proposal
or a Change in Recommendation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.6 Notice and Cure Provisions</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Party will give prompt notice to the other of the occurrence, or failure to occur, at
any time from the date hereof until the earlier to occur of the termination of this Agreement
and the Effective Time of any event or state of facts which occurrence or failure would, or
would be likely to:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause any of the representations or warranties of such Party contained herein
to be untrue or inaccurate in any material respect on the date hereof or at the
Effective Time; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in the failure to comply with or satisfy any covenant, condition or
agreement to be complied with or satisfied by such Party hereunder prior to the
Effective Time.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Purchaser may not exercise its right to terminate this Agreement pursuant to Section
9.1(1)(c)(ii) and the Company may not exercise its right to terminate this Agreement pursuant
to Section&nbsp;9.1(1)(d)(ii) unless the Party seeking to terminate the Agreement shall have
delivered a written notice to the other Party specifying in reasonable detail all breaches of
covenants, representations and warranties or other matters which the Party delivering such
notice is asserting as the basis for the termination right. If any such notice is delivered,
provided that a Party is proceeding diligently to cure such matter and such matter is capable
of being cured, no Party may exercise such termination right until the earlier of (i)&nbsp;the
Outside Date, and (ii)&nbsp;the date that is 30 Business Days following receipt of such notice by
the Party to whom the notice was delivered, if such matter has not been cured by such date. If
such notice has been delivered prior to the date of the Company Meeting, such meeting shall,
unless the Parties</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 48 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agree otherwise, be postponed or adjourned until the expiry of
such period (without causing any breach of any other provision
contained herein).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.7 Access to Information; Confidentiality</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From the date hereof until the earlier of the Effective Time and the termination of this
Agreement, subject to compliance with Applicable Law and the terms of any existing Contracts,
the Company shall:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give to the Purchaser and its representatives (including financing sources)
reasonable access to the offices, properties, books and records of the Company and its
Subsidiaries; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>furnish to the Purchaser and its representatives such financial and operating
data and other information as such Persons may reasonably request.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any investigation pursuant to this Section&nbsp;7.7 shall be conducted during normal business
hours and in such manner as not to interfere unreasonably with the conduct of the business of
the Company and its Subsidiaries. Neither the Purchaser nor any of its representatives will
contact officers or employees of the Company or any of its Subsidiaries except after prior
consultation with Siim Vanaselja.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding Section&nbsp;7.7(1) or any other provision of this Agreement, the Company shall
not be obligated to provide access to, or to disclose, any information to the Purchaser if the
Company reasonably determines that such access or disclosure would jeopardize any privilege
claim by the Company or any of its Subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, the Purchaser Parties shall treat, and shall cause their respective
representatives to treat, all information furnished to the Purchaser Parties or any of such
representatives in connection with the transactions contemplated by this Agreement or pursuant
to the terms of this Agreement in accordance with the terms of the Confidentiality Agreements.
Without limiting the generality of the foregoing, the Purchaser Parties acknowledge and agree
that the Company Disclosure Letter and all information contained in it is confidential and
shall be treated in accordance with the terms of the Confidentiality Agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.8 Employee Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the Effective Time, the Purchaser shall honour and perform, or cause the
Company to honour and perform, all of the obligations of the Company and any of its Subsidiaries
under employment and other agreements with current or former employees, and for a period of 12
months following the Effective Time shall provide Company Employees with benefits that are
substantially equivalent to those provided by the Company under the Employee Plans; provided that
no provision of this Section&nbsp;7.8 shall give any employees of the Company or any of its Subsidiaries
any right to continued employment or impair in any way the right of the Company or any of its
Subsidiaries to terminate the employment of any employees.
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp; - 49 -
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8<BR>
CONDITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.1 Mutual Conditions Precedent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Parties to complete the transactions contemplated by this Agreement are
subject to the fulfillment, on or before the Effective Time, of each of the following conditions
precedent, each of which may only be waived with the mutual consent of the Parties:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arrangement Resolution shall have been approved and adopted by the Affected
Shareholders at the Company Meeting in accordance with the Interim Order;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Interim Order and the Final Order shall each have been obtained on terms
consistent with the Agreement, and shall not have been set aside or modified in a
manner unacceptable to the Company and the Purchaser, acting reasonably, on appeal or
otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Applicable Law (with the exception of any Applicable Law relating to any
outstanding Additional Regulatory Approvals) shall be in effect that makes the
consummation of the Arrangement illegal or otherwise prohibited or enjoins the Company
or the Purchaser from consummating the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Key Regulatory Approvals shall have been obtained;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement shall not have been terminated in accordance with its terms; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Purchaser and the Company shall have received an opinion at the Effective
Time from a nationally recognized valuation firm engaged by the Purchaser and agreed to
by the Company, acting reasonably to the effect that the Company will, subject to
certain qualifications, be Solvent as of the Effective Time and immediately after the
consummation of the transactions contemplated by the Plan of Arrangement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.2 Additional Conditions Precedent to the Obligations of the Purchaser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Purchaser to complete the transactions contemplated by this Agreement
shall also be subject to the fulfillment of each of the following conditions precedent (each of
which is for the exclusive benefit of the Purchaser and may be waived by the Purchaser):
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all covenants of the Company under this Agreement to be performed on or before
the Effective Time shall have been duly performed by the Company in all material
respects, and the Purchaser shall have received a certificate of the Company addressed
to the Purchaser and dated the Effective Time, signed on behalf of the Company by two
senior executive officers of the Company (on the Company&#146;s behalf and without personal
liability), confirming the same as at the Effective Date; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties of the Company set forth in this Agreement
shall be true and correct in all respects, without regard to any materiality or
Material Adverse Effect qualifications contained in them as of the Effective Time, as
though made on and as of the Effective Time (except for representations and warranties
made as of a specified date, the accuracy of which shall be determined as of that
specified date), except where the failure or failures of all such representations and
warranties to be so true and correct in all respects would not reasonably be expected
to have a Material Adverse Effect, provided that the representations and warranties of
the Company set out in paragraphs (b), (e)&nbsp;and (j)(ii) and (aa)&nbsp;of Schedule&nbsp;E shall be
true and correct in all material respects, other than where such variations result from
actions expressly permitted by Section&nbsp;5.1; and the Purchaser shall have received a
certificate of the Company addressed to the Purchaser and dated the Effective Time,
signed on behalf of the Company by two senior executive officers of the Company (on the
Company&#146;s behalf and without personal liability), confirming the same as at the
Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.3 Additional Conditions Precedent to the Obligations of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company to complete the transactions contemplated by this Agreement
shall also be subject to the following conditions precedent (each of which is for the exclusive
benefit of the Company and may be waived by the Company):
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all covenants of the Purchaser Parties under this Agreement to be performed on
or before the Effective Time shall have been duly performed by the Purchaser Parties in
all material respects, and the Company shall have received a certificate of the
Purchaser, addressed to the Company and dated the Effective Time, signed on behalf of
the Purchaser by two of its senior executive officers (on the Purchaser&#146;s behalf and
without personal liability), confirming the same as of the Effective Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties of the Purchaser set forth in this Agreement
shall be true and correct in all material respects as of the Effective Time as though
made on and as of the Effective Time (except for representations and warranties made as
of a specified date, the accuracy of which shall be determined as of that specified
date, and except in each case, for those representations and warranties that are
subject to a materiality qualification, which must be true and correct in all
respects), and the Company shall have received a certificate of the Purchaser,
addressed to the Company and dated the Effective Time, signed on behalf of the
Purchaser by two senior executive officers of the Purchaser (on the Purchaser&#146;s behalf
and without personal liability), confirming the same as at the Effective Date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Purchaser shall have deposited or caused to be deposited with the
Depositary in escrow (the terms and conditions of such escrow to be satisfactory to the
Company, acting reasonably) in accordance with Section&nbsp;2.9 the funds required to effect
payment in full of the aggregate Consideration to be paid pursuant to the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Arrangement and the Depositary shall have confirmed to the Company receipt of these
funds.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.4 Satisfaction of Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conditions precedent set out in Section&nbsp;8.1, Section&nbsp;8.2 and Section&nbsp;8.3 shall be
conclusively deemed to have been satisfied, waived or released when the Certificate of Arrangement
is issued by the Director. For greater certainty, and notwithstanding the terms of any escrow
arrangement entered into between the Purchaser and the Depositary, all funds held in escrow by the
Depositary pursuant to Section&nbsp;2.9 hereof shall be deemed to be released from escrow when the
Certificate of Arrangement is issued by the Director.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9<BR>
TERMINATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;9.1 Termination</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be terminated and the Arrangement may be abandoned at any time prior to
the Effective Time (notwithstanding any approval of this Agreement or the Arrangement
Resolution or the Arrangement by the Affected Shareholders and/or the Court):</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by mutual written agreement of the Company and the Purchaser; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by either the Company or the Purchaser, if:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Effective Time shall not have occurred on or before
the Outside Date, except that the right to terminate this Agreement under
this Section&nbsp;9.1(1)(b)(i) shall not be available to any Party whose failure
(or, in the case of Purchaser, the failure of any Purchaser Party) to
fulfill any of its obligations has been the cause of, or resulted in, the
failure of the Effective Time to occur by such date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the date hereof, there shall be enacted or made any
Applicable Law (or any such Applicable Law shall have been amended) that
makes consummation of the Arrangement illegal or otherwise prohibited or
enjoins the Company or the Purchaser from consummating the Arrangement and
such Applicable Law (if applicable) or enjoinment shall have become final
and non-appealable; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arrangement Resolution shall have failed to receive
the requisite vote of the Affected Shareholders for approval at the Company
Meeting (including any adjournment or postponement thereof) in accordance
with the Interim Order;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Purchaser, if:</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 52 -<!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to obtaining the approval of the Arrangement
Resolution by Affected Shareholders, (A)&nbsp;the Board withdraws, amends,
modifies or qualifies, in a manner adverse to the Purchaser, the approval or
recommendation of the Board of the Arrangement (a &#147;<B>Change in
Recommendation</B>&#148;) (it being understood that publicly taking no position or a
neutral position with respect to an Acquisition Proposal for a period of no
more than ten Business Days following the formal announcement thereof shall
not be considered a Change in Recommendation); or (B)&nbsp;the Company wilfully
and intentionally breaches Section&nbsp;5.2(1) in a material respect; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a breach of any representation or warranty or failure to
perform any covenant or agreement on the part of the Company set forth in
this Agreement shall have occurred that would cause the conditions set forth
in Section&nbsp;8.1 or Section&nbsp;8.2 not to be satisfied, and such conditions are
incapable of being satisfied by the Outside Date; provided that the
Purchaser is not then in breach of this Agreement so as to cause any of the
conditions set forth in Section&nbsp;8.1 or Section&nbsp;8.3 not to be satisfied; or</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Company, if:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board authorizes the Company, subject to complying
with the terms of Section&nbsp;5.2(5) and Section&nbsp;10.6, to enter into a written
agreement concerning a Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a breach of any representation or warranty or failure to
perform any covenant or agreement on the part of any of the Purchaser
Parties set forth in this Agreement shall have occurred that would cause the
conditions set forth in Section&nbsp;8.1 or 8.3 not to be satisfied, and such
condition is incapable of being satisfied by the Outside Date; provided that
the Company is not then in breach of this Agreement so as to cause any of
the conditions set forth in Section&nbsp;8.1 or Section&nbsp;8.2 not to be satisfied;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Purchaser does not provide or cause to be provided
the Depositary with sufficient funds to complete the transactions
contemplated by the Agreement as required pursuant to Section&nbsp;2.9.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Party desiring to terminate this Agreement pursuant to this Section&nbsp;9.1 (other than
pursuant to Section&nbsp;9.1(1)(a)) shall give notice of such termination to the other Party.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;9.2 Effect of Termination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement is terminated pursuant to Section&nbsp;9.1, this Agreement shall become void and
of no effect without liability of any Party (or any shareholder, director, officer, employee,
agent, consultant or representative of such Party) to any other Party hereto, except that the
provisions of this Section&nbsp;9.2, Section&nbsp;2.4(5), the second penultimate and penultimate sentences of
Section&nbsp;5.3, Section&nbsp;6.4(8), Section&nbsp;7.7(4), Section&nbsp;10.5, Section&nbsp;10.6 and Section&nbsp;10.13 shall
survive any termination hereof pursuant to Section&nbsp;9.1(1).
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /Folio -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.1 Standard</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No representation or warranty of the Company contained in this Agreement shall be deemed
untrue or incorrect for any purpose under this Agreement, and the Company shall not be deemed to
have breached a representation or warranty for any purpose under this Agreement, in any case as a
consequence of the existence or absence of any fact, circumstance or event unless such fact,
circumstance or event, individually or when taken together with all other facts, circumstances or
events inconsistent with any representations or warranties contained in this Agreement, has had or
would be reasonably expected to have a Material Adverse Effect with respect to the Company
(disregarding for purposes of this Section&nbsp;10.1 any materiality or Material Adverse Effect
qualification contained in any such representations or warranties).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.2 Amendments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the Plan of Arrangement may, at any time and from time to time before or
after the holding of the Company Meeting but not later than the Effective Time, be amended by
mutual written agreement of the Parties, and any such amendment may, subject to the Interim Order
and Final Order and Applicable Laws, without limitation:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the time for performance of any of the obligations or acts of the
Parties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modify any representation or warranty contained herein or in any document
delivered pursuant hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modify any of the covenants herein contained and waive or modify performance of
any of the obligations of the Parties; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modify any mutual conditions precedent herein contained.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.3 Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No waiver of any of the provisions of this Agreement shall be deemed to constitute a waiver of
any other provision (whether or not similar) or a future waiver of the same provisions, nor shall
such waiver be binding unless executed in writing by the Party to be bound by the waiver. No
failure or delay by any Party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by
Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.4 Notices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices and other communications given or made pursuant hereto shall be in writing and
shall be deemed to have been duly given or made as of the date delivered or sent if delivered
personally or sent by electronic mail, or as of the following Business Day if sent by prepaid
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">overnight courier, to the Parties at the following addresses (or at such other addresses as
shall be specified by either Party by notice to the other given in accordance with these
provisions):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">if to the Purchaser:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Ontario Teachers&#146; Pension Plan Board</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">5650 Yonge Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Toronto, Ontario M2M 4H5</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dean Metcalf</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">dean_metcalf@otpp.com</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and to:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Providence Equity Partners Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">50 Kennedy Plaza, 18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Providence, RI 02903</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark J. Masiello</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">m.masiello@provequity.com</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and to:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Madison Dearborn Partners, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Three First National Plaza, Suite&nbsp;3800</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Chicago, IL 60602</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James N. Perry, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JPerry@MDCP.com</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">with a copy (which shall not constitute notice) to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Goodmans LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">250 Yonge Street, Suite&nbsp;2400</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Toronto, Ontario M5B 2M6</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan Lampe</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">jlampe@goodmans.ca</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and to:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Weil, Gotshal &#038; Manges LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">50 Kennedy Plaza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Providence, RI 02903</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Dufell</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">david.duffell@weil.com</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">if to Company:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 55 -<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">1000, rue de La Gaucheti&#232;re Ouest,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Bureau 3700</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Montr&#233;al, Qu&#233;bec</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">H3B 4Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">E-Mail:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">michael.sabia@bell.ca</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">with a copy (which shall not constitute notice) to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">1000, rue de La Gaucheti&#232;re Ouest,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Bureau 3700</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Montr&#233;al, Qu&#233;bec</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">H3B 4Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Legal Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">E-Mail:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">martine.turcotte@bell.ca</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.5 Governing Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed, including as to validity, interpretation and effect, by the
laws of the Province of Qu&#233;bec and the laws of Canada applicable therein, and shall be construed
and treated in all respects as a Qu&#233;bec contract. Each of the Parties hereby irrevocably attorns to
the exclusive jurisdiction of the Courts of the Province of Qu&#233;bec in respect of all matters
arising under and in relation to this Agreement and the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.6 Expenses and Termination Fees</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided herein, all costs and expenses incurred in connection with this
Agreement shall be paid by the Party incurring such cost or expense.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Termination Fee Event occurs, the Company shall pay as directed by the Equity Sponsors
jointly in writing (by wire transfer of immediately available funds) the Termination Fee in
accordance with Section&nbsp;10.6(3). For the purposes of this Agreement, &#147;<B>Termination Fee</B>&#148; means
$800&nbsp;million, less the amount of any non-resident withholding required by Applicable Laws
relating to Taxes which is concurrently remitted by the Company to the relevant Governmental
Authority, and &#147;<B>Termination Fee Event</B>&#148; means the termination of this Agreement pursuant to:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;9.1(1)(c)(i) or Section&nbsp;9.1(1)(d)(i); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;9.1(1)(b)(iii) or Section&nbsp;9.1(1)(c)(ii) (due to willful and intentional
breach or fraud), but only if, in the case of this paragraph (b): (i)&nbsp;prior to the
Company Meeting, a bona fide Acquisition Proposal shall have been made or publicly
announced by any Person other than any Purchaser Party; and (ii)&nbsp;within twelve months
following the date of such termination, such Person or any of its affiliates: (A)
directly or indirectly, in one or more transactions, acquires the Company by
arrangement or otherwise; (B)&nbsp;directly or indirectly, in one or more transactions,
acquires more than 50% of the total assets of the Company and its Subsidiaries,</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 56 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taken as a whole; or (C)&nbsp;directly or indirectly, in one or more transactions,
acquires more than 50% of the outstanding Common Shares; or (D)&nbsp;enters into a
Contract (other than a confidentiality agreement) with respect to the foregoing or
any other Acquisition Proposal. For purposes of the foregoing, the term
&#147;Acquisition Proposal&#148; shall have the meaning assigned to such term in Section&nbsp;1.1,
except that references to &#147;20% or more&#148; shall be deemed to be references to 50% or
more.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Termination Fee Event occurs due to a termination of this Agreement by the Company
pursuant to Section&nbsp;9.1(1)(d)(i), the Termination Fee shall be paid simultaneously with the
occurrence of such Termination Fee Event. If a Termination Fee Event occurs due to a
termination of this Agreement by the Purchaser pursuant to Section&nbsp;9.1(1)(c)(i), the
Termination Fee shall be paid within two Business Days following such Termination Fee Event.
If a Termination Fee Event occurs in the circumstances set out in Section&nbsp;10.6(2)(b), the
Termination Fee shall be paid upon the earlier of the closing of the applicable acquisition
referred to therein or upon the entering into of the applicable Contract referred to therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision relating to the payment of expenses, costs or fees, the
Company shall pay, or cause to be paid, to the Purchaser Parties in such proportions as
directed by the Purchaser Parties jointly in writing, all reasonable documented expenses,
costs and fees of the Purchaser Parties and their affiliates incurred in connection with the
transactions contemplated hereby and related financings not to exceed $25&nbsp;million if this
Agreement shall have been terminated by the Purchaser or the Company pursuant to Section
9.1(1)(b)(iii) and not to exceed $50&nbsp;million if this Agreement shall have been terminated by
the Purchaser pursuant to Section&nbsp;9.1(1)(c)(ii), such payment to be made within two Business
Days of any such termination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In no event shall the Company be required to pay under Section&nbsp;10.6(2) or Section&nbsp;10.6(3), on
the one hand, and Section&nbsp;10.6(4), on the other hand, in the aggregate, an amount in excess of
the Termination Fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that, prior to a Termination Fee Event, this Agreement is:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminated by the Company pursuant to Section&nbsp;9.1(1)(d)(ii) or Section
9.1(1)(d)(iii); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminated by either the Company or the Purchaser pursuant to Section
9.1(1)(b)(i) and all of the conditions referred to in Section&nbsp;8.1 and Section&nbsp;8.2
(other than conditions that are satisfied by their nature at the Effective Time or
conditions set forth in Section&nbsp;8.1 that are not satisfied as a result of any Purchaser
Party having failed to comply with its obligations hereunder) have been waived or
satisfied;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then, in any such case, the Purchaser will pay or will cause to be paid to the Company by
wire transfer in immediately available funds to an account designated by the Company an
amount equal to $1&nbsp;billion (the &#147;<B>Break-Up Fee</B>&#148;). Such payment will be due within two
Business Days of such termination.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 57 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Parties acknowledges that the agreements contained in this Section&nbsp;10.6 are an
integral part of the transactions contemplated in this Agreement and that, without those
agreements, the Parties would not enter into this Agreement. Each Party acknowledges that all
of the payment amounts set out in this Section&nbsp;10.6 are payments of liquidated damages which
are a genuine pre-estimate of the damages which the Party entitled to such damages will suffer
or incur as a result of the event giving rise to such payment and the resultant termination of
this Agreement and are not penalties. Each Party irrevocably waives any right that it may have
to raise as a defence that any such liquidated damages are excessive or punitive. Subject to
Section&nbsp;10.7, the Parties agree that the payment of an amount pursuant to Section&nbsp;10.6 is the
sole remedy of the Party receiving such payment, and where such payment has been paid in full
the Party receiving such payment shall be precluded from any other remedy against the Party
making such payment, at law or in equity or otherwise.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.7 Injunctive Relief</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that irreparable harm would occur for which money damages would not be an
adequate remedy at law in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the Parties shall be entitled to an injunction or injunctions and other equitable relief to prevent
breaches of this Agreement, any requirement for the securing or posting of any bond in connection
with the obtaining of any such injunctive or other equitable relief hereby being waived.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.8 Time of Essence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time is of the essence of this Agreement. The mere lapse of time in the performance of the
terms of this Agreement by any Party shall have the effect of putting such Party in default in
accordance with Articles 1594 to 1600 of the <I>Civil Code of Qu&#233;bec</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.9 Binding Effect</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding on and shall enure to the benefit of the Parties and their
respective successors and permitted assigns, provided that this Agreement may not be assigned or
novated by any Party without the prior written consent of the other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.10 Severability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any Applicable Law or public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any Party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so
as to effect the original intent of the Parties as closely as possible in an acceptable manner to
the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 58 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.11 No Third Party Beneficiaries</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section&nbsp;6.2, which, without limiting their terms, are intended as
stipulations for the benefit of the third Persons mentioned therein, and except for the rights of
the Affected Shareholders to receive the Consideration following the Effective Time pursuant to the
Arrangement (for which purpose the Company hereby confirms that it is acting as agent on behalf of
the Affected Shareholders), this Agreement is not intended to confer any rights or remedies upon
any Person other than the Parties to this Agreement. To the fullest extent permitted by Applicable
Law, each of the Purchaser and the Company agrees that the stipulations for the benefit of third
Persons set out in Section&nbsp;6.2 shall not be revoked, and that acceptance by such third Persons of
such stipulations shall be deemed to have occurred, without prejudice to their right to accept in
any other manner, through the fulfilment of their respective duties and functions with the Company
or its Subsidiaries until the end of the Business Day following the execution of this Agreement, it
being an essential condition of this Agreement that the Persons intended to be beneficiaries of
such stipulations shall be entitled to all the rights and remedies available to them thereunder and
under Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.12 Rules of Construction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties to this Agreement waive the application of any Applicable Law or rule of
construction providing that ambiguities in any agreement or other document shall be construed
against the party drafting such agreement or other document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.13 No Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director or officer of the Purchaser shall have any personal liability whatsoever to the
Company under this Agreement or any other document delivered in connection with the transactions
contemplated hereby on behalf of the Purchaser. No director or officer of the Company or any of
its Subsidiaries shall have any personal liability whatsoever to the Purchaser under this Agreement
or any other document delivered in connection with the transactions contemplated hereby on behalf
of the Company or any of its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.14 Language</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties expressly acknowledge that they have requested that this Agreement and all
ancillary and related documents thereto be drafted in the English language only. Les parties aux
pr&#233;sentes reconnaissent avoir exig&#233; que la pr&#233;sente entente et tous les documents qui y sont
accessoires soient r&#233;dig&#233;s en anglais seulement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10.15 Counterparts, Execution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument. The Parties
shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic
copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally
effective to create a valid and binding agreement between the Parties.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 59 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF </B>the Purchaser and the Company have caused this Agreement to be executed as
of the date first written above by their respective officers thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BCE INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">(signed) &#147;Martine Turcotte&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signing Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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>6796508 CANADA INC.</B>,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">(signed) &#147;Dean Metcalf&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signing Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE&nbsp;A<BR>
PLAN OF ARRANGEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PLAN OF ARRANGEMENT UNDER SECTION 192<BR>
OF THE </B><B><I>CANADA BUSINESS CORPORATIONS ACT</I></B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE&nbsp;1<BR>
INTERPRETATION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.1 Definitions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless indicated otherwise, where used in this Plan of Arrangement, capitalized terms used but not
defined shall have the meanings ascribed thereto in the Definitive Agreement and the following
terms shall have the following meanings (and grammatical variations of such terms shall have
corresponding meanings):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Applicable Law</B>&#148; means, with respect to any Person, any domestic or foreign federal, national,
state, provincial or local law (statutory, common or otherwise), constitution, treaty, convention,
ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar
requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding
upon or applicable to such Person, as amended unless expressly specified otherwise;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Arrangement</B>&#148; means the arrangement under Section&nbsp;192 of the CBCA on the terms and subject to the
conditions set out in this Plan of Arrangement, subject to any amendments or variations thereto
made in accordance with Section&nbsp;10.2 of the Definitive Agreement or this Plan of Arrangement or
made at the direction of the Court in the Final Order with the consent of the Company and the
Purchaser, each acting reasonably;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Arrangement Resolution</B>&#148; means the special resolution approving the Plan of Arrangement presented
to the Affected Shareholders at the Company Meeting;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Articles of Arrangement</B>&#148; means the articles of arrangement of the Company in respect of the
Arrangement that are required by the CBCA to be sent to the Director after the Final Order is made
in order for the Arrangement to become effective;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BCE Amalco</B>&#148; means the corporation continuing upon the amalgamation of Subco and the Company
pursuant to step g) of Exhibit&nbsp;II;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Business Day</B>&#148; means a day, other than a Saturday, Sunday or other day on which commercial
banks in Montreal, Quebec, Toronto, Ontario or New York, New York are closed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Amount</B>&#148; means an amount in cash per Company Share as set out in Exhibit&nbsp;I;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CBCA</B>&#148; means the <I>Canada Business Corporations Act </I>as now in effect and as it may be amended from
time to time prior to the Effective Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Common Shares</B>&#148; means the Common Shares in the capital of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Company</B>&#148; means BCE Inc., a corporation existing under the laws of Canada;
</DIV>


