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<SEC-DOCUMENT>0001206212-07-000239.txt : 20070814
<SEC-HEADER>0001206212-07-000239.hdr.sgml : 20070814
<ACCEPTANCE-DATETIME>20070814093247
ACCESSION NUMBER:		0001206212-07-000239
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20070814
FILED AS OF DATE:		20070814
DATE AS OF CHANGE:		20070814

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:		071051577

	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>m37212ore6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></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"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 under<BR>
the Securities Exchange Act of 1934</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>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><b>For the month of: <B>August&nbsp;2007</B></b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><b>Commission File Number: <B>1-8481</b></B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1000, rue de La Gaucheti&#232;re Ouest, Bureau 3700, Montr&#233;al, Qu&#233;bec H3B 4Y7, (514)&nbsp;870-8777</B></DIV>

<DIV align="center" style="font-size: 10pt"><I>(Address of principal executive offices)</I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant files or will file annual reports under cover of<BR>
Form 20-F or Form 40-F.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT> Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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" style="font-size: 10pt; margin-top: 12pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT></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;&nbsp;</U>.
</DIV>

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

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

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="m37212orexv1.htm">Notice of Special Shareholder Meeting</A></TD></TR>
<TR><TD colspan="9"><A HREF="m37212orexv2.htm">Form of Proxy</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 " SIGNATURE" -->
<DIV align="left"><A NAME="000"></A></DIV>

<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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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"><B>BCE Inc.</B></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed)&nbsp;Patricia A. Olah</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Patricia A. Olah</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">Corporate Secretary and Lead Governance Counsel</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: August&nbsp;13, 2007</TD>
</TR>
<!-- End Table Body -->
</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"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " EXHIBIT INDEX " -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</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>Notice of Special Shareholder Meeting and Management Proxy Circular, dated August&nbsp;7, 2007.<BR></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>Form of Proxy Form.</TD>
</TR>

</TABLE>
</DIV>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>m37212orexv1.htm
<DESCRIPTION>NOTICE OF SPECIAL SHAREHOLDER MEETING
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Exhibit 1</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721208.gif" alt="BCE LOGO" ><B> </B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">NOTICE OF</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">SPECIAL SHAREHOLDER</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">MEETING AND</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">MANAGEMENT</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">PROXY CIRCULAR</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our special shareholder meeting will be held at 9:30&#160;a.m.
    (Eastern time), on Friday, September&#160;21, 2007 at Centre
    <FONT style="white-space: nowrap">Mont-Royal,</FONT>
    2200 Mansfield Street, Montr&#233;al, Qu&#233;bec in the
    auditorium Le&#160;Grand Salon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A live webcast of the meeting will be available on our website
    at www.bce.ca.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of BCE Inc. have the right to vote their shares,
    either by proxy or in person, at the meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Your vote is
    important.</FONT></B>
</DIV>

<DIV style="font-size: 3pt; margin-left: 58%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document tells you who can vote, what shareholders will be
    voting on and how shareholders can exercise their right to vote
    their shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please read it carefully.
</DIV>

<DIV style="margin-top: 78pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 10pt; color: #380096">BCE Inc.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #380096">August&#160;7, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="left" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 15pt">LETTER FROM THE CHAIR OF THE
    BOARD</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">AND THE PRESIDENT AND CHIEF
    EXECUTIVE OFFICER</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August&#160;7, 2007
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear fellow shareholder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You are invited to attend a special meeting of the holders of
    common shares and preferred shares of BCE Inc.
    (&#147;BCE&#148;). The meeting will be held on
    September&#160;21, 2007 at 9:30&#160;a.m. (Eastern time), at
    Centre
    <FONT style="white-space: nowrap">Mont-Royal,</FONT>
    2200 Mansfield Street, Montr&#233;al, Qu&#233;bec in the
    auditorium Le&#160;Grand Salon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the special meeting, you will be asked to consider and, if
    thought appropriate, to pass, with or without variation, a
    special resolution approving a statutory arrangement pursuant to
    section&#160;192 of the <I>Canada Business Corporations Act</I>
    involving, among other things, the acquisition of all of the
    outstanding common shares and preferred shares of BCE by a
    corporation (the &#147;Purchaser&#148;) organized by Ontario
    Teachers&#146; Pension Plan Board and affiliates of Providence
    Equity Partners Inc. and Madison Dearborn Partners, LLC. Under
    the arrangement, common shareholders of BCE will receive $42.75
    in cash for each common share held, and preferred shareholders
    will receive cash consideration on a per series basis as
    described in more detail in the accompanying information
    circular, together with all accrued but unpaid dividends on each
    such series of preferred shares to the effective date of the
    arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The board of directors of BCE has unanimously determined that
    the arrangement is fair to the shareholders of BCE and in the
    best interests of BCE and recommends that shareholders of BCE
    vote FOR the special resolution approving the arrangement. The
    recommendation of the board of directors is based on the factors
    and considerations set out in detail in the accompanying
    information circular beginning at page&#160;12.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;EACH
    DIRECTOR OF BCE INTENDS TO VOTE HIS OR HER SHARES OF BCE FOR THE
    SPECIAL RESOLUTION IN RESPECT OF THE ARRANGEMENT.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The special resolution approving the arrangement must be
    approved by not less than two-thirds of the votes cast at the
    special meeting, in person or by proxy, by holders of common
    shares and preferred shares of BCE, voting together as a single
    class. The arrangement is also subject to certain other
    conditions, including the receipt of certain key regulatory
    approvals and the approval of the Qu&#233;bec Superior Court.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accompanying information circular provides a detailed
    description of the arrangement and includes certain additional
    information to assist you in considering how to vote on the
    special resolution. <B>You are urged to read this information
    carefully and, if you require assistance, consult your own
    legal, tax, financial or other professional advisor.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Your vote is important regardless of the number of shares of BCE
    you own. If you are unable to be present at the meeting in
    person, we encourage you to take the time now to complete, sign,
    date and return the enclosed form of proxy so that your shares
    can be voted at the meeting in accordance with your instructions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to obtaining court approval and the required regulatory
    approvals and satisfying other usual and customary conditions
    contained in the definitive agreement dated June&#160;29, 2007
    between the Purchaser and BCE, as amended, if BCE&#146;s
    shareholders approve the special resolution in respect of the
    arrangement, it is anticipated that the arrangement will be
    completed in the first quarter of 2008. The effective date of
    the arrangement cannot occur later than June&#160;30, 2008,
    unless this date is extended in accordance with the terms of the
    definitive agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once there is more certainty as to when the arrangement is
    expected to be completed, we will send you a letter of
    transmittal explaining how you can deposit your shares and
    obtain payment for them once the arrangement is
    completed<B>.</B> The form of letter of transmittal will also be
    available on our website at www.bce.ca as well as on SEDAR at
    www.sedar.com and on EDGAR at www.sec.gov. If you hold your
    shares through a nominee, such as a broker, investment dealer,
    bank or trust company, you should contact such nominee with any
    questions related to voting on the special resolution or
    receiving payment for your shares upon the completion of the
    arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thank you for your continued support of BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <BR>
    <IMG src="m37212orm3721210.gif" alt="Currie sign" ><FONT style="font-size: 7pt">
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <IMG src="m37212orm3721211.gif" alt="Sabia sign" >
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Richard J. Currie<BR>
    Chair of the Board, BCE Inc.&#160;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Michael J. Sabia<BR>
    President and Chief Executive Officer, BCE Inc.
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;i&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <BR>
    <B><FONT style="font-size: 15pt">NOTICE OF SPECIAL SHAREHOLDER
    MEETING OF BCE INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>