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</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Company Circular</B>&#148; means the notice of the Company Meeting and accompanying management information
circular, including all schedules, appendices and exhibits thereto, sent to, among others, holders
of Company Shares in connection with the Company Meeting, as amended, supplemented or otherwise
modified from time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Company Meeting</B>&#148; means the special meeting of holders of Company Shares (including any adjournment
or postponement thereof) called and held in accordance with the Interim Order to consider the
Arrangement Resolution;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Company Shares</B>&#148; means, collectively, the Common Shares and the Preferred Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Court</B>&#148; means the Quebec Superior Court;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Definitive Agreement</B>&#148; means the definitive agreement made as of June&nbsp;29, 2007 between the
Purchaser and the Company (including the Schedules thereto) as it may be amended, modified or
supplemented from time to time in accordance with its terms;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Depositary</B>&#148; means Computershare Investor Services Inc., as depositary;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Director</B>&#148; means the Director appointed pursuant to Section&nbsp;260 of the CBCA;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Dissent Rights</B>&#148; has the meaning ascribed thereto in Section&nbsp;3.1 hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Dissenting Shareholder</B>&#148; means a holder of Company Shares who has duly exercised its Dissent Rights
and has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights, but only in
respect of the Company Shares in respect of which Dissent Rights are validly exercised by such
holder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>ECP Interests</B>&#148; means units (but, for greater certainty, not Options or any interests in RSUs held
by individuals eligible to participate in the Company&#146;s retention plan) granted or issued under the
Equity Compensation Plans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Effective Date</B>&#148; means the date shown on the Certificate of Arrangement giving effect to the
Arrangement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Effective Time</B>&#148; means 12:01&nbsp;a.m. (Toronto time), or such other time as may be specified in writing
by the Company with the consent of the Purchaser, on the Effective Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Equity Compensation Plans</B>&#148; means, collectively, the BCE Inc. Long Term Incentive (Stock Option)
Program (1999), the BCE Inc. Replacement Stock Option Plan (Plan of Arrangement 2000), the BCE Inc.
Restricted Share Unit Plan for Executives and Other Key Employees (2004), the BCE Inc. Share Unit
Plan for Senior Executives and Other Key Employees (1997), the BCE Inc. Share Unit Plan for
Non-Employee Directors (1997)&nbsp;and any other existing equity compensation plan of the Company, in
each case as amended from time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Final Order</B>&#148; means the final order of the Court in a form acceptable to the Company and the
Purchaser, acting reasonably, as contemplated by Section&nbsp;2.5 of the Definitive Agreement approving
the Arrangement, as such order may be amended by the Court (with the consent of both the Company
and the Purchaser, each acting reasonably) at any time prior to the Effective

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</DIV>

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

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 3-
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended
(provided that any such amendment is acceptable to both the Company and the Purchaser, each acting
reasonably) on appeal;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Governmental Authority</B>&#148; means any (a)&nbsp;multinational, federal, national, provincial, state,
regional, municipal, local or other government, governmental or public department, central bank,
court, tribunal, arbitral body, commission, board, bureau, ministry or agency, domestic or foreign,
(b)&nbsp;any subdivision, agent, commission, board, or authority of any of the foregoing, (c)&nbsp;any
quasi-governmental or private body exercising any regulatory, self regulatory, expropriation or
taxing authority under or for the account of any of the foregoing, or (d)&nbsp;any stock exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>holders</B>&#148; means (a)&nbsp;when used with reference to the Company Shares, except where the context
otherwise requires, the holders of Company Shares shown from time to time in the registers
maintained by or on behalf of the Company in respect of the Company Shares, and (b)&nbsp;when used with
reference to the ECP Interests, the holders of ECP Interests shown from time to time in the
registers or accounts maintained by or on behalf of the Company in respect of the Equity
Compensation Plans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Interim Order</B>&#148; means the interim order of the Court in a form acceptable to the Company and the
Purchaser, acting reasonably, as contemplated by Section&nbsp;2.2 of the Definitive Agreement providing
for, among other things, the calling and holding of the Company Meeting, as the same may be amended
by the Court with the consent of the Company and the Purchaser, each acting reasonably;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Liens</B>&#148; means any hypothecations, mortgages, liens, charges, security interests, pledges, claims,
encumbrances and adverse rights or claims;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Letter of Transmittal</B>&#148; means the letter of transmittal sent to holders of Company Shares for use
in connection with the Arrangement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Option</B>&#148; means an option to purchase Common Shares granted under any of the Equity Compensation
Plans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Person</B>&#148; includes any individual, firm, partnership, limited partnership, limited liability
partnership, joint venture, venture capital fund, limited liability company, unlimited liability
company, association, trust, trustee, executor, administrator, legal personal representative,
estate, body corporate, corporation, company, unincorporated association or organization,
Governmental Authority, syndicate or other entity, whether or not having legal status;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Plan of Arrangement</B>&#148; means this plan of arrangement proposed under Section&nbsp;192 of the CBCA, and
any amendments or variations thereto made in accordance with the Definitive Agreement or this Plan
of Arrangement or made at the direction of the Court in the Final Order with the consent of the
Company and the Purchaser, each acting reasonably;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Preferred Shares</B>&#148; means the first preferred shares in the capital of the Company and includes all
series thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Purchaser</B>&#148; means 6796508 Canada Inc., a corporation existing under the laws of Canada;
</DIV>