</TD>
    <TD>
    <FONT style="font-family: 'Times New Roman', Times">THE HOLDERS
    OF COMMON SHARES&#160;AND PREFERRED SHARES&#160;OF BCE INC. ARE
    INVITED TO OUR SPECIAL SHAREHOLDER MEETING
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;WHEN
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Friday, September 21, 2007
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9:30 a.m. (Eastern time)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;WHERE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Centre Mont-Royal, 2200 Mansfield Street, Montr&#233;al,
    Qu&#233;bec in the auditorium Le Grand Salon.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;WEBCAST
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A live webcast of the meeting will be available on our website
    at www.bce.ca.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;WHAT
    THE MEETING IS ABOUT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The meeting is being held pursuant to an interim order of the
    Qu&#233;bec Superior Court dated August 10, 2007 for the holders
    of common shares and preferred shares of BCE Inc. to consider
    and, if thought appropriate, to approve a special resolution,
    the full text of which is set forth at Appendix &#147;A&#148; to
    the accompanying information circular, approving a statutory
    plan of arrangement pursuant to section&#160;192 of the
    <I>Canada Business Corporations Act</I> involving BCE Inc., its
    common and preferred shareholders and 6796508 Canada Inc. (the
    &#147;Purchaser&#148;), a corporation organized by Ontario
    Teachers&#146; Pension Plan Board and affiliates of Providence
    Equity Partners Inc. and Madison Dearborn Partners, LLC. The
    Arrangement contemplates, among other things, the acquisition by
    the Purchaser of all outstanding common and preferred shares of
    BCE Inc. for the cash consideration set out in the following
    table:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=115 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Class and Series of Shares
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Consideration Per Share
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=115 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="font-size: 7pt">Common Shares</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $42.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=210 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="font-size: 7pt">First Preferred Shares</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=210 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;R
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.65
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;S
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;T
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.77
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;Y
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;Z
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.25
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AA
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.76
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AB
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.76
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AD
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AF
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.41
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AG
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.56
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AH
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AI
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $25.87
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=210 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="1%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    *&#160;
</TD>
    <TD align="left">
    Together with accrued but unpaid dividends to the effective date
    of the arrangement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The meeting may also consider other business that properly comes
    before the meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;YOU
    HAVE THE RIGHT TO VOTE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You are entitled to receive notice of and vote at the special
    meeting, or any adjournment, if you were a holder of common
    shares or preferred shares of BCE Inc. on August 10, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;YOU
    ARE ENTITLED TO DISSENT RIGHTS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the interim order of the Qu&#233;bec Superior Court
    and the provisions of section&#160;190 of the <I>Canada Business
    Corporations Act</I> (as modified by the interim order and the
    plan of arrangement), you have the right to dissent in respect
    of the special resolution approving the plan of arrangement and,
    if the plan of arrangement becomes effective and upon strict
    compliance with the dissent procedures, to be paid the fair
    value of your shares. This right of dissent is described in the
    accompanying information circular. If you fail to strictly
    comply with the dissent procedures set out in the accompanying
    information circular, you may not be able to exercise your right
    of dissent. If you are a beneficial owner of shares registered
    in the name of a broker, investment dealer, bank, trust company,
    custodian, nominee or other intermediary and wish to dissent,
    you should be aware that <B>ONLY THE REGISTERED HOLDER OF </B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;ii&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SHARES&#160;IS ENTITLED TO EXERCISE RIGHTS OF DISSENT</B>. A
    registered holder who holds securities as nominee for more than
    one beneficial owner, some of whom wish to exercise dissent
    rights, must exercise dissent rights on behalf of such holders.
    A dissenting shareholder may only dissent with respect to all
    shares held on behalf of any one beneficial owner and registered
    in the name of such dissenting shareholder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;YOUR
    VOTE IS IMPORTANT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a shareholder, it is very important that you read this
    material carefully and then vote your shares, either by proxy or
    in person at the meeting. The following pages tell you more
    about how to exercise your right to vote your shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ADMISSION
    TO THE MEETING
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You will need an admission ticket to enter the meeting. Your
    ticket will be provided to you upon registration at the meeting
    on September 21, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>By Order of the Board</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721209.gif" alt="Olah sign" >
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Patricia A. Olah
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Corporate Secretary and Lead Governance Counsel of BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, Qu&#233;bec
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August 7, 2007
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;iii&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <BR>
    <B><FONT style="font-size: 15pt">TABLE OF CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<DIV align="left">
<!-- TOC -->
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#101'><FONT style="font-size: 7pt">INTRODUCTION</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#102'><FONT style="font-size: 7pt">NOTICE TO
    SHAREHOLDERS IN THE UNITED STATES</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#103'><FONT style="font-size: 7pt">FORWARD-LOOKING
    STATEMENTS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#104'><FONT style="font-size: 7pt">SUMMARY</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#105'><FONT style="font-size: 7pt">About the
    Meeting</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#106'><FONT style="font-size: 7pt">About the
    Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#107'><FONT style="font-size: 7pt">Description of the
    Purchaser</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#108'><FONT style="font-size: 7pt">Recommendation of
    the Board</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#109'><FONT style="font-size: 7pt">Why the Board
    Supports the Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#110'><FONT style="font-size: 7pt">Fairness
    Opinions</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#111'><FONT style="font-size: 7pt">Interests of Senior
    Management and Others in the Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#112'><FONT style="font-size: 7pt">Other Proposals</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#113'><FONT style="font-size: 7pt">Termination Fee
    Payable By BCE</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#114'><FONT style="font-size: 7pt">Approving the
    Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#115'><FONT style="font-size: 7pt">Certain Canadian
    Federal Income Tax Considerations</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#116'><FONT style="font-size: 7pt">Certain United
    States Federal Income Tax Considerations</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#117'><FONT style="font-size: 7pt">Risk Factors</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#118'><FONT style="font-size: 7pt">INFORMATION
    CONCERNING THE MEETING AND VOTING</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#119'><FONT style="font-size: 7pt">THE ARRANGEMENT</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#120'><FONT style="font-size: 7pt">Background to the
    Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#121'><FONT style="font-size: 7pt">Recommendation of
    the Board</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#122'><FONT style="font-size: 7pt">Reasons for the
    Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#123'><FONT style="font-size: 7pt">Fairness
    Opinions</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#124'><FONT style="font-size: 7pt">Required Shareholder
    Approval</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#125'><FONT style="font-size: 7pt">Arrangement
    Mechanics</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#126'><FONT style="font-size: 7pt">Interests of Senior
    Management and Others in the Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#127'><FONT style="font-size: 7pt">Intentions of BCE
    Directors and Executive Officers</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#128'><FONT style="font-size: 7pt">Sources of Funds for
    the Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#129'><FONT style="font-size: 7pt">SUMMARY OF
    DEFINITIVE AGREEMENT</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#130'><FONT style="font-size: 7pt">Representations and
    Warranties</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#131'><FONT style="font-size: 7pt">Conduct of Business
    Prior to the Effective Time</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#132'><FONT style="font-size: 7pt">Non-Solicitation
    Covenant and &#147;Fiduciary Out&#148;</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#133'><FONT style="font-size: 7pt">Change in
    Recommendation</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#134'><FONT style="font-size: 7pt">Equity
    Syndication</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#135'><FONT style="font-size: 7pt">Financing
    Covenants</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#136'><FONT style="font-size: 7pt">Completion of the
    Telesat Transaction</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#137'><FONT style="font-size: 7pt">Cooperation
    Regarding Reorganization</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#138'><FONT style="font-size: 7pt">Director and Officer
    Liability</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#139'><FONT style="font-size: 7pt">Dividend
    Reinvestment Plan and Employee Savings Plans</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#140'><FONT style="font-size: 7pt">Mutual Covenants</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#141'><FONT style="font-size: 7pt">Employee Matters</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#142'><FONT style="font-size: 7pt">Mutual Conditions
    Precedent</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#143'><FONT style="font-size: 7pt">Additional
    Conditions Precedent to the Obligations of the Purchaser</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#144'><FONT style="font-size: 7pt">Additional
    Conditions Precedent to the Obligations of BCE</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#145'><FONT style="font-size: 7pt">Amendments to Plan
    of Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#146'><FONT style="font-size: 7pt">Termination of the
    Definitive Agreement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#147'><FONT style="font-size: 7pt">Termination Fee,
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    and Expense Reimbursement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#148'><FONT style="font-size: 7pt">Amendment, Extension
    and Waiver</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#149'><FONT style="font-size: 7pt">Summary of
    Guaranty</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#150'><FONT style="font-size: 7pt">CERTAIN LEGAL AND
    REGULATORY MATTERS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#151'><FONT style="font-size: 7pt">Steps to
    Implementing the Arrangement and Timing</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#152'><FONT style="font-size: 7pt">Court Approval and
    Completion of the Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#153'><FONT style="font-size: 7pt">Regulatory
    Matters</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#154'><FONT style="font-size: 7pt">Stock Exchange
    Delisting and Reporting Issuer Status</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#155'><FONT style="font-size: 7pt">DISSENTING
    SHAREHOLDERS&#146; RIGHTS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#156'><FONT style="font-size: 7pt">INFORMATION
    CONCERNING BCE</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#157'><FONT style="font-size: 7pt">BCE</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#158'><FONT style="font-size: 7pt">Market Price and
    Trading Volume Data</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#161'><FONT style="font-size: 7pt">Interests of
    Insiders in Material Transactions</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#162'><FONT style="font-size: 7pt">Auditors and Audit
    Committee</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#163'><FONT style="font-size: 7pt">INFORMATION
    CONCERNING THE PURCHASER, TEACHERS&#146;, PROVIDENCE AND MADISON
    DEARBORN PARTNERS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#164'><FONT style="font-size: 7pt">Purchaser</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#165'><FONT style="font-size: 7pt">Teachers&#146;</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#166'><FONT style="font-size: 7pt">Providence</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#167'><FONT style="font-size: 7pt">Madison Dearborn
    Partners</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#168'><FONT style="font-size: 7pt">CERTAIN CANADIAN
    FEDERAL INCOME TAX CONSIDERATIONS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#169'><FONT style="font-size: 7pt">Shareholders
    Resident in Canada</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#170'><FONT style="font-size: 7pt">Shareholders Not
    Resident in Canada</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#171'><FONT style="font-size: 7pt">CERTAIN U.S. FEDERAL
    INCOME TAX CONSIDERATIONS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#172'><FONT style="font-size: 7pt">U.S. Holders</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#173'><FONT style="font-size: 7pt">Non-U.S. Holders</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#174'><FONT style="font-size: 7pt">Back-up Withholding
    and Information Reporting</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#175'><FONT style="font-size: 7pt">RISK FACTORS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#176'><FONT style="font-size: 7pt">Risks Relating to
    the Arrangement</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#177'><FONT style="font-size: 7pt">Risks Relating to
    BCE</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#178'><FONT style="font-size: 7pt">GENERAL PROXY
    MATTERS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#179'><FONT style="font-size: 7pt">Voting by Proxy</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#180'><FONT style="font-size: 7pt">How to
    Vote&#160;&#151; Registered Shareholders</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#181'><FONT style="font-size: 7pt">How to
    Vote&#160;&#151; Non-Registered Shareholders</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#182'><FONT style="font-size: 7pt">Completing the Proxy
    Form</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#183'><FONT style="font-size: 7pt">Changing Your
    Vote</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <A HREF='#184'><FONT style="font-size: 7pt">How the votes are
    counted</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#185'><FONT style="font-size: 7pt">LEGAL MATTERS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#186'><FONT style="font-size: 7pt">ADDITIONAL
    INFORMATION</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#187'><FONT style="font-size: 7pt">GLOSSARY</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#188'><FONT style="font-size: 7pt">CONSENTS OF LEGAL
    ADVISORS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#189'><FONT style="font-size: 7pt">CONSENTS OF
    FINANCIAL ADVISORS</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#190'><FONT style="font-size: 7pt">APPROVAL OF
    DIRECTORS AND CERTIFICATE</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#191'><FONT style="font-size: 7pt">APPENDIX
    &#147;A&#148; ARRANGEMENT RESOLUTION</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#192'><FONT style="font-size: 7pt">APPENDIX
    &#147;B&#148; PLAN OF ARRANGEMENT</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#193'><FONT style="font-size: 7pt">APPENDIX
    &#147;C&#148; OPINIONS OF BMO NESBITT BURNS INC.</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#194'><FONT style="font-size: 7pt">APPENDIX
    &#147;D&#148; OPINIONS OF CIBC WORLD MARKETS INC.</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    D-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#195'><FONT style="font-size: 7pt">APPENDIX
    &#147;E&#148; OPINION OF GOLDMAN, SACHS&#160;&#038; CO.</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#196'><FONT style="font-size: 7pt">APPENDIX
    &#147;F&#148; OPINION OF GREENHILL&#160;&#038; CO. CANADA
    LTD.</A>&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#197'><FONT style="font-size: 7pt">APPENDIX
    &#147;G&#148; OPINIONS OF RBC DOMINION SECURITIES INC.</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    G-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#198'><FONT style="font-size: 7pt">APPENDIX
    &#147;H&#148; SECTION&#160;190 OF THE CBCA</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    H-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#199'><FONT style="font-size: 7pt">APPENDIX
    &#147;I&#148; INTERIM ORDER</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    I-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <A HREF='#200'><FONT style="font-size: 7pt">APPENDIX
    &#147;J&#148; NOTICE OF PRESENTATION WITH RESPECT TO THE
    <I>MOTION FOR A FINAL ORDER </I>HEARING</A>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    J-1
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;iv&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <BR>
    <B><FONT style="font-size: 15pt">MANAGEMENT INFORMATION
    CIRCULAR</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='101'><B><FONT style="font-size: 15pt">

<!-- link1 "INTRODUCTION" -->
 <BR>
    <BR>
    INTRODUCTION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This information circular is delivered in connection with the
    solicitation of proxies by and on behalf of our management for
    use at the Meeting and any adjournment(s) or postponement(s)
    thereof. We have not authorized any person to give any
    information or to make any representation in connection with the
    Arrangement or any other matters to be considered at the Meeting
    other than those contained in this information circular. If any
    such information or representation is given or made to you, you
    should not rely upon it as having been authorized or accurate.
    For greater certainty, to the extent that any information
    provided on the BCE website or by BCE&#146;s proxy solicitation
    agents is inconsistent with this information circular, you
    should rely on the information provided in this information
    circular.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have retained Georgeson Shareholder Communications Canada
    Inc. and Innisfree M&#038;A Incorporated to solicit proxies for
    us in Canada and the United States at an estimated cost of
    $600,000, in the aggregate. BCE has agreed to reimburse
    Georgeson Shareholder Communications Canada Inc. and Innisfree
    M&#038;A Incorporated for their
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses and to indemnify each of them against certain
    liabilities arising out of or in connection with their
    engagements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This information circular does not constitute an offer to buy,
    or a solicitation of an offer to sell, any securities, or the
    solicitation of a proxy, by any person in any jurisdiction in
    which such an offer or solicitation is not authorized or in
    which the person making such an offer or solicitation is not
    qualified to do so or to&#160;any person to whom it is unlawful
    to make such an offer or&#160;solicitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders should not construe the contents of this
    information circular as legal, tax or financial advice and
    should consult with their own legal, tax, financial or other
    professional advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information concerning the Purchaser, Teachers&#146;,
    Providence and Madison Dearborn Partners and their respective
    affiliates in this information circular has been taken from or
    is based upon publicly available documents and records on file
    with Canadian securities regulatory authorities, other public
    sources and other non-public documentation provided to BCE by
    those entities. Although BCE has no knowledge that would
    indicate that any statements contained herein taken from or
    based upon such documents, records or sources are untrue or
    incomplete, BCE does not assume any responsibility for the
    accuracy or completeness of the information taken from or based
    upon such documents, records or sources, or for any failure by
    the Purchaser, Teachers&#146;, Providence or Madison Dearborn
    Partners or any of their respective affiliates to disclose
    events which may have occurred or may affect the significance or
    accuracy of any such information but which are unknown to BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All summaries of, and references to, the Arrangement and the
    Definitive Agreement in this information circular are qualified
    in their entirety by reference, in the case of the Plan of
    Arrangement, to the complete text of the Plan of Arrangement, a
    copy of which is attached at Appendix &#147;B&#148;, and, in the
    case of the Definitive Agreement, to the complete text of the
    Definitive Agreement, which is available on SEDAR at
    www.sedar.com and on EDGAR at www.sec.gov. <B>You are urged to
    read carefully the&#160;full text of the Plan of Arrangement and
    the Definitive&#160;Agreement.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>All capitalized terms used in this information circular but
    not otherwise defined herein have the meanings set forth under
    &#147;Glossary&#148; starting on page 66.</B> Information
    contained in this information circular is given as of August 7,
    2007 unless otherwise stated. Unless otherwise indicated,
    references herein to &#147;$&#148; or to &#147;dollars&#148; are
    to Canadian dollars.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='102'><B><FONT style="font-size: 15pt">

<!-- link1 "NOTICE TO SHAREHOLDERS IN THE UNITED STATES" -->

    <BR>
    <BR>
    NOTICE TO SHAREHOLDERS IN THE UNITED STATES</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</A>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This information circular has been prepared in accordance with
    disclosure requirements under applicable Canadian laws.
    Shareholders in the United States should be aware that these
    requirements may be different from those of the United States or
    other jurisdictions. Shareholders in the United States should be
    aware that the Arrangement may have tax consequences both in
    Canada and in the United States. Such consequences may not be
    fully described in this information circular, and Shareholders
    are urged to consult their own tax advisors. See &#147;Certain
    Canadian Federal Income Tax Considerations&#148; and
    &#147;Certain U.S. Federal Income Tax Considerations&#148;. The
    enforcement by Shareholders of civil liabilities under U.S.
    federal securities laws may be affected adversely by the fact
    that BCE, the Purchaser and certain of its shareholders exist
    under the laws of Canada; that a number of our and their
    respective officers and directors are residents of Canada; and
    that all or a substantial portion of our and their respective
    assets, and those of such officers and directors, may be located
    outside of the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THIS TRANSACTION HAS NOT BEEN APPROVED OR DISAPPROVED BY THE
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION
    (&#147;SEC&#148;), THE SECURITIES COMMISSION OF ANY STATE OF THE
    UNITED STATES OR PROVINCE OF CANADA OR ANY OTHER SECURITIES
    REGULATORY AUTHORITY. NOR HAS THE SEC, THE SECURITIES COMMISSION
    OF ANY STATE OR PROVINCE OR ANY OTHER SECURITIES REGULATORY
    AUTHORITY PASSED UPON THE FAIRNESS OR MERITS OF THIS TRANSACTION
    OR UPON THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN
    THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='103'><B><FONT style="font-size: 15pt">

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->
 <BR>
    <BR>
    FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A statement we make is forward-looking when it uses what we know
    and expect today to make a statement about the future.
    Forward-looking statements may include words such as
    <I>anticipate, assumption, believe, could, expect, goal,
    guidance, intend, may, objective, outlook, plan, seek, should,
    strive, target</I> and <I>will</I> and similar expressions about
    matters that are not historical facts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securities laws encourage companies to disclose forward-looking
    information so that investors can get a better understanding of
    the company&#146;s future prospects and make informed investment
    decisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This information circular and its appendices contain
    forward-looking statements about our objectives, plans,
    strategies and businesses. Furthermore, certain statements made
    herein, including, but not limited to, those relating to the tax
    treatment of Shareholders, the satisfaction of the conditions to
    consummate the Arrangement, the process for obtaining regulatory
    and other approvals, the expected Effective Date of the
    Arrangement, the anticipated effect of the Arrangement and other
    statements that are not historical facts, are also
    forward-looking statements. All such forward-looking statements
    are subject to important risks, uncertainties and assumptions.
    These statements are forward-looking because they are based on
    our current expectations, estimates and assumptions. All such
    forward-looking statements are made pursuant to the &#147;safe
    harbor&#148; provisions of the United States <I>Private
    Securities Litigation Reform Act of 1995</I> and applicable
    Canadian securities legislation. It is important to know that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    unless otherwise indicated, forward-looking statements in this
    information circular and its appendices describe our
    expectations as at August 7, 2007;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    our actual results or actual events could differ materially from
    what we expect if known or unknown risks affect our business, or
    if our estimates or assumptions turn out to be inaccurate. As a
    result, we cannot guarantee that any forward-looking statement
    will materialize, and accordingly, you are cautioned not to
    place undue reliance on these forward-looking statements; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    we disclaim any intention and assume no obligation to update or
    revise any forward-looking statement even if new information
    becomes available, as a result of future events or for any other
    reason, except in accordance with applicable securities laws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We made a number of assumptions in making forward-looking
    statements in this information circular and its appendices. In
    particular, in making these statements, we have assumed, among
    other things, that the Arrangement will receive the required
    Shareholder approval and that the other conditions to the
    Arrangement will be satisfied on a timely basis in accordance
    with their terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain factors could cause results or events related to the
    proposed Arrangement to differ materially from current
    expectations. For a discussion regarding such risks, see
    &#147;Risk&#160;Factors&#148;.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='104'><B><FONT style="font-size: 15pt">