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</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 4 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subco</B>&#148; has the meaning ascribed thereto in step f) of Exhibit&nbsp;II;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subsidiary</B>&#148; has the meaning ascribed thereto in the Definitive Agreement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada) and the regulations made thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.2 Interpretation Not Affected by Headings, etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The division of this Plan of Arrangement into Articles, sections, and other portions and the
insertion of headings are for convenience of reference only and shall not affect the construction
or interpretation hereof. Unless otherwise indicated, all references to an &#147;Article&#148; or &#147;section&#148;
followed by a number and/or a letter refer to the specified Article or section of this Plan of
Arrangement. The terms &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and similar expressions refer to this
Plan of Arrangement and not to any particular Article, section or other portion hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.3 Rules of Construction.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this Plan of Arrangement, unless the context otherwise requires, (a)&nbsp;words importing the
singular number include the plural and vice versa, (b)&nbsp;words importing any gender include all
genders, and (c) &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the words
&#147;without limitation&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.4 Currency</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise stated, all references in this Plan of Arrangement to sums of money are expressed
in lawful money of Canada and &#147;$&#148; refers to Canadian dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.5 Date for Any Action</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the date on which any action is required or permitted to be taken hereunder by a Person is not a
Business Day, such action shall be required or permitted to be taken on the next succeeding day
which is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.6 References to Dates, Statutes, etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this Agreement, references from or through any date mean, unless otherwise specified, from and
including that date and/or through and including that date, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this Plan of Arrangement, unless something in the subject matter or context is inconsistent
therewith or unless otherwise herein provided, a reference to any statute, regulation, direction or
instrument is to that statute, regulation, direction or instrument as now enacted or as the same
may from time to time be amended, re-enacted or replaced, and in the case of a reference to a
statute, includes any regulations, rules, policies or directions made thereunder. Any reference in
this Agreement to a Person includes its heirs, administrators, executors, legal personal
representatives, predecessors, successors and permitted assigns. References to any contract are to
that agreement or contract as amended, modified or supplemented from time to time in accordance
with its terms.
</DIV>


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</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 5 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.7 Time</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Time shall be of the essence in every matter or action contemplated hereunder. All times expressed
herein are local time (Montreal, Qu&#233;bec) unless otherwise stipulated herein.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE&nbsp;2<BR>
THE ARRANGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.1 Definitive Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Plan of Arrangement is made pursuant to the Definitive Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.2 Binding Effect</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Plan of Arrangement and the Arrangement, upon the filing of the Articles of Arrangement and
the issuance of the Certificate of Arrangement, will become effective, and be binding on the
Purchaser, the Company, all holders and beneficial owners of Company Shares (including those
described in Section&nbsp;3.1), Options and ECP Interests, at and after, the Effective Time without any
further act or formality required on the part of any Person, except as expressly provided herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.3 Effective Time</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Effective Time the steps set out in Exhibit&nbsp;II shall occur and shall be deemed to occur as
set out in Exhibit&nbsp;II without any further authorization, act or formality.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE&nbsp;3<BR>
RIGHTS OF DISSENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.1 Rights of Dissent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holders of Company Shares may exercise dissent rights (&#147;<B>Dissent Rights</B>&#148;) in connection with the
Arrangement pursuant to and in the manner set forth in Section&nbsp;190 of the CBCA as modified by the
Interim Order and this Section&nbsp;3.1; provided that, notwithstanding subsection 190(5) of the CBCA,
the written objection to the Arrangement Resolution referred to in subsection 190(5) of the CBCA
must be received by the Company not later than 5:00 p.m. (Montreal time) on the Business Day
immediately preceding the date of the Company Meeting (as it may be adjourned or postponed from
time to time). Dissenting Shareholders who duly exercise their Dissent Rights shall be deemed to
have transferred the Company Shares held by them and in respect of which Dissent Rights have been
validly exercised to the Purchaser free and clear of all Liens, as provided in step b) of Exhibit
II, and if they:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ultimately are entitled to be paid fair value for such Company Shares, will be
entitled to be paid the fair value of such Company Shares, and will not be entitled to
any other payment or consideration, including any payment that would be payable under
the Arrangement had such holders not exercised their Dissent Rights in respect of such
Company Shares; or</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 6 -
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ultimately are not entitled, for any reason, to be paid fair value for such
Company Shares shall be deemed to have participated in the Arrangement on the same
basis as a non-dissenting holder of Company Shares.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Recognition of Dissenting Shareholders</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In no circumstances shall the Purchaser, the Company or any other Person be
required to recognize a Person exercising Dissent Rights unless such Person is the
holder of those Company Shares in respect of which such rights are sought to be
exercised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, in no case shall the Purchaser, the Company or any other
Person be required to recognize Dissenting Shareholders as holders of Company Shares in
respect of which Dissent Rights have been validly exercised after the completion of
step c) of Exhibit&nbsp;II, and the names of such Dissenting Shareholders shall be removed
from the registers of holders of Company Shares in respect of which Dissent Rights have
been validly exercised at the same time as the event described in step c) of Exhibit&nbsp;II
occurs. In addition to any other restrictions under Section&nbsp;190 of the CBCA, none of
the following shall be entitled to exercise Dissent Rights: (i)&nbsp;holders of Options or
ECP Interests and (ii)&nbsp;holders of Company Shares who vote or have instructed a
proxyholder to vote such Company Shares in favour of the Arrangement Resolution (but
only in respect of such Company Shares).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE&nbsp;4<BR>
CERTIFICATES AND PAYMENTS</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Consideration</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the filing of the Articles of Arrangement, the Purchaser shall deposit
for the benefit of holders of Company Shares, Options and ECP Interests cash with the
Depositary in the aggregate amount equal to the payments in respect thereof required by
the Plan of Arrangement, with the amount per Company Share in respect of which Dissent
Rights have been exercised being deemed to be the Cash Amount per applicable Company
Share for this purpose) net of applicable withholdings for the benefit of the holders
of Company Shares, Options and ECP Interests. The cash deposited with the Depositary
shall be held in an interest-bearing account, and any interest earned on such funds
shall be for the account of the Purchaser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon surrender to the Depositary for cancellation of a certificate which
immediately prior to the Effective Time represented outstanding Company Shares that
were transferred pursuant to step d) of Exhibit&nbsp;II, together with a duly completed and
executed Letter of Transmittal and such additional documents and instruments as the
Depositary may reasonably require, the holder of Company Shares represented by such
surrendered certificate shall be entitled to receive in exchange therefor, and the
Depositary shall deliver to such holder, the cash which such holder has the right to
receive under the Arrangement for such Company</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 7 -
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares, less any amounts withheld pursuant to Section&nbsp;4.3, and any certificate so
surrendered shall forthwith be cancelled.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As soon as practicable following the Effective Date, the Depositary shall
deliver, on behalf of the Company, to each holder of Options and ECP Interests as
reflected on the register maintained by or on behalf of the Company in respect of
Options and ECP Interests, a cheque representing the cash payment, if any, which such
holder of Options and ECP Interests is entitled to receive pursuant to steps b) or e)
of Exhibit&nbsp;II, less any amounts required to be withheld pursuant to Section&nbsp;4.3, and
the Company shall deliver to each such holder a cheque in the amount of any applicable
related special compensation payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until surrendered as contemplated by this Section&nbsp;4.1, each certificate that
immediately prior to the Effective Time represented Company Shares shall be deemed
after the Effective Time to represent only the right to receive upon such surrender a
cash payment in lieu of such certificate as contemplated in this Section&nbsp;4.1, less any
amounts withheld pursuant to Section&nbsp;4.3. Any such certificate formerly representing
Company Shares not duly surrendered on or before the sixth anniversary of the Effective
Date shall cease to represent a claim by or interest of any former holder of Company
Shares of any kind or nature against or in the Company or the Purchaser. On such date,
all cash to which such former holder was entitled shall be deemed to have been
surrendered to the Purchaser or the Company, as applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any payment made by way of cheque by the Depositary pursuant to the Plan of
Arrangement that has not been deposited or has been returned to the Depositary or that
otherwise remains unclaimed, in each case, on or before the sixth anniversary of the
Effective Time, and any right or claim to payment hereunder that remains outstanding on
the sixth anniversary of the Effective Time shall cease to represent a right or claim
of any kind or nature and the right of the holder to receive the consideration for
Company Shares pursuant to this Plan of Arrangement shall terminate and be deemed to be
surrendered and forfeited to the Purchaser or the Company, as applicable, for no
consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No holder of Company Shares, Options or ECP Interests shall be entitled to
receive any consideration with respect to such Company Shares, Options or ECP Interests
other than any cash payment to which such holder is entitled to receive in accordance
with Exhibit&nbsp;II and this Section&nbsp;4.1 and, for greater certainty, no such holder with be
entitled to receive any interest, dividends, premium or other payment in connection
therewith, other than any declared but unpaid dividends.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lost Certificates</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event any certificate which immediately prior to the Effective Time represented one or more
outstanding Company Shares that were transferred pursuant to step d) of Exhibit&nbsp;II shall have been
lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such
certificate to be lost, stolen or destroyed, the Depositary will issue in exchange for such lost,
stolen or destroyed certificate, cash deliverable in accordance with such holder&#146;s Letter
</DIV>


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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 8 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Transmittal. When authorizing such payment in exchange for any lost, stolen or destroyed
certificate, the Person to whom such cash is to be delivered shall as a condition precedent to the
delivery of such cash, give a bond satisfactory to the Purchaser and the Depositary (acting
reasonably) in such sum as the Purchaser may direct, or otherwise indemnify the Purchaser and the
Company in a manner satisfactory to Purchaser and the Company, acting reasonably, against any claim
that may be made against the Purchaser and the Company with respect to the certificate alleged to
have been lost, stolen or destroyed.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withholding Rights</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Purchaser, the Company or the Depositary shall be entitled to deduct and withhold from any
amount payable to any Person under the Plan of Arrangement (including, without limitation, any
amounts payable pursuant to Section&nbsp;3.1), such amounts as the Purchaser, the Company or the
Depositary determines, acting reasonably, are required or permitted to be deducted and withheld
with respect to such payment under the Tax Act, the United States Internal Revenue Code of 1986 or
any provision of any other Applicable Law. To the extent that amounts are so withheld, such
withheld amounts shall be treated for all purposes hereof as having been paid to the Person in
respect of which such withholding was made, provided that such amounts are actually remitted to the
appropriate taxing authority.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE&nbsp;5<BR>
AMENDMENTS</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendments to Plan of Arrangement</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may amend, modify and/or supplement this Plan of Arrangement at any
time and from time to time prior to the Effective Time, provided that each such
amendment, modification and/or supplement must (i)&nbsp;be set out in writing, (ii)&nbsp;be
approved by the Purchaser, (iii)&nbsp;filed with the Court and, if made following the
Company Meeting, approved by the Court, and (iv)&nbsp;communicated to holders of Company
Shares if and as required by the Court.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of Arrangement may be
proposed by the Company at any time prior to the Company Meeting (provided that the
Purchaser shall have consented thereto) with or without any other prior notice or
communication, and if so proposed and accepted by the Persons voting at the Company
Meeting (other than as may be required under the Interim Order), shall become part of
this Plan of Arrangement for all purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of Arrangement that is
approved or directed by the Court following the Company Meeting shall be effective only
if (i)&nbsp;it is consented to by each of the Company and the Purchaser (in each case,
acting reasonably), and (ii)&nbsp;if required by the Court, it is consented to by holders of
some or all of the Company Shares voting in the manner directed by the Court.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of Arrangement may be
made following the Effective Date unilaterally by the Purchaser, provided that it</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 9 -
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">concerns a matter which, in the reasonable opinion of the Purchaser, is of an
administrative nature required to better give effect to the implementation of this
Plan of Arrangement and is not adverse to the economic interest of any former holder
of Company Shares, Options or ECP Interests.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE&nbsp;6<BR>
FURTHER ASSURANCES</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notwithstanding</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding that the transactions and events set out herein shall occur and shall be deemed to
occur in the order set out in this Plan of Arrangement without any further act or formality, each
of the parties to the Definitive Agreement shall make, do and execute, or cause to be made, done
and executed, all such further acts, deeds, agreements, transfers, assurances, instruments or
documents as may reasonably be required by either of them in order further to document or evidence
any of the transactions or events set out herein.
</DIV>