<!-- link1 "SUMMARY" -->
 <BR>
    <BR>
    SUMMARY</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following summary is an overview only of the information
    in this information circular. Please read it in conjunction with
    the more detailed information that is referred to or appears
    elsewhere in this document, including the Appendices and
    documents that are incorporated by reference. The capitalized
    words and terms used in this document are defined in the
    Glossary starting on page&#160;66.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='105'>


<!-- link1 "ABOUT THE MEETING" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ABOUT
    THE MEETING
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DATE
    AND TIME OF THE MEETING<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A special meeting of Common Shareholders and Preferred
    Shareholders of BCE will be held on Friday, September&#160;21 at
    9:30&#160;a.m. in the auditorium Le&#160;Grand Salon at Centre
    <FONT style="white-space: nowrap">Mont-Royal,</FONT>
    2200 Mansfield Street, Montr&#233;al, Qu&#233;bec.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    THE MEETING IS ABOUT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common Shareholders and Preferred Shareholders of BCE will be
    asked to consider and vote, together as a single class,
    <B>FOR</B> or <B>AGAINST</B> a special resolution to approve a
    Plan of Arrangement, with or without changes, for the
    acquisition by the Purchaser of all of the outstanding Common
    Shares and Preferred Shares of BCE. The Plan of Arrangement is
    attached at Appendix &#147;B&#148;. See Appendix &#147;A&#148;
    for a copy of the Arrangement Resolution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHO
    CAN VOTE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board has set the close of business on August&#160;10, 2007
    as the record date for determining Shareholders who are entitled
    to receive notice of, attend, be heard and vote at the Meeting
    or any adjournment or postponement of it. If, for any reason, a
    Shareholder as of the Record Date does not receive notice of the
    Meeting, he or she still has the right to vote at the Meeting.
</DIV>
<A name='106'>


<!-- link1 "ABOUT THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ABOUT
    THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement involves the acquisition of all of the
    outstanding Common Shares and Preferred Shares of BCE by a
    corporation organized by Ontario Teachers&#146; Pension Plan
    Board and affiliates of Providence Equity Partners Inc. and
    Madison Dearborn Partners, LLC, pursuant to a definitive
    agreement dated June&#160;29, 2007, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Arrangement, Common Shareholders will receive $42.75
    in cash for each Common Share held on the date that the
    Arrangement is completed, and Preferred Shareholders will
    receive a cash amount per Preferred Share as set out under
    &#147;Information Concerning the Meeting and Voting&#148;,
    together with all accrued but unpaid dividends on these
    Preferred Shares up until the Effective Date of the Arrangement.
    See &#147;The Arrangement&#160;&#151; Arrangement
    Mechanics&#148;.
</DIV>
<A name='107'>


<!-- link1 "DESCRIPTION OF THE PURCHASER" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;DESCRIPTION
    OF THE PURCHASER
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser is a company existing under the laws of Canada and
    was organized by Teachers&#146;, Providence and Madison Dearborn
    Partners.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">TEACHERS&#146;<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Teachers&#146; is one of the largest pension plans in Canada
    with over $100&#160;billion in managed assets and with
    significant experience investing in Canadian and foreign
    communications companies. Teachers&#146; currently is the
    largest shareholder of BCE and has advised BCE that, as of
    August&#160;7, 2007, it beneficially owns or controls 50,802,638
    Common Shares, representing approximately 6.3% of the
    outstanding Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">PROVIDENCE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Providence is the largest private equity firm dedicated
    exclusively to the media and entertainment, communications,
    education, and information services industries. Providence has
    been active in these sectors for almost 20&#160;years and
    currently manages approximately U.S.$21&#160;billion of
    committed capital for its institutional partners (including
    Teachers&#146;, one of its largest investors). Providence has
    advised BCE that, as of August&#160;7, 2007, it does not
    beneficially own or control any Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">MADISON
    DEARBORN PARTNERS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Madison Dearborn Partners, based in Chicago, is one of the most
    experienced and successful private equity investment firms in
    the United States. Madison Dearborn Partners has more than
    U.S.$14&#160;billion of capital under management and makes new
    investments through its latest fund, Madison Dearborn Capital
    Partners V, a U.S.$6.5&#160;billion investment fund raised in
    2006. Madison Dearborn Partners has advised BCE that, as of
    August&#160;7, 2007, it does not beneficially own or control any
    Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Information Concerning the Purchaser, Teachers&#146;,
    Providence and Madison Dearborn Partners&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser Parties have a right to syndicate equity in the
    Purchaser. See &#147;Summary of Definitive Agreement&#160;&#151;
    Equity Syndication&#148;.
</DIV>
<A name='108'>


<!-- link1 "RECOMMENDATION OF THE BOARD" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;RECOMMENDATION
    OF THE BOARD
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Board has unanimously determined that the Arrangement is
    fair to the Shareholders and in the best interest of BCE and
    unanimously recommends that Shareholders vote FOR the
    Arrangement Resolution. Any references in this information
    circular to the unanimous determination of the Board does not
    include Mr.&#160;Levitt, who was recused on May&#160;17, 2007
    from further discussions of the Board relating to the Strategic
    Review Process and did not vote on the Arrangement. See
    &#147;The Arrangement &#151; Background to the Arrangement
    &#151; Contacts with Telus&#148;.</B>
</DIV>
<A name='109'>


<!-- link1 "WHY THE BOARD SUPPORTS THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;WHY
    THE BOARD SUPPORTS THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;The Arrangement&#160;&#151; Background to the
    Arrangement&#148; and &#147;The Arrangement&#160;&#151; Reasons
    for the Arrangement&#148;.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->
<A name='110'>


<!-- link1 "FAIRNESS OPINIONS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;FAIRNESS
    OPINIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO, CIBC, Goldman Sachs and RBC were engaged to act as
    co-financial advisors to the Board, and Greenhill was engaged to
    act as financial advisor to the Strategic Oversight Committee,
    regarding potential strategic alternatives aimed at enhancing
    shareholder value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the evaluation by the Board and the Strategic
    Oversight Committee of the Arrangement, the Board and the
    Strategic Oversight Committee received opinions from each of
    BMO, CIBC and RBC in respect of the fairness, from a financial
    point of view, of the Consideration offered to Common
    Shareholders and Preferred Shareholders under the Arrangement.
    The Board also received an opinion from Goldman Sachs, and the
    Strategic Oversight Committee also received an opinion from
    Greenhill, in respect of the fairness, from a financial point of
    view, of the Consideration to be paid to Common Shareholders
    under the Arrangement. The Fairness Opinions are summarized in
    this information circular under &#147;The
    Arrangement&#160;&#151; Fairness Opinions&#148;, and the full
    texts of the Fairness Opinions, which set forth the assumptions
    made, information reviewed, matters considered and limitations
    on the scope of the reviews undertaken, are attached at
    Appendices &#147;C&#148; to &#147;G&#148;. Shareholders are
    urged to, and should, read each of the Fairness Opinions in its
    entirety. Each of the Financial Advisors provided its Fairness
    Opinion(s) solely for the information and assistance of the
    Board and/or the Strategic Oversight Committee, as applicable,
    in connection with their consideration of the Arrangement. The
    Fairness Opinions are not recommendations as to how Shareholders
    should vote in respect of the Arrangement Resolution.
</DIV>
<A name='111'>


<!-- link1 "INTERESTS OF SENIOR MANAGEMENT AND OTHERS IN THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;INTERESTS
    OF SENIOR MANAGEMENT AND OTHERS IN THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In considering the recommendations of the Board with respect to
    the Arrangement, Shareholders should be aware that BCE&#146;s
    directors and certain members of BCE&#146;s senior management
    have certain interests in connection with the Arrangement that
    may be in addition to, or separate from, those of Shareholders
    generally in connection with the Arrangement. The Board is aware
    of these interests and considered them along with other matters
    described under &#147;The Arrangement &#151; Interests of Senior
    Management and Others in the Arrangement&#148;.
</DIV>
<A name='112'>


<!-- link1 "OTHER PROPOSALS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;OTHER
    PROPOSALS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">NON-SOLICITATION
    COVENANT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the exceptions contained in the Definitive Agreement,
    BCE has agreed not to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (i)&#160;
</TD>
    <TD align="left">    solicit, initiate or knowingly encourage any inquiries or
    proposals regarding an Acquisition Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (ii)&#160;
</TD>
    <TD align="left">    participate in any substantive discussions or negotiations with
    any Person regarding an Acquisition Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (iii)&#160;
</TD>
    <TD align="left">    make a Change in Recommendation; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (iv)&#160;
</TD>
    <TD align="left">    accept, approve, endorse, recommend or enter into, or propose
    publicly to accept, approve, endorse, recommend or enter into,
    any Acquisition Proposal or any contract in respect of an
    Acquisition Proposal.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Summary of Definitive Agreement&#160;&#151;
    Non-Solicitation Covenant and &#147;Fiduciary
    Out&#148;&#160;&#151; Non-Solicitation Covenant&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">SUPERIOR
    PROPOSAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If BCE receives a written Acquisition Proposal after
    June&#160;29, 2007, but before receiving Shareholder approval of
    the Arrangement Resolution at the Meeting, that is not the
    result of a wilful and intentional breach of the
    non-solicitation covenants contained in the Definitive
    Agreement, and the Board determines in good faith after
    consultation with its financial advisors and outside counsel
    that the Acquisition Proposal is, or could reasonably be
    expected to lead to, a Superior Proposal, then BCE may:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    provide information about BCE and its Subsidiaries to the Person
    making this Acquisition Proposal; and/or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    enter into, participate, facilitate and maintain discussions or
    negotiations with the Person making this Acquisition Proposal,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    subject to certain limitations. Among these, BCE may not
    disclose any non-public information to this Person without first
    entering into a confidentiality agreement. See &#147;Summary of
    Definitive Agreement&#160;&#151; Non-Solicitation Covenant and
    &#147;Fiduciary Out&#148;&#160;&#151; Superior Proposal&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE cannot accept the competing proposal, unless, among other
    things: (i)&#160;the Board determines in good faith that the
    competing proposal is a &#147;Superior Proposal&#148;,
    (ii)&#160; the Purchaser is provided with an opportunity to
    match this Superior Proposal and does not do so, and
    (iii)&#160;BCE terminates the Definitive Agreement and pays the
    $800&#160;million termination fee. See &#147;Summary of
    Definitive Agreement &#151; Non-Solicitation Covenant and
    &#147;Fiduciary Out&#148; &#151; Matching Period&#148; for more
    information.
</DIV>
<A name='113'>


<!-- link1 "TERMINATION FEE PAYABLE BY BCE" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;TERMINATION
    FEE PAYABLE BY BCE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has an obligation to pay a termination fee of
    $800&#160;million, as directed by Teachers&#146;, Providence and
    Madison Dearborn Partners, acting jointly in writing, if the
    Definitive Agreement is terminated in certain circumstances. See
    &#147;Summary of Definitive Agreement&#160;&#151; Termination
    Fee,
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    and Expense Reimbursement&#160;&#151; Termination Fee Payable By
    BCE&#148;.
</DIV>
<A name='114'>


<!-- link1 "APPROVING THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;APPROVING
    THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">APPROVAL
    PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Before the Arrangement can be implemented as a Plan of
    Arrangement under the CBCA, we need:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    at least two-thirds of the votes cast by Common Shareholders and
    Preferred Shareholders, voting together as a single class, to be
    voted <B>FOR</B> the Arrangement. These votes may be cast in
    person or represented by proxy at the Meeting;
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;4&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    Court approval; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    satisfaction or waiver of all other conditions to the closing of
    the Arrangement. This includes receipt of the Key Regulatory
    Approvals, among other things.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shareholder
    Approval<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement Resolution must be approved by at least
    two-thirds of the votes cast in order to complete the
    Arrangement. See &#147;The Arrangement&#160;&#151; Required
    Shareholder Approval&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Court Approval<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We obtained the Interim Order before mailing this information
    circular. It allows us to call and hold the Meeting and provides
    for the Dissent Rights and other procedural matters. A copy of
    the Interim Order is attached at Appendix &#147;I&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is expected that, subject to Shareholder approval and
    receiving the Key Regulatory Approvals, an application will be
    made to the Court for the hearing on the Final Order. The Court
    may approve the Arrangement in any manner the Court may direct,
    subject to compliance with any terms and conditions, as the
    Court deems fit. See &#147;Certain Legal and Regulatory
    Matters&#160;&#151; Court Approval and Completion of the
    Arrangement&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Regulatory
    Matters<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligations of BCE and the Purchaser to complete the
    Arrangement are subject to obtaining approvals under, and/or the
    expiry or termination of the relevant waiting period(s)
    according to, competition laws of Canada and the United States,
    CRTC approval under the Broadcasting Act, Industry Canada
    approval under the Radiocommunication Act and clearance
    from&#160;the FCC. See &#147;Certain Legal and Regulatory
    Matters&#160;&#151; Regulatory Matters&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISSENT
    RIGHTS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a registered Shareholder, you are entitled to
    exercise Dissent Rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to exercise Dissent Rights, you must ensure that a
    Dissent Notice is received by BCE at or before 5:00&#160;p.m.
    (Montr&#233;al time) on the Business Day immediately preceding
    the date of the Meeting (as it may be adjourned or postponed
    from time to time) as described under &#147;Dissenting
    Shareholders&#146; Rights&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">TIMING
    OF THE ARRANGEMENT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that the Arrangement will be completed in the first
    quarter of 2008. It cannot be completed later than June&#160;30,
    2008, unless the Outside Date is extended according to the terms
    of the Definitive Agreement. BCE or the Purchaser may terminate
    the Definitive Agreement if the Arrangement has not been
    completed by June&#160;30, 2008 (or as this date may be
    extended). See &#147;Certain Legal and Regulatory
    Matters&#160;&#151; Steps to Implementing the Arrangement and
    Timing&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">AFTER
    THE ARRANGEMENT IS APPROVED<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once we have received the required approvals and all other
    conditions have been satisfied or waived, the Arrangement will
    take effect as of the date shown on the Certificate of
    Arrangement. Subject to BCE&#146;s and the Purchaser&#146;s
    ability to amend the Plan of Arrangement, the following
    transactions, among others, will occur on the Effective Date and
    will be deemed to occur in the order set out in the Plan of
    Arrangement:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Options<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each unvested Option will be deemed to have vested. Each
    outstanding Option will then immediately be deemed to be
    transferred to BCE in exchange for a cash amount equal to the
    amount that the Consideration per Common Share exceeds the
    exercise price of the Option. Each holder of Options will
    therefore no longer be a holder of Options. His or her name will
    be removed from the register of Options, and the Equity
    Compensation Plans related to these Options will be cancelled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shares of
    Dissenting Shareholders<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Arrangement is completed, Dissenting Shareholders are
    entitled to be paid the &#147;fair value&#148; of the Dissent
    Shares held as at the close of business on the Business Day
    immediately preceding the Meeting, and will not be entitled to
    any other payment or consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There can be no assurance that a Dissenting Shareholder will
    receive consideration of equal value to the Consideration that
    he or she would have received upon completion of the
    Arrangement. <B>Be sure to carefully read the section
    &#147;Dissenting Shareholders&#146; Rights&#148; if you would
    like to exercise Dissent Rights.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a Dissenting Shareholder and have followed the proper
    procedures for exercising your Dissent Rights, your Shares will
    be deemed to be transferred to the Purchaser without any further
    action by the Purchaser. In addition:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    you will no longer hold the Shares and will only have the right
    to be paid &#147;fair value&#148; for them;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    your name will be removed from the registers of Shares
    maintained by or on behalf of BCE; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Purchaser&#146;s name will be entered in the registers of
    Shares maintained by or on behalf of BCE.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Share outstanding immediately before the Effective Time
    (other than Shares in respect of which Dissent Rights have been
    validly exercised and any Shares held by the Purchaser) will be
    transferred without any further action by the Purchaser for the
    Consideration per Share. In addition:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the holders of these Shares will no longer be holders and will
    only have the right to be paid the Consideration per Share
    according to the Plan of Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the holders&#146; names will be removed from the registers of
    Shares maintained by or on behalf of BCE; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Shares will be deemed to be transferred to the Purchaser and
    the Purchaser&#146;s name will be entered in the registers of
    Shares maintained by or on behalf of BCE.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;5&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Interests in
    Equity Compensation Plans<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ECP Interests will be cancelled and terminated. In addition:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    each holder of ECP Interests will be entitled to receive in
    exchange from BCE or Bell Canada, as applicable, a cash amount
    equal to (i)&#160;the aggregate number of deferred or restricted
    share units that are recorded for the benefit of the holder at
    the Effective Time according to the applicable Equity
    Compensation Plan and vested at the Effective Time multiplied by
    (ii)&#160;$42.75;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    each holder of ECP Interests will no longer hold these interests;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    each holder&#146;s name will be removed from the register or
    account of ECP Interests; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Equity Compensation Plans will be cancelled.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;The Arrangement&#160;&#151; Arrangement
    Mechanics&#148; for more information.
</DIV>
<A name='115'>