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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT I<BR>
OUTSTANDING COMPANY SHARES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consideration Per Share</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><B>Common Shares</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$42.75</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>First Preferred Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Series&nbsp;R
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.65*</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Series&nbsp;S
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.50*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Series&nbsp;T
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.77*</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Series&nbsp;Y
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.50*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Series&nbsp;Z
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.25*</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Series&nbsp;AA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.76*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Series&nbsp;AC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.76*</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Series&nbsp;AE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.50*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Series&nbsp;AF
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.41*</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Series&nbsp;AG
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.56*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Series&nbsp;AH
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.50*</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Series&nbsp;AI
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.87*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Together with accrued but unpaid dividends to the Effective Date.</TD>
</TR>

</TABLE>




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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT II<BR>
ARRANGEMENT STEPS</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Effective Time, the articles of the Company shall be amended to create an unlimited
number of Class&nbsp;A voting non-participating shares, which shall have such attributes as the
Purchaser may designate in writing before the Effective Time, and the Company shall issue such
number of Class&nbsp;A voting non-participating shares in its capital stock as may be designated in
writing by the Purchaser prior to the Effective Time to such Person as may be so designated by
the Purchaser in consideration for such consideration as may be so designated by the
Purchaser.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Five minutes following the Effective Time, each unvested Option shall be deemed, without
further act or formality, to have been vested, and immediately thereafter each outstanding
Option as of such time shall be deemed to have been transferred without any further act or
formality to the Company (free and clear of any Liens) in exchange for a cash amount equal to
the amount by which the Cash Amount per Common Share exceeds the exercise price of the Option.
Each holder of Options shall cease to be the holder of such Options and such holder&#146;s name
shall be removed from the register of Options, and the Employee Compensation Plans related to
such Options shall be cancelled.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ten minutes following the Effective Time, the Company Shares held by Dissenting Shareholders
in respect of which Dissent Rights have been validly exercised shall be deemed to have been
transferred without any further act or formality to the Purchaser (free and clear of any
Liens), and:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Dissenting Shareholders shall cease to be the holder of such Company
Shares and to have any rights as holders of such Company Shares other than the right to
be paid fair value for such Company Shares as set out in Section&nbsp;3.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Dissenting Shareholder&#146;s name shall be removed as the holder of such
Company Shares from the registers of Company Shares maintained by or on behalf of the
Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Purchaser shall be deemed to be the transferee of such Company Shares (free
and clear of any Liens) and shall be entered in the registers of Company Shares
maintained by or on behalf of the Company.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Concurrently with step c), each Company Share outstanding immediately prior to the Effective
Time (other than Company Shares subject to step c) and any Company Shares held by the
Purchaser) shall be transferred without any further act or formality to the Purchaser (free
and clear of any Liens) for the Cash Amount per Company Share, and:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holders of such Company Shares immediately before the Effective Time shall
cease to be the holders thereof and to have any rights as holders of such Company
Shares other than the right to be paid the Cash Amount per Company Share in accordance
with the Plan of Arrangement and other than the right to receive any declared but
unpaid dividends on such Company Shares;</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 2 -
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such holders&#146; names shall be removed as the holders from the registers of
Company Shares maintained by or on behalf of the Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Purchaser shall be deemed to be the transferee of such Company Shares (free
and clear of any Liens) and shall be entered in the registers of Company Shares
maintained by or on behalf of the Company.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fifteen minutes after the Effective Time, all ECP Interests shall be cancelled and terminated
without any further act or formality, and:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each holder of such ECP Interests shall be entitled to receive from the Company
or Bell Canada, as applicable, in exchange therefor a cash amount equal to the product
of (i)&nbsp;the aggregate number of deferred or restricted share units that are recorded for
the benefit of the holder pursuant to the applicable Equity Compensation Plans and
vested at the Effective Time, and (ii)&nbsp;the Cash Amount per Common Share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each holder of such ECP Interests shall cease to be the holder of such ECP
Interests;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each such holder&#146;s name shall be removed from the register or account of ECP
Interests; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Employee Compensation Plans shall be cancelled (without, however, prejudice
to the right of any individuals eligible to participate in the Company&#146;s retention plan
to receive their entitlements under and in accordance with the provisions of such
plan).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the later of twenty minutes after the Effective Time and the Company having filed a
prescribed form of election under the Tax Act to cease to be a public corporation for purposes
of the Tax Act, the Purchaser shall transfer the Company Shares to a Subsidiary of the
Purchaser prior to the Effective Time designated by the Purchaser in writing prior to the
Effective Time (&#147;<B>Subco</B>&#148;) in consideration for (i)&nbsp;the issuance of a non-interest bearing
promissory note of Subco, (ii)&nbsp;the issuance of interest bearing promissory notes of Subco and
(iii)&nbsp;the issuance of Class&nbsp;B non-voting participating shares of Subco, such promissory notes
of Subco having such terms and being in such amounts as may be designated by the Purchaser in
writing prior to the Effective Time and such Class&nbsp;B non-voting participating shares of Subco
being in such number as may be so designated by the Purchaser .</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Following the completion of step f), Subco and the Company shall amalgamate under Section&nbsp;192
of the CBCA to form BCE Amalco. Upon the amalgamation:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of the property (except shares in the capital stock of the Company) of each
of the Company and Subco continues to be the property of BCE Amalco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BCE Amalco continues to be liable for the obligations of each of the Company
and Subco (other than any obligation of the Company or Subco to the other);</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 3 -
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any existing cause of action, claim or liability to prosecution is unaffected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a civil, criminal or administrative action or proceeding pending by or against
the Company and Subco may continue to be prosecuted by or against BCE Amalco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction against, or ruling, order or judgement in favour of or against,
the Company or Subco may be enforced by or against BCE Amalco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the articles of Subco immediately before the Effective Time are deemed to be
the articles of incorporation of BCE Amalco, and the Certificate of Arrangement is
deemed to be the certificate of incorporation of BCE Amalco; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Class&nbsp;B non-voting participating share in the capital stock of Subco held
by the Purchaser shall be converted into a Class&nbsp;B non-voting participating share in
the capital stock of BCE Amalco, each Class&nbsp;A voting non-participating share in the
capital stock of Subco owned by the Purchaser shall be converted into such number of
Class&nbsp;A voting non-participating shares in the capital stock of BCE Amalco as the
Purchaser may designate in writing before the Effective Time, each Class&nbsp;A voting
non-participating share in the capital stock of the Company and each Class&nbsp;A voting
non-participating share in the capital stock of Subco held by holders other than the
Purchaser shall be converted into such number of Class&nbsp;A voting non-participating
shares in the capital stock of BCE Amalco as the Purchaser may designate in writing
before the Effective Time, and all shares in the capital stock of the Company that were
transferred to Subco pursuant to step f) shall be cancelled without any repayment of
capital in respect thereof.</TD>
</TR>

</TABLE>
</DIV>


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</DIV>

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




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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SPECIAL RESOLUTION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">BE IT RESOLVED THAT:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The arrangement (the &#147;<B>Arrangement</B>&#148;) under Section&nbsp;192 of the <I>Canada Business Corporations Act</I>
(the &#147;<B>CBCA</B>&#148;) of BCE Inc. (the &#147;<B>Company</B>&#148;), as more particularly described and set forth in the
management proxy circular (the &#147;<B>Circular</B>&#148;) dated <FONT style="font-family: Wingdings">&#108;</FONT>, 2007 of the Company accompanying the
notice of this meeting (as the Arrangement may be amended, modified or supplemented in accordance
with the definitive agreement (the &#147;<B>Arrangement Agreement</B>&#148;) made as of June&nbsp;29, 2007 between the
Company and 6796508 Canada Inc.), is hereby authorized, approved and adopted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. The plan of arrangement of the Company (as it has been or may be amended, modified or
supplemented in accordance with the Arrangement Agreement (the &#147;<B>Plan of Arrangement</B>&#148;)), the full
text of which is set out in Appendix &#147;<FONT style="font-family: Wingdings">&#108;</FONT>&#148; to the Circular, is hereby authorized, approved and
adopted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. The (i)&nbsp;Arrangement Agreement and related transactions, (ii)&nbsp;actions of the directors of the
Company in approving the Arrangement Agreement, and (iii)&nbsp;actions of the directors and officers of
the Company in executing and delivering the Arrangement Agreement, and any amendments,
modifications or supplements thereto, are hereby ratified and approved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. The Company be and is hereby authorized to apply for a final order from the Qu&#233;bec Superior
Court to approve the Arrangement on the terms set forth in the Arrangement Agreement and the Plan
of Arrangement (as they may be amended, modified or supplemented and as described in the Circular).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. Notwithstanding that this resolution has been passed (and the Arrangement adopted) by the
shareholders of the Company or that the Arrangement has been approved by the Qu&#233;bec Superior Court,
the directors of the Company are hereby authorized and empowered to, without notice to or approval
of the shareholders of the Company, (i)&nbsp;amend, modify or supplement the Arrangement Agreement or
the Plan Arrangement to the extent permitted by the Arrangement Agreement and (ii)&nbsp;subject to the
terms of the Arrangement Agreement, not to proceed with the Arrangement and related transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. Any officer or director of the Company is hereby authorized and directed for and on behalf of
the Company to execute and deliver for filing with the Director under the CBCA articles of
arrangement and such other documents as are necessary or desirable to give effect to the
Arrangement in accordance with the Arrangement Agreement, such determination to be conclusively
evidenced by the execution and delivery of such articles of arrangement and any such other
documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. Any officer or director of the Company is hereby authorized and directed for and on behalf of
the Company to execute or cause to be executed and to deliver or cause to be delivered all such
other documents and instruments and to perform or cause to be performed all such other acts and
things as such person determines may be necessary or desirable to give full effect to the

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

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

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">foregoing resolution and the matters authorized thereby, such determination to be conclusively
evidenced by the execution and delivery of such document or instrument or the doing of any such act
or thing.
</DIV>


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</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE&nbsp;C<BR>
KEY REGULATORY APPROVALS</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Competition Act Compliance</TD>
</TR>

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

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

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If required pursuant to Section&nbsp;6.5(3), Investment Canada Act Approval</TD>
</TR>