<!-- link1 "CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CERTAIN
    CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Residents of Canada.&#160;&#160;</I>Generally, a Resident
    Shareholder who holds Shares as capital property will realize a
    capital gain (or a capital loss) equal to the amount by which
    the cash received by the Resident Shareholder under the
    Arrangement exceeds (or is less than) the total of the adjusted
    cost base of the Shares of the Resident Shareholder and any
    reasonable costs of disposition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Non-Residents of Canada.&#160;&#160;</I>Generally, a
    Non-Resident Shareholder whose Shares do not constitute
    &#147;taxable Canadian property&#148; for purposes of the Tax
    Act will not be subject to tax under the Tax Act on any capital
    gain realized on the disposition of the Shares for cash under
    the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is only a brief summary of the Canadian federal income tax
    consequences of the Arrangement. Be sure to carefully read the
    section &#147;Certain Canadian Federal Income Tax
    Considerations&#148; which qualifies the summary set forth
    above. It is important that you consult your own tax advisor to
    determine the tax consequences of the Arrangement to you.
</DIV>
<A name='116'>


<!-- link1 "CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CERTAIN
    UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Shareholder who is a &#147;U.S. Holder&#148; will recognize
    gain or loss equal to the difference, if any, between
    (a)&#160;the amount of cash received in exchange for the U.S.
    Holder&#146;s Shares in the Arrangement, and (b)&#160;the U.S.
    Holder&#146;s adjusted tax basis in the Shares. Unless certain
    rules for &#147;passive foreign investment companies&#148;
    apply, any gain or loss will be a capital gain or loss if you
    are a U.S. Holder and hold the Shares as capital assets (as
    defined for U.S. tax purposes). See below &#147;Certain U.S.
    Federal Income Tax Considerations&#148;. It is important that
    you consult your own tax advisor to determine the tax
    consequences of the Arrangement to you.
</DIV>
<A name='117'>


<!-- link1 "RISK FACTORS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;RISK
    FACTORS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should carefully consider the risk factors described in the
    section &#147;Risk Factors&#148; in evaluating how you should
    vote. See &#147;Risk Factors&#148;.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;6&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='118'><B><FONT style="font-size: 15pt">