</TABLE>
</DIV>


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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE&nbsp;D<BR>
ADDITIONAL REGULATORY APPROVALS</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All approvals relating to a change in control of the
Company required by the States of California, Georgia,
Minnesota, New York, Ohio, Pennsylvania and Texas and
necessary for one or more Subsidiaries of the Company to
provide certain intra state communications services in the
relevant State.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All approvals by a Governmental Authority in Brazil
necessary for the transfer of control of a company which
exploits a telecom service or which has the right to exploit
a satellite.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any approvals required by CTVglobemedia Inc<B>. </B>in
connection with or as a result of the transactions
contemplated hereby.</TD>
</TR>

</TABLE>
</DIV>


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


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE E<BR>
REPRESENTATIONS AND WARRANTIES OF THE COMPANY</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Existence and Power. </B>The Company is a corporation duly incorporated,
validly existing and in good standing under the laws of Canada and has all corporate
powers and all governmental licenses, authorizations, permits, consents and approvals
required to carry on its business as now conducted, except for those licenses,
authorizations, permits, consents and approvals the absence of which would not be
reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Authorization. </B>The execution, delivery and performance by the
Company of this Agreement and the consummation by the Company of the transactions
contemplated hereby are within the Company&#146;s corporate powers and have been duly
authorized by the Board and no other corporate proceedings on the part of the Company
are necessary to authorize this Agreement or the transactions contemplated hereby other
than in connection with the approval by the Board of the Company Circular and the
approval by Affected Shareholders in the manner required by the Interim Order and
Applicable Laws and approval by the Court. This Agreement constitutes a valid and
binding agreement of the Company, enforceable against the Company in accordance with
its terms. As of the date hereof, the Board has (i)&nbsp;determined that the Arrangement is
in the best interests of the Company and (ii)&nbsp;resolved, subject
to Section 5.2(6), to recommend that the Affected Shareholders vote in favour of the
Arrangement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governmental Authorization. </B>The execution, delivery and performance by the
Company of this Agreement and the consummation by the Company of the transactions
contemplated hereby require no action by or in respect of, or filing with, any
Governmental Authority other than (i)&nbsp;the Interim Order and any approvals required by
the Interim Order; (ii)&nbsp;the Final Order; (iii)&nbsp;filings with the Director under the
CBCA; (iv)&nbsp;the Regulatory Approvals; (v)&nbsp;compliance with any applicable Securities
Laws, stock exchange rules and policies; and (vi)&nbsp;any actions or filings the absence of
which would not be reasonably expected to have, individually or in the aggregate, a
Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-Contravention. </B>The execution, delivery and performance by the Company of
its obligations under this Agreement and the consummation of the transactions
contemplated by the Plan of Arrangement do not and will not (i)&nbsp;contravene, conflict
with, or result in any violation or breach of any provision of the articles of
incorporation or by-laws of the Company, (ii)&nbsp;assuming compliance with the matters, or
obtaining the approvals, referred to in paragraph (c)&nbsp;above, contravene, conflict with
or result in a violation or breach of any provision of any Applicable Law, (iii)
require any consent or other action by any Person under, constitute a default, or an
event that, with or without notice or lapse of time or both, would constitute a
default, under, or cause or permit the termination, cancellation, acceleration or other
change of any right or obligation or the loss of any benefit to which the Company or
any of its Subsidiaries is entitled under any</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provision of any agreement or other instrument binding upon the Company or any of
its Subsidiaries or (iv)&nbsp;result in the creation or imposition of any Lien on any
asset of the Company or any of its Subsidiaries, with such exceptions, in the case
of each of clauses (ii)&nbsp;through (iv), as would not be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Capitalization. </B>The authorized share capital of the Company consists of an
unlimited number of Common Shares, an unlimited number of Preferred Shares, issuable in
series, an unlimited number of second preferred shares, issuable in series and an
unlimited number of Class&nbsp;B shares. As of the close of business on June&nbsp;28, 2007, there
were issued and outstanding the number of Common Shares and the number of Preferred
Shares set out in the Company Disclosure Letter and no second preferred shares or Class
B shares were issued and outstanding. The Company Disclosure Letter sets forth, as of
date hereof, the number of outstanding Options, the outstanding RSUs and DSUs, and the
exercise price or issuance price, as applicable, and vested percentage, where
applicable, of such Options, RSUs and DSUs. Except for outstanding rights under the
Stock Option Plans, and pursuant to the terms of the Preferred Shares, there are no
pre-emptive or other outstanding rights, options, warrants, conversion rights, stock
appreciation rights, redemption rights, repurchase rights, agreements, arrangements,
calls, commitments or rights of any kind that obligate the Company or any of its
Subsidiaries to issue or sell any shares of capital stock or other securities of the
Company or any of its Subsidiaries or any securities or obligations convertible or
exchangeable into or exercisable for, or giving any Person a right to subscribe for or
acquire, any securities of the Company or any of its Subsidiaries, and no securities or
obligations evidencing such rights are authorized, issued or outstanding. Except for
outstanding Options, RSUs and DSUs and rights under the Stock Option Plans, there are
no outstanding contractual rights to which the Company or any of its Subsidiaries is a
party, the value of which is based on the value of the Common Shares. All outstanding
Company Shares have been duly authorized and validly issued, are fully paid and
nonassessable, and all Common Shares issuable upon the exercise of rights under the
Options in accordance with their respective terms have been duly authorized and, upon
issuance, will be validly issued as fully paid and non-assessable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Material Subsidiaries. </B>Each Material Subsidiary is a corporation, partnership,
trust or limited partnership, as the case may be, duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation, organization
or formation, as the case may be, and has all requisite corporate, trust or partnership
power and authority, as the case may be, to own, lease and operate its properties and
assets and to carry on its business as now being conducted, except where the failure to
be so organized, validly existing, qualified or in good standing, or to have such power
or authority, would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. The Company is, directly or indirectly, the record and
beneficial owner of all of the outstanding shares of capital stock or other equity
interests of each of the Material Subsidiaries, free and clear of any Liens. All of
such shares and other equity</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interests so owned by the Company are validly issued, fully paid and nonassessable
(and no such shares have been issued in violation of any preemptive or similar
rights).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Securities Laws Matters.</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a &#147;reporting issuer&#148; under applicable Canadian
Securities Laws in each of the provinces of Canada in which such concept exists
and is not in default of any material requirements of any Securities Laws
applicable in such jurisdictions or stock exchange on which its securities are
listed for trading. No delisting, suspension of trading in or cease trading
order with respect to the Company Shares is pending or, to the knowledge of the
Company, threatened. The documents comprising the BCE Current Public Disclosure
Record did not at the time filed with Securities Authorities, contain any
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, not
misleading in light of the circumstances under which they were made. The
Company has timely filed with the Securities Authorities all material forms,
reports, schedules, statements and other documents required to be filed by the
Company with the Securities Authorities since December&nbsp;31, 2005. The Company
has not filed any confidential material change report which at the date hereof
remains confidential.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has established and maintains disclosure controls
and procedures (as defined in Rule&nbsp;13a-15 under the 1934 Act). Such disclosure
controls and procedures are designed to ensure that material information
relating to the Company, including its consolidated Subsidiaries, is made known
to the Company&#146;s principal executive officer and its principal financial
officer by others within those entities, particularly during the periods in
which the periodic reports required under the 1934 Act are being prepared.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and its Subsidiaries have established and maintain
a system of internal control over financial reporting. Such internal controls
are designed to provide reasonable assurance regarding the reliability of the
Company&#146;s financial reporting and the preparation of Company financial
statements for external purposes in accordance with GAAP. Based on its most
recent evaluation of internal controls prior to the date hereof, the Company
has disclosed to its auditors and audit committee (x)&nbsp;that there were no
significant deficiencies or material weaknesses in the design or operation of
internal controls that are reasonably likely to adversely affect the Company&#146;s
ability to record, process, summarize and report financial information and (y)
that there was no fraud, whether or not material, that involves management or
other employees who have a significant role in internal controls.</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Statements. </B>The audited consolidated financial statements and
unaudited consolidated interim financial statements of the Company included in the BCE
Current Public Disclosure Record fairly present, in all material respects, in
conformity with GAAP applied on a consistent basis (except as may be indicated in the
notes thereto), the consolidated financial position of the Company and its consolidated
Subsidiaries as of the dates thereof and their consolidated results of operations and
cash flows for the periods then ended (subject to normal year-end adjustments and the
absence of footnotes in the case of any unaudited interim financial statements).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Absence of Certain Changes. </B>Since December&nbsp;31, 2006, other than the
transactions contemplated in this Agreement, the business of the Company and its
Subsidiaries has been conducted in the ordinary course consistent with past practices
and there has not been any event, occurrence, development or state of circumstances or
facts that has had or would be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Undisclosed Material Liabilities. </B>(i)&nbsp;There are no liabilities or
obligations of the Company or any of its Subsidiaries of any kind whatsoever, whether
accrued, contingent, absolute, determined, determinable or otherwise, other than: (A)
liabilities or obligations disclosed in the Company Balance Sheet or in the notes
thereto or in the Company Filings; (B)&nbsp;liabilities or obligations incurred in the
ordinary course of business consistent with past practice since December&nbsp;31, 2006; (C)
liabilities or obligations incurred in connection with the transactions contemplated
hereby; and (D)&nbsp;liabilities or obligations that would not be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect; (ii)&nbsp;as of the date
of this Agreement, the principal amount of all indebtedness for borrowed money,
including capital leases and the amount drawn pursuant to securitization programs of
the Company and its Subsidiaries, was as disclosed in the Company Disclosure Letter.
Except as disclosed in the Company Disclosure Letter, neither the Company nor any of
its Subsidiaries is a party to any Contract containing Lien Restrictions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance with Laws. </B>The Company and each of its Subsidiaries is, and since
January&nbsp;1, 2006 has been, in compliance with, and to the knowledge of the Company is
not under investigation with respect to and has not been threatened to be charged with
or given notice of any violation of, any Applicable Law, except for failures to comply
or violations that have not had and would not be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Litigation. </B>As of the date hereof, there is no Proceeding pending against, or,
to the knowledge of the Company, threatened against or affecting, the Company or any of
its Subsidiaries before any Governmental Authority or other Person, that would be
reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Taxes. </B>All material Returns required by Applicable Laws to be filed with any
Governmental Authority by, or on behalf of, the Company or any of its Material</TD>
</TR>