<!-- link1 "INFORMATION CONCERNING THE MEETING AND VOTING" -->

    <BR>
    <BR>
    INFORMATION CONCERNING THE MEETING AND VOTING</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#160;&#160;The following questions and answers about voting
    and the Arrangement are designed to help you understand them in
    more detail.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ABOUT
    THE MEETING
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHY
    DID I RECEIVE THIS PACKAGE OF INFORMATION?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A corporation organized by Ontario
    Teachers&#146; Pension Plan Board and affiliates of Providence
    Equity Partners Inc. and Madison Dearborn Partners, LLC has
    agreed to acquire all of the outstanding Common Shares and
    Preferred Shares of BCE pursuant to a statutory plan of
    arrangement.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This acquisition requires approval by the Shareholders of BCE.
    As a holder of Common Shares or Preferred Shares on
    August&#160;10, 2007, you are entitled to receive notice of and
    vote at the Meeting. We are soliciting your proxy, or vote, and
    providing this information circular in connection with that
    solicitation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHO
    IS SOLICITING MY PROXY?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Your proxy is being solicited by
    the management of BCE.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHEN
    IS THE SHAREHOLDER MEETING?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The special meeting of Common
    Shareholders and Preferred Shareholders of BCE will be held in
    Montr&#233;al, Qu&#233;bec on Friday, September&#160;21, 2007,
    at Centre
    <FONT style="white-space: nowrap">Mont-Royal,</FONT>
    2200 Mansfield Street, in the auditorium Le&#160;Grand Salon.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    AM I BEING ASKED TO VOTE ON?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">You are being asked to vote on a
    special resolution to approve a plan of arrangement for the
    acquisition by the Purchaser of all of the outstanding Common
    Shares and Preferred Shares of BCE.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHO
    IS ENTITLED TO VOTE AT THE MEETING?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">All Common Shareholders and
    Preferred Shareholders of BCE are entitled to vote at the
    Meeting as a single class.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHEN
    MUST I BE A SHAREHOLDER IN ORDER TO BE ENTITLED
    TO&#160;VOTE?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">You need to be a Shareholder as of
    the close of business on August&#160;10, 2007 to be entitled to
    receive notice of, attend, be heard and vote at the Meeting. You
    are entitled to one vote per Common Share or Preferred Share you
    own as of that date.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">HOW
    CAN I VOTE MY SHARES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">You can vote your Shares by either
    attending and voting your Shares at the Meeting or, if you
    cannot attend the Meeting, by having your Shares voted by proxy.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REGISTERED
    SHAREHOLDERS</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you were registered as a holder of Common Shares or Preferred
    Shares of BCE as of the close of business on August&#160;10,
    2007 you can attend and vote at the Meeting, together with all
    other holders of Common Shares and Preferred Shares. If you
    cannot attend the Meeting in person, please complete and deliver
    the form of proxy enclosed with the information circular to
    Computershare. Instructions on how to vote using the form of
    proxy are found beginning on page&#160;62 of this information
    circular.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">NON-REGISTERED
    SHAREHOLDERS</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a
    <FONT style="white-space: nowrap">Non-Registered</FONT>
    Shareholder and your Common Shares or Preferred Shares are held
    on your behalf, or for your account, by a broker, investment
    dealer, bank, trust company or other Intermediary, you are not
    entitled to vote unless you carefully follow the instructions
    provided by your Intermediary.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;General Proxy Matters&#148; for more information on
    voting your Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">HOW
    WILL THE VOTES BE COUNTED?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Computershare, BCE&#146;s transfer
    agent, will count the votes, with the Common Shares and
    Preferred Shares voting together as one class.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">AM
    I ENTITLED TO DISSENT RIGHTS?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Yes, if you are a registered
    Shareholder. Registered Shareholders who properly exercise their
    Dissent Rights will be entitled to be paid the fair value of
    their Dissent Shares. This amount may be the same as, more than
    or less than the Consideration per share that will be paid under
    the Arrangement.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you wish to dissent, you must ensure that a written notice
    is received by BCE at or before 5:00&#160;p.m. (Montr&#233;al
    time) on the Business Day immediately preceding the date of the
    Meeting (as it may be adjourned or postponed from time to time)
    as described under &#147;Dissenting Shareholders&#146;
    Rights&#148;.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is important that you strictly comply with this requirement,
    otherwise your Dissent Rights may not be recognized. You must
    also strictly comply with the other requirements of the Dissent
    Procedure. Be sure to read the section &#147;Dissenting
    Shareholders&#146; Rights&#148; and consult your own legal
    advisor if you wish to exercise Dissent Rights.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ABOUT
    THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    IS A PLAN OF ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A plan of arrangement is a
    statutory procedure under Canadian corporate law that allows
    companies to carry out transactions with the approval of
    shareholders and the court. The plan of arrangement you are
    being asked to consider will provide for, among other things,
    the acquisition by the Purchaser of all of the outstanding
    Common Shares and Preferred Shares of BCE.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;7&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">I
    OWN COMMON SHARES. WHAT WILL I RECEIVE IN THE ARRANGEMENT IF IT
    IS APPROVED, AND WHAT PREMIUM DOES THIS REPRESENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Under the Arrangement, Common
    Shareholders will receive $42.75 in cash for each Common Share
    held. This represents a premium of approximately 40.1% to the
    average closing price of our Common Shares for the three-month
    period ended March&#160;28, 2007, being the last trading day
    prior to any public speculation about the possibility of taking
    BCE private. You will receive this Consideration (after
    deduction of any applicable withholdings) after the Arrangement
    is completed.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">I
    OWN PREFERRED SHARES. WHAT WILL I RECEIVE IN THE ARRANGEMENT IF
    IT IS APPROVED, AND WHAT VALUE DOES THIS&#160;REPRESENT RELATIVE
    TO THE REDEMPTION VALUE OF PREFERRED SHARES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Under the Arrangement, Preferred
    Shareholders will be entitled to receive the following per share
    amounts in cash for the Preferred Shares held, together with all
    accrued but unpaid dividends on these Preferred Shares up until
    the Effective Date of the Arrangement:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="7" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=91 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Series of Preferred Shares
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Amount Per Share
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="7" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=91 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;R
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;S
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;T
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.77
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;Y
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;Z
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AA
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.76
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AB
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.76
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AD
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AF
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.41
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AG
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.56
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AH
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Series&#160;AI
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.87
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="8" valign="bottom">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=165 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Consideration is equal to or greater than the redemption
    value for the Preferred Shares. The redemption price for all
    fixed rate dividend Preferred Shares, Series&#160;R, T, Z, AA,
    AC, AF, AG and AI is $25.00 per share. The redemption price for
    all floating rate dividend Preferred Shares&#160;Series&#160;S,
    Y, AB, AD, AE and AH is $25.50 per share.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You will receive this Consideration (after deduction of any
    applicable withholdings) after the Arrangement is completed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHEN
    WILL THE ARRANGEMENT BE COMPLETED?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The Arrangement will be completed
    when all of the conditions of closing have been satisfied or
    waived. We expect the Arrangement to become effective in the
    first quarter of 2008.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHEN
    MUST I BE A SHAREHOLDER IN ORDER TO RECEIVE THE CONSIDERATION
    FOR MY SHARES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">You need to be a Shareholder at
    12:01&#160;a.m. on the date that the Arrangement is completed.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHEN
    WILL I RECEIVE THE CONSIDERATION FOR MY SHARES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">You will receive the amount for
    your Shares after the Arrangement is completed, provided you
    have sent all of the necessary documentation to the Depositary
    (Computershare Investors Services Inc. or its U.S. affiliate).
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    WILL I HAVE TO DO AS A SHAREHOLDER TO RECEIVE THE CONSIDERATION
    FOR MY SHARES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <I><FONT style="font-size: 8pt">Registered
    Shareholders&#160;&#151;</FONT></I><FONT style="font-size: 8pt">
    You will receive a Letter of Transmittal that you must complete
    and send with the certificate(s) representing your Shares to the
    Depositary. The Depositary will mail you a cheque by first class
    mail on the later of the Effective Date or upon receipt of your
    completed Letter of Transmittal and Share certificate(s).
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Non-Registered Shareholders&#160;&#151;</I> You will receive
    your payment through your account with your broker, investment
    dealer, bank, trust company or other Intermediary. You should
    contact your Intermediary if you have questions about
    this&#160;process.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">SHOULD
    I SEND MY SHARE CERTIFICATE(S) TO THE
    DEPOSITARY&#160;NOW?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">No.&#160;We will send you a Letter
    of Transmittal explaining how and when you should deposit your
    Shares and receive payment for them. We will do this once we are
    more certain when we expect the Arrangement to be completed.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;RECOMMENDATION
    OF THE BOARD
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">HOW
    DOES THE BOARD RECOMMEND I VOTE?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The Board unanimously recommends
    that Shareholders vote <B>FOR</B> the special resolution
    approving the Arrangement.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHY
    IS THE BOARD RECOMMENDING THE SALE OF BCE?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The Board has, as part of its
    fiduciary duties, conducted a full review of all strategic
    alternatives reasonably available to BCE (including remaining a
    publicly traded company and pursuing its current business plan,
    recapitalizing BCE through various leveraging and share
    repurchase transactions and breaking up BCE and spinning off
    some of its parts). In the context of this review, the Board
    also conducted the Auction Process. Following this review, the
    Board has determined that the Arrangement, which represents the
    highest value offered by any bidder who participated in the
    Auction Process, is fair to the Shareholders and in the best
    interests of BCE. For more information regarding the reasons for
    the Board&#146;s recommendation, see &#147;The
    Arrangement&#160;&#151;  Reasons for the Arrangement&#148;.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    ARE THE BENEFITS OF THE TRANSACTION FOR COMMON
    SHAREHOLDERS?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The Arrangement delivers
    substantial value for Common Shareholders. We believe that the
    transaction gives Common Shareholders the economic benefit of
    the work done to focus on our core business and to strengthen
    BCE with a new cost structure and new competitive capabilities,
    all of which are critically important in the modern world of
    telecommunications. The price of $42.75 per Common Share
    represents the highest value offered by any bidder who
    participated in the Auction Process and a premium of
    approximately 40.1% to the average closing price of our Common
    Shares for the three-month period ended March&#160;28, 2007,
    being the last trading day prior to any public speculation about
    the possibility of taking BCE private. For more information
    regarding the reasons for the Board&#146;s recommendation, see
    &#147;The Arrangement&#160;&#151; Reasons for the
    Arrangement&#148;.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;8&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    CRITERIA DID THE BOARD USE IN EVALUATING THE BIDS AND MAKING
    THIS RECOMMENDATION TO SHAREHOLDERS?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The Board, in consultation with its
    legal and financial advisors, evaluated various alternatives
    available to BCE prior to making its recommendation to
    Shareholders. See &#147;The Arrangement&#160;&#151; Background
    to the Arrangement&#148; and &#147;The Arrangement&#160;&#151;
    Reasons for the Arrangement&#148; for a detailed explanation of
    the background to the Arrangement and the reasons for the
    Board&#146;s recommendation.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHO
    ARE THE BUYERS?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The buying group is led by Ontario
    Teachers&#146; Pension Plan. Teachers&#146; is one of the
    largest pension plans in Canada with over $100&#160;billion in
    managed assets and with significant experience investing in
    Canadian and foreign communications companies.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    The other principal members of the buying group are:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    Providence Equity Partners Inc., a leading global private equity
    firm specializing in equity investments in the media,
    entertainment, education, communications, and information
    services industries. Providence currently manages approximately
    U.S.$21&#160;billion of capital and has made investments in
    three national phone or wireless companies: VoiceStream in the
    U.S., eircom in Ireland and TDS&#160;A/S in Denmark.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    Madison Dearborn Partners, LLC, one of the most experienced and
    successful private equity firms in the United States. Madison
    Dearborn Partners focuses on investments across a broad range of
    sectors, including basic industries, communications, consumer,
    energy and power, financial services, real estate and health
    care. Madison Dearborn Partners manages more than
    U.S.$14&#160;billion of capital and has been an active investor
    in communications companies including Nextel, Nextel Partners,
    Clearnet Communications and Metro PCS.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The buying group has the ability to &#147;syndicate&#148; their
    ownership interests in the Purchaser to other buyers, provided
    this does not lower the level of Canadian ownership. See
    &#147;Summary of Definitive Agreement&#160;&#151; Equity
    Syndication&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">HAS
    BCE RECEIVED FAIRNESS OPINIONS WITH RESPECT TO THE
    CONSIDERATION?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Yes. In connection with the
    evaluation by the Board and the Strategic Oversight Committee of
    the Arrangement, the Board and the Strategic Oversight Committee
    received opinions from each of BMO, CIBC and RBC in respect of
    the fairness, from a financial point of view, of the
    Consideration offered to Common Shareholders and Preferred
    Shareholders under the Arrangement. The Board also received an
    opinion from Goldman Sachs, and the Strategic Oversight
    Committee also received an opinion from Greenhill, in respect of
    the fairness, from a financial point of view, of the
    Consideration to be paid to Common Shareholders under the
    Arrangement. The Fairness Opinions are summarized in this
    information circular under &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148;, and the full texts of the Fairness
    Opinions, which set forth the assumptions made, information
    reviewed, matters considered and limitations on the scope of the
    reviews undertaken, are attached at Appendices &#147;C&#148; to
    &#147;G&#148;. Shareholders are urged to, and should, read each
    of the Fairness Opinions in its entirety. Each of the Financial
    Advisors provided its Fairness Opinion(s) solely for the
    information and assistance of the Board and/or the Strategic
    Oversight Committee, as applicable, in connection with their
    consideration of the Arrangement. The Fairness Opinions are not
    recommendations as to how Shareholders should vote in respect of
    the Arrangement Resolution.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;OTHER
    PROPOSALS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    IF SOMEONE WANTS TO MAKE A BETTER OFFER?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Anyone can still make a proposal,
    although BCE is prohibited from soliciting a competing
    transaction. If a written proposal that did not result from a
    wilful and intentional breach of the non-solicitation covenants
    of BCE is received before the Arrangement Resolution is
    approved, and if the Board determines in good faith after
    consultation with its financial advisors and outside counsel
    that this proposal constitutes or could reasonably be expected
    to lead to a &#147;Superior Proposal&#148;, then BCE may,
    subject to certain limitations, enter into discussions and
    negotiations with the person making this proposal.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE cannot accept the competing proposal, unless, among other
    things: (i)&#160;the Board determines in good faith after
    consultation with its financial advisors and outside counsel
    that the competing proposal is a &#147;Superior Proposal&#148;,
    (ii)&#160;the Purchaser is provided with an opportunity to match
    this Superior Proposal and does not do so, and (iii)&#160;BCE
    terminates the Definitive Agreement and pays the
    $800&#160;million termination fee. See &#147;Summary of
    Definitive Agreement&#160;&#151; Non-Solicitation Covenant and
    &#147;Fiduciary Out&#148;&#148; for more information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;APPROVING
    THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    APPROVALS ARE REQUIRED FOR THE ARRANGEMENT TO BECOME
    EFFECTIVE?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">We need:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Shareholder approval. The Arrangement must be approved by
    <FONT style="white-space: nowrap">two-thirds</FONT>
    of all votes cast by Common Shareholders and Preferred
    Shareholders of BCE present at the Meeting in person or by
    proxy, voting together as a single class;
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Approval of the Qu&#233;bec Superior Court; and
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Certain competition, CRTC, Industry Canada and other regulatory
    approvals in Canada and in the United States.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">HOW
    WILL I KNOW WHEN ALL REQUIRED APPROVALS HAVE BEEN
    RECEIVED?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">We plan to issue a press release
    describing the timing of the implementation of the Arrangement
    once all the necessary approvals have been received and
    conditions (other than those that can only be satisfied at the
    closing of the Arrangement) have been satisfied or waived. This
    press release will also explain when the Consideration will be
    paid to Shareholders.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;9&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    HAPPENS IF THE SHAREHOLDERS DO NOT APPROVE
    THE&#160;ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">If we do not receive the required
    vote by Shareholders in favour of the Arrangement Resolution,
    the Arrangement will not become effective. Failure to complete
    the Arrangement could have a material negative effect on the
    market price of the Shares. In addition, depending on the
    circumstances in which termination of the Definitive Agreement
    occurs, we may have to pay a termination fee of
    $800&#160;million or reimburse certain expenses of the Purchaser
    Parties.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">I
    UNDERSTAND THAT TEACHERS&#146; IS THE LARGEST SHAREHOLDER
    OF&#160;BCE AND IT OWNS 6.3% OF THE COMMON SHARES. WILL
    TEACHERS&#146; BE ALLOWED TO VOTE ITS SHARES IN FAVOUR OF
    THE&#160;ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Yes.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    WILL BE THE LEVEL OF CANADIAN OWNERSHIP OF BCE IN THE
    ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Immediately after the Arrangement
    is completed, not less than 58% of the equity ownership in BCE
    will be Canadian.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ABOUT
    SHARES, DIVIDENDS AND OPTIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WILL
    THE SHARES CONTINUE TO BE LISTED ON THE TSX AND THE NYSE AFTER
    THE ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">No.&#160;If the Arrangement is
    approved, all of the Shares will be owned by the Purchaser, and
    we expect the Shares to be delisted from the TSX and the NYSE
    immediately after the shares are acquired by the Purchaser.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WILL
    BCE CONTINUE TO PAY DIVIDENDS ON ITS SHARES UNTIL THE EFFECTIVE
    DATE OF THE ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Yes. Subject to Board approval, we
    will continue to pay dividends until the Effective Date. The
    Definitive Agreement allows us to pay a dividend of up to $0.365
    per Common Share per quarter in accordance with customary record
    and payment dates.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also permitted to pay dividends on the Preferred Shares
    in the same amount and with the same frequency as provided for
    each series of Preferred Shares. Any accrued and unpaid
    Preferred Share dividends will be paid on the Effective Date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WILL
    THE ARRANGEMENT AFFECT THE DIVIDEND
    REINVESTMENT&#160;PLAN?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Common Shareholders will continue
    to participate in the Dividend Reinvestment Plan until the
    Effective Date of the Arrangement when it will be discontinued.
    Under the Arrangement, any Common Shares that you have
    accumulated through the Dividend Reinvestment Plan will be
    treated the same as all other Common Shares.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Computershare, as administrator of the Dividend Reinvestment
    Plan, will deposit all of the accumulated Common Shares with the
    Depositary and once it will have been paid the Consideration by
    the Depositary, will send a cheque to participants in the
    Dividend Reinvestment Plan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">I
    HOLD OPTIONS. WHAT WILL HAPPEN TO MY OPTIONS UNDER
    THE&#160;ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Under the Arrangement, each Option
    outstanding will be deemed to be transferred to BCE in exchange
    for a cash amount equal to the amount by which that $42.75
    exceeds the exercise price of the Option, and any applicable
    related special compensation payment.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">I
    HOLD UNVESTED OPTIONS. WHAT WILL HAPPEN TO MY UNVESTED OPTIONS
    UNDER THE ARRANGEMENT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Under the Arrangement, each
    unvested Option will automatically vest and be treated the same
    as other vested&#160;Options.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    HAPPENS TO MY UNITS OF BELL ALIANT?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The units of Bell Aliant are not
    affected by the Arrangement.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;TAX
    CONSEQUENCES TO SHAREHOLDERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHAT
    ARE THE TAX CONSEQUENCES OF THE ARRANGEMENT TO ME AS A
    SHAREHOLDER OF BCE?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Generally, receiving the
    Consideration under the Arrangement in exchange for your Shares
    will be a taxable transaction (although there are certain
    exceptions for Non-Resident Shareholders and
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders). If your Shares are held outside of an RRSP, RRIF, RESP
    or DPSP, this may result in a taxable gain to report for the
    year that the Arrangement becomes effective.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Certain Canadian Federal Income Tax
    Considerations&#148; and &#147;Certain U.S. Federal Income Tax
    Considerations&#148; for more information about certain tax
    consequences of the Arrangement. Your tax consequences will
    depend on your particular situation. You should consult your own
    tax advisor so you have a full understanding of the federal,
    provincial, state, local, foreign and other tax consequences
    that apply to you as a result of the Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">HOW
    CAN I CALCULATE THE ADJUSTED COST BASE OF MY SHARES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">We will provide information on our
    website (www.bce.ca) that may help Resident Shareholders
    calculate the adjusted cost base of their Shares.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a Non-Registered Shareholder, please consult your
    broker, investment dealer, bank, trust company or other
    Intermediary for assistance as they should have detailed records
    of your past transactions.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may also contact our transfer agent, Computershare
    Trust&#160;Company of Canada, for Shareholder account inquiries.
    They may charge a fee for some of these services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHERE
    CAN I CONFIRM MY ORIGINAL DATE(S) OF PURCHASE?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">If you are a registered
    Shareholder, you can contact our transfer agent, Computershare
    Trust&#160;Company of Canada, to help you confirm the date of
    issue of your share certificate(s) if that corresponds to your
    original date(s) of purchase.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a Non-Registered Shareholder, you should contact your
    broker, investment dealer, bank, trust company or other
    Intermediary for assistance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHERE
    CAN I FIND HISTORICAL SHARE PRICES?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">See &#147;Information Concerning
    BCE&#160;&#151; Market Price and Trading Volume Data&#148;.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;10&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;WHO TO
    CALL WITH QUESTIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">&#160;&#160;Q&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">WHO
    CAN I CONTACT IF I HAVE QUESTIONS?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=508 length=0 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">A</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">If you have more questions about
    the Arrangement, including the procedures for voting and
    receiving the Consideration, please contact our proxy
    solicitation agents, us or Computershare:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    <B>Georgeson Shareholder Communications Canada Inc.</B>
    (if&#160;you are a Shareholder residing in Canada)<BR>
    Toll-free in Canada:
    <FONT style="white-space: nowrap">1-888-605-7634</FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    <B>Innisfree M&#038;A Incorporated</B> (if&#160;you are a
    Shareholder residing in the United States)<BR>
    Toll-free in the United States: 1-877-687-1875<BR>
    Banks, brokers and persons calling from other locations:
    <FONT style="white-space: nowrap">1-212-750-5833</FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    <B>BCE Investor Relations<BR>
    </B>Toll-free in Canada and the United States:
    <FONT style="white-space: nowrap">1-800-339-6353</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">1-514-786-3970</FONT><BR>
    <FONT style="white-space: nowrap">E-mail:</FONT>
    investor.relations@bce.ca
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    <B>Computershare Trust&#160;Company of Canada<BR>
    </B>Telephone:
    <FONT style="white-space: nowrap">1-800-561-0934</FONT>
    (toll-free in Canada and the United States) or
    <FONT style="white-space: nowrap">514-982-7555</FONT>
    (in the Montr&#233;al area or from outside Canada and the United
    States)<BR>
    Fax: 1-888-453-0330 (toll-free in Canada and the
    United&#160;States) or
    <FONT style="white-space: nowrap">416-263-9394</FONT>
    (outside Canada and the United&#160;States)<BR>
    <FONT style="white-space: nowrap">E-mail:</FONT>
    bce@computershare.com
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have questions about deciding how to vote, you should
    contact your own legal, tax, financial or other professional
    advisor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">TROUBLE
    CALCULATING YOUR ADJUSTED COST BASE?</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #380096">ASSISTANCE
    IS AVAILABLE FOR BCE SHAREHOLDERS</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 10pt">As discussed in the Circular under
    &#147;Certain Canadian Federal Income Tax Considerations&#148;
    and &#147;Certain U.S.&#160;Federal Income Tax
    Considerations&#148;, the Arrangement may have certain tax
    consequences to you. While you should consult your own tax
    advisor, we will be providing assistance to our Resident
    Shareholders in calculating the adjusted cost base of their
    Shares.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 10pt">Resident Shareholders are
    encouraged to visit our website (www.bce.ca).
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 10pt">If additional assistance is
    required call our
    <FONT style="white-space: nowrap">toll-free</FONT>
    number during office hours&#160;&#151;
    <FONT style="white-space: nowrap">1-888-222-7128.</FONT>
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;11&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='119'><B><FONT style="font-size: 15pt">

<!-- link1 "THE ARRANGEMENT" -->
 <BR>
    <BR>
    THE ARRANGEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='120'>


<!-- link1 "BACKGROUND TO THE ARRANGEMENT" -->


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    <FONT style="font-family: 'Times New Roman', Times">&#160;BACKGROUND
    TO THE ARRANGEMENT
    </FONT>
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    Beginning in 2005, BCE announced a series of transactions to
    achieve the strategic objective of focusing BCE solely on Bell
    Canada and enhancing shareholder value.
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    These actions included:
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<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    restructuring the ownership of Bell Globemedia Inc. (now
    CTVglobemedia Inc.);
</TD>
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<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

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    <TD>    &#149;
</TD>
    <TD align="left">    divesting BCE&#146;s interest in CGI Group Inc.;
</TD>
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<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    creating the Bell Aliant Regional Communications Income Fund; and
</TD>
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<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

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    <TD>    &#149;
</TD>
    <TD align="left">    entering into an agreement to divest BCE&#146;s interest in
    Telesat.
</TD>
</TR>

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    On October&#160;11, 2006, BCE also announced that it would
    eliminate its holding company operations and convert into an
    income trust in order to ensure competitive parity in the
    Canadian capital markets within the telecom sector and to
    enhance value for shareholders. The decision also reflected the
    Board&#146;s confidence that the operating changes underway in
    BCE would result in improvements in profitability and cash flow.
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    As a result of the Government&#146;s subsequent announcement
    which effectively removed the advantages of converting into an
    income trust, BCE announced on December&#160;12, 2006 that it
    would not proceed with a conversion. On the same day, BCE
    announced an 11% increase in its annual dividend (to $1.46 per
    Common Share per annum) and that the Board had approved