</TABLE>
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    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsidiaries have been filed when due in accordance with all Applicable Laws (taking
into account any applicable extensions), and all such material Returns are, or shall
be at the time of filing, true and complete in all material respects. The Company
and each of the Material Subsidiaries has paid (or has had paid on its behalf) or
has collected, withheld and remitted to the appropriate Governmental Authority all
material Taxes due and payable on a timely basis, other than those Taxes being
contested in good faith, or, where payment is not yet due, has established (or has
had established on its behalf and for its sole benefit and recourse) in accordance
with GAAP an adequate accrual for all material Taxes through the end of the last
period for which the Company and the Material Subsidiaries ordinarily record items
on their respective books. There is no claim, audit, action, suit, proceeding or
investigation now pending or, to the Company&#146;s knowledge, threatened against or with
respect to the Company or its Material Subsidiaries in respect of any material Tax
or Tax asset that would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. There are no currently effective material
elections, agreements or waivers extending the statutory period or providing for an
extension of time with respect to the assessment or reassessment of any Taxes, or of
the filing of any Return or any payment of Taxes by the Company and any of its
Material Subsidiaries. Each of the Company, Bell Canada, 4119649 Canada Inc., Bell
Mobility Holdings Inc., Bell Mobility Inc., 3499201 Canada Inc. and 3552381 Canada
Inc. is a taxable Canadian corporation as defined in the Tax Act.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employee Plans</B>.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Data Room contains all material health, welfare,
supplemental unemployment benefit, bonus, profit sharing, option, insurance,
incentive, incentive compensation, deferred compensation, share purchase, share
compensation, disability, pension or supplemental retirement plans and other
material employee or director compensation or benefit plans, policies, trusts,
funds, agreements or arrangements for the benefit of directors or former
directors of the Company or any of the Material Subsidiaries, Company Employees
or former Company Employees, which are maintained by or binding upon the
Company or any of the Material Subsidiaries or in respect of which the Company
or any of the Material Subsidiaries has any actual or potential liability
(collectively, the &#147;<B>Employee Plans</B>&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All of the Employee Plans are and have been established,
registered, qualified and, in all material respects, administered in accordance
with all Applicable Laws, and in accordance with their terms, the terms of the
material documents that support such Employee Plans and the terms of agreements
between the Company and/or any of the Material Subsidiaries, as the case may
be, and their respective employees and former employees who are members of, or
beneficiaries under, the Employee Plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All current obligations of the Company or any of the Material
Subsidiaries regarding the Employee Plans have been satisfied in all material
respects.</TD>
</TR>

</TABLE>
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    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All contributions, premiums or taxes required to be made or paid by the
Company or any of the Material Subsidiaries, as the case may be, under the
terms of each Employee Plan or by Applicable Laws in respect of the Employee
Plans have been made in a timely fashion in accordance with Applicable Laws
in all material respects and in accordance with the terms of the applicable
Employee Plan. As of the date hereof, no currently outstanding notice of
underfunding, non-compliance, failure to be in good standing or otherwise
has been received by the Company or any of the Material Subsidiaries from
any applicable Governmental Authority in respect of any Employee Plan that
is a pension or retirement plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of the Company, no Employee Plan is subject to
any pending investigation, examination or other proceeding, action or claim
initiated by any Governmental Authority, or by any other party (other than
routine claims for benefits) and, to the knowledge of the Company, there exists
no state of facts which after notice or lapse of time or both would reasonably
be expected to give rise to any such investigation, examination or other
proceeding, action or claim or to affect the registration or qualification of
any Employee Plan required to be registered or qualified.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of the Company, no event has occurred
regarding any Employee Plan that would entitle any Person (without the consent
of the Company) to wind-up or terminate any Employee Plan, in whole or in part,
or which could reasonably be expected to adversely affect the tax status
thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has not received any payments of surplus out of any
Employee Plan and there have been no improper withdrawals or transfers of
assets from any Employee Plan other than such payments, withdrawals or
transfers which would not have a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no material unfunded liabilities in respect of any
Employee Plan that is a registered pension plan (as defined under the Tax Act),
including going concern unfunded liabilities, solvency deficiencies or wind-up
deficiencies where applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in this Agreement, the execution of this Agreement or the
consummation of any of the transactions contemplated in this Agreement will
not: (A)&nbsp;result in any material payment (including, without limitation, bonus,
golden parachute, retirement, severance, unemployment compensation, or other
benefit or enhanced benefit) becoming due or payable to any of the Company
Employees or to any former employee of the Company or of any of its
Subsidiaries; (B)&nbsp;materially increase the compensation or benefits otherwise
payable to any of the Company Employees or any former employee of the Company
or any of its Subsidiaries; (C)&nbsp;entitle any Company Employee to any job
security or similar benefit; or (D)&nbsp;result in the acceleration of the time of
payment or vesting of any material benefits or entitlements otherwise</TD>
</TR>

</TABLE>
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    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>available pursuant to any Employee Plan (except for outstanding Options,
RSUs and DSUs).</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Collective Agreements. </B>The Company Disclosure Letter sets forth a complete list
of all collective bargaining agreements or union agreements currently applicable to the
Company and/or any of its Subsidiaries (collectively, the &#147;<B>Collective Agreements</B>&#148;), and
neither the Company nor any of its Subsidiaries is in default of any of its material
obligations under such agreements. To the knowledge of the Company, there are no
outstanding material labour tribunal proceedings of any kind, including any proceedings
which could result in certification of a trade union as bargaining agent for any
Company Employees not already covered by a Collective Agreement. To the knowledge of
the Company, there are no apparent union organizing activities involving Company
Employees not already covered by a Collective Agreement. Neither the Company nor any of
its Subsidiaries currently has any material unresolved grievances or material pending
arbitration cases outstanding under any Collective Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Environmental Matters. </B>Except as would not be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect: (i)&nbsp;no written notice,
order, complaint or penalty has been received by the Company or any of the Material
Subsidiaries alleging a violation by or liability of the Company or any of the Material
Subsidiaries under any Environmental Law, and, to the Company&#146;s knowledge, there are no
judicial, administrative or other actions, suits or proceedings pending or threatened
which allege a violation by the Company or any of the Material Subsidiaries of any
Environmental Laws; (ii)&nbsp;the Company and each of the Material Subsidiaries have all
environmental permits necessary for their operations to comply with all Environmental
Laws; and (iii)&nbsp;the operations of the Company and each of the Material Subsidiaries are
in compliance in all material respects with the terms of Environmental Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Real Property. </B>Except in any such case as would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect, with respect
to the real property owned by the Company or its Subsidiaries (the &#147;<B>Owned Real
Property</B>&#148;), (i)&nbsp;the Company or one of its Subsidiaries, as applicable, has good and
marketable title to the Owned Real Property, free and clear of any Liens, except for
Permitted Liens, and (ii)&nbsp;there are no outstanding options or rights of first refusal
to purchase the Owned Real Property, or any portion thereof or interest therein. With
respect to the real property leased or subleased to the Company or its Subsidiaries
(the &#147;<B>Leased Real Property</B>&#148;), (i)&nbsp;the lease or sublease for such property is valid,
legally binding, enforceable and in full force and effect, and none of the Company or
any of its Subsidiaries or, to the knowledge of the Company, the landlord, is in breach
of or default under such lease or sublease, and no event has occurred which, with
notice, lapse of time or both, would constitute a breach or default by any of the
Company or its Subsidiaries or permit termination, modification or acceleration by any
third party thereunder, and (ii)&nbsp;no third party has repudiated or has the right to
terminate or repudiate such lease or sublease (except for the normal exercise of
remedies in connection with a default thereunder or any termination rights set forth in
the</TD>
</TR>

</TABLE>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lease or sublease) or any provision thereof, except in each case, for such
invalidity, failures to be binding, unenforceability, ineffectiveness, breaches,
defaults, terminations, modifications, accelerations, repudiations and rights to
terminate or repudiate that would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Right-of-Way Agreements. </B>Except in any such case as would not, individually or
in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i)&nbsp;it
has all right-of-way agreements, license agreements or other agreements or consents
permitting or requiring the Company or any of its Subsidiaries to lay, build, operate,
maintain or place cable, wires, conduits or other equipment and facilities over land or
underground, that are material to the conduct of the business, as presently conducted,
of the Company and its Subsidiaries taken as a whole, (each, a &#147;<B>Right-of-Way
Agreement</B>&#148;), and each such Right-of-Way Agreement is valid, legally binding,
enforceable and in full force and effect, and none of the Company or any of its
Subsidiaries is in breach of or default under any Right-of-Way Agreement, (ii)&nbsp;no event
has occurred which, with notice or lapse of time, would constitute a breach or default
by any of the Company or its Subsidiaries or permit termination, modification or
acceleration by any third party under any Right-of-Way Agreement, and (iii)&nbsp;no third
party has repudiated or has the right to terminate or repudiate any Right-of-Way
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Network Facilities. </B>Except in any such case as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect, (i)&nbsp;all Owned
Network Facilities and Leased Network Facilities are in good working order and
condition and are operated, installed and maintained by the Company and/or its
Subsidiaries in a manner that is in compliance with general industry standards, (ii)
the Company or one of its Subsidiaries owns, free of Liens, other than Permitted Liens,
the Owned Network Facilities, and (iii)&nbsp;each Network Facility Agreement is valid,
legally binding, enforceable and in full force and effect, and none of the Company or
any of its Subsidiaries is in material breach of, or has materially defaulted under,
any Network Facility Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Personal Property. </B>The Company and its Subsidiaries have good and valid title
to, or a valid and enforceable leasehold interest in, all personal property owned or
leased by them, except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intellectual Property. </B>Except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect: (i)&nbsp;the Company and/or its
Material Subsidiaries own all right, title and interest in and to, or are validly
licensed (and are not in material breach of such licenses), all patents, trade-marks,
trade names, domain names and copyrights that are material to the conduct of the
business, as presently conducted, of the Company and its Subsidiaries taken as a whole
(collectively, the &#147;<B>Intellectual Property Rights</B>&#148;); (ii)&nbsp;all such Intellectual Property
Rights that are owned by or licensed to the Company and/or its Material Subsidiaries
are sufficient, in all material respects, for conducting the business, as presently
conducted, of the Company and its</TD>
</TR>

</TABLE>
</DIV></DIV>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Material Subsidiaries taken as a whole; (iii)&nbsp;to the knowledge of the Company, all
Intellectual Property Rights owned by the Company and/or its Material Subsidiaries
are valid and enforceable (subject to the effects of bankruptcy, insolvency,
reorganization, moratorium or laws relating to or affecting creditors&#146; rights
generally), and to the knowledge of the Company the Technology (as hereinafter
defined) owned by the Company and/or its Material Subsidiaries does not infringe in
any material way upon any third parties&#146; intellectual property rights in Canada;
(iv)&nbsp;to the knowledge of the Company, no third party is infringing upon the
Intellectual Property Rights owned by the Company and/or its Material Subsidiaries
in a manner that currently would reasonably be expected to adversely affect such
Intellectual Property Rights in any material respect; (v)&nbsp;all computer hardware and
associated firmware and operating systems, application software, database engines
and processed data, technology infrastructure and other computer systems used in
connection with the conduct of the business, as presently conducted, of the Company
and its Material Subsidiaries taken as a whole (collectively, the &#147;<B>Technology</B>&#148;) are
sufficient, in all material respects, for conducting the business, as presently
conducted, of the Company and its Material Subsidiaries taken as a whole; and (vi)
the Company and its Material Subsidiaries own or have validly licensed or leased
(and are not in material breach of such licenses) such Technology.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Material Contracts. </B>Except as would not be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect, (i)&nbsp;neither the Company
nor any of its Subsidiaries is in breach of or default under the terms of any Material
Contract, (ii)&nbsp;as of the date hereof, to the knowledge of the Company, no other party
to any Material Contract is in breach of or default under the terms of any such
Material Contract and (iii)&nbsp;each Material Contract is a valid and binding obligation of
the Company or its Subsidiary that is a party thereto and is in full force and effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insurance. </B>Each of the Company and its Subsidiaries is, and has been
continuously since January&nbsp;1, 2006, insured by reputable and financially responsible
insurers. The insurance policies of the Company and its Subsidiaries are in all
material respects in full force and effect in accordance with their terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Opinion of Financial Advisors. </B>The Board has received opinions from some or
all of the Financial Advisors to the effect that, as of the date of this Agreement, the
Consideration is fair to the Affected Shareholders from a financial point of view.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Licences. </B>All licences and authorizations issued by the CRTC, Industry Canada
and the FCC that the Company or any of its Subsidiaries are required to obtain that are
related to their respective businesses or the ownership or operation of their
respective properties and assets have been obtained, are currently valid, in full force
and effect and in good standing in all material respects, except to the extent that the
failure to be valid, in full force and in good standing, would not reasonably be
expected to have a Material Adverse Effect, and no proceedings specific to the Company
or any of its Subsidiaries in relation to such licenses and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorizations are pending (other than renewal proceedings as a result of
expirations in accordance with the terms thereof) or, to the knowledge of the
Company, threatened, which could reasonably be expected to result in a Material
Adverse Effect.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Books and Records. </B>All books and records of the Company and its Subsidiaries
fairly disclose in all material respects the financial position of the Company and its
Subsidiaries and all material financial transactions relating to the businesses carried
on by the Company and its Subsidiaries have been accurately recorded in all material
respects in such books and records.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Finders&#146; Fees. </B>Except for the Financial Advisors, there is no investment
banker, broker, finder or other intermediary that has been retained by or is authorized
to act on behalf of the Company or any of its Subsidiaries who might be entitled to any
fee or commission from the Company or any of its Subsidiaries in connection with the
transactions contemplated by this Agreement. The Company has made full disclosure to
the Purchaser of all fees to be paid to the Financial Advisors under the terms of the
agreements with the Financial Advisors.</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE F<BR>
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Existence and Power. </B>The Purchaser is a corporation duly
incorporated, validly existing and in good standing under the laws of Canada and has
not carried on any active business prior to the date of this Agreement other than
activities in connection with this Agreement, the documents ancillary hereto and the
transactions contemplated hereby and thereby.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Authorization. </B>The execution, delivery and performance by the
Purchaser of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby are within the corporate powers of the Purchaser and have been duly
authorized, and no other corporate proceedings on the part of the Purchaser are
necessary to authorize this Agreement or the transactions contemplated hereby. This
Agreement constitutes a valid and binding agreement of the Purchaser enforceable
against the Purchaser in accordance with its terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governmental Authorization. </B>The execution, delivery and performance by the
Purchaser of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby require no action by or in respect of, or filing with, any
Governmental Authority other than (i)&nbsp;the Interim Order and any approvals required by
the Interim Order; (ii)&nbsp;the Final Order; (iii)&nbsp;filings with the Director under the
CBCA; (iv)&nbsp;the Regulatory Approvals; (v)&nbsp;compliance with any applicable Securities
Laws; and (vi)&nbsp;any actions or filings the absence of which would not reasonably be
expected to materially or adversely impair the ability of the Purchaser to complete the
transactions contemplated by the Agreement on or prior to the Outside Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-Contravention. </B>The execution, delivery and performance by the Purchaser of
this Agreement and the consummation of the transactions contemplated hereby do not and
will not (i)&nbsp;contravene, conflict with, or result in any violation or breach of any
provision of the articles of incorporation or bylaws of the Purchaser, (ii)&nbsp;assuming
compliance with the matters referred to in paragraph (c)&nbsp;above, contravene, conflict
with or result in a violation or breach of any provision of any Applicable Law, (iii)
require any consent or other action by any Person under, constitute a default, or an
event that, with or without notice or lapse of time or both, would constitute a
default, under, or cause or permit the termination, cancellation, acceleration or other
change of any right or obligation or the loss of any benefit to which the Purchaser is
entitled under any provision of any material contract to which the Purchaser is a party
or by which it or any of its properties or assets may be bound; or (iv)&nbsp;result in the
creation or imposition of any Lien on any material asset of the Purchaser, with such
exceptions, in the case of (ii)&nbsp;through (iv), as would not be reasonably expected to
materially impede or delay the ability of the Purchaser to consummate the transactions
contemplated by this Agreement.</TD>
</TR>

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Litigation. </B>As of the date hereof, there is no Proceeding pending against, or,
to the knowledge of the Purchaser, threatened against or affecting the Purchaser that
in any manner challenges or seeks to prevent, enjoin, alter or materially delay the
Arrangement or any of the other transactions contemplated hereby.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sufficient Funds. </B>Prior to the execution and delivery of this Agreement, the
Purchaser has delivered to the Company true and complete copies of the following
commitment letters, which are unamended, evidencing: (i)&nbsp;the availability of committed
credit facilities pursuant to an executed commitment letter (the &#147;<B>Commitment Letter</B>&#148;)
dated June&nbsp;29, 2007 made by Citigroup Global Markets Inc., Deutsche Bank AG, Canada
Branch, Deutsche Bank Securities Inc., The Toronto-Dominion Bank, The Royal Bank of
Scotland PLC, and RBS Securities Inc. (collectively the &#147;<B>Lenders</B>&#148;) in favour of the
Purchaser, and (ii)&nbsp;equity commitments pursuant to executed equity commitment letters
(the &#147;<B>Equity Commitment Letters</B>&#148;) dated June&nbsp;29, 2007 made by each of the Ontario
Teachers&#146; Pension Plan Board and affiliates of Providence Equity Partners, Inc. and
Madison Dearborn Partners, LLC (collectively, the &#147;<B>Equity Sponsors</B>&#148;) in favour of the
Purchaser, pursuant to which the Lenders, in the case of the Commitment Letter, and the
Equity Sponsors, in the case of the Equity Commitment Letters, have committed to
provide the Purchaser with debt and equity financing in the amounts
of up to [<B>Amount Redacted</B>] and [<B>Amount Redacted</B>], respectively. The commitments described in the Commitment
Letter and the Equity Commitment Letters are not subject to any condition precedent
other than the conditions expressly set forth therein. As of the date hereof each of
the Commitment Letter and the Equity Commitment Letters are in full force and effect
and is a legal, valid and binding obligation of the Purchaser, the Equity Sponsors and
the Lenders, no amendment or modification to the Commitment Letter or the Equity
Commitment Letters are contemplated, and as of the date hereof no event has occurred
which, with or without notice, lapse of time or both, would constitute a default or
breach on the part of the Purchaser under the Commitment Letter or the Equity
Commitment Letters, respectively. As of the date hereof the Purchaser has no reason to
believe that it will be unable to satisfy on a timely basis any term or condition of
closing of the financing to be satisfied by it contained in the Commitment Letter or
the Equity Commitment Letters and is not aware of any fact, occurrence or condition
that may cause either of such financing commitments to terminate or be ineffective or
any of the terms or conditions of closing of such financings not to be met or of any
impediment to the funding of the cash payment obligations of the Purchaser under the
Arrangement. Assuming the financing contemplated in the Commitment Letter and the
Equity Commitment Letters is funded, the net proceeds contemplated by the Commitment
Letter and the Equity Commitment Letters will in the aggregate be sufficient for the
Purchaser to pay the aggregate Consideration to be paid pursuant to the Arrangement and
any other amounts required to be paid by the Purchaser under this Agreement in
connection with the consummation of the transactions contemplated by this Agreement and
to pay all related fees and expenses.</TD>
</TR>

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consortium Membership. </B>The Exhibit delivered to the Company concurrently with
the execution of this Agreement identifies all Persons holding as of the date hereof
(i)&nbsp;a direct economic or voting interest in the Purchaser, and (ii)&nbsp;an indirect (which
for purposes hereof shall not include interests held as limited partners) economic or
voting interest in the Purchaser of 5% or more, as well as a description of the direct
and indirect economic and voting interests of such Persons and specifying which of
these Persons are Canadian (within the meaning of the Direction and the
Telecommunications Act). The information disclosed in that Exhibit hereto relating to
the structure and governance of the Purchaser is complete and accurate in all material
respects.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment Canada Act. </B>The Purchaser is a Canadian, and is not controlled in
fact by one or more non-Canadians, all within the meaning of the Investment Canada Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Residency and Ownership Restrictions. </B>The Purchaser is: (i)&nbsp;eligible to be a
parent corporation of a subsidiary which is a &#147;Canadian&#148; within the meaning of the
Direction, (ii)&nbsp;a &#147;qualified corporation&#148; within the meaning of the Telecommunications
Regulations and (iii)&nbsp;a &#147;Canadian&#148; within the meaning of the Radiocommunication
Regulations. The Purchaser has knowledge of and is familiar with the restrictions
imposed under Applicable Laws with respect to the ownership and control of the Company,
including the restrictions set forth under the Broadcasting Act, the Telecommunications
Act and the Radiocommunication Act, and the related regulations and directions thereto,
and the ownership and control of the Company, after the consummation of the
transactions contemplated by this Agreement, shall comply with all such requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Security Ownership. </B>Other than as has been previously disclosed to the Company
in writing, none of the Purchaser or any of the Purchaser Parties beneficially owns any
securities of BCE or any of its affiliates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Guarantee. </B>Concurrently with the execution of this Agreement, the Purchaser has
caused each of the Equity Sponsors to execute and deliver to the Company a guarantee of
the obligations of the Purchaser hereunder, which guarantee is in full force and effect
and, subject to the express qualifications in the guarantee, is a valid, binding and
enforceable obligation of each Equity Sponsor, and no event has occurred which, with or
without notice, lapse of time or both, would constitute a default on the part of any
Equity Sponsor under such guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Finders&#146; Fees. </B>Except for Citi Global Investment Banking and TD Securities
Inc., whose fees will be paid by the Purchaser and/or the Purchaser Parties, there is
no investment banker, broker, finder or other intermediary that has been retained by or
is authorized to act on behalf of the Purchaser or any of the Purchaser Parties who
might be entitled to any fee or commission from the Company or any of its affiliates
upon consummation of the transactions contemplated by this Agreement.</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE G<BR>
PRE-APPROVED EQUITY PARTNERS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;SCHEDULE&nbsp;REDACTED&#093;</B>

</DIV>


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

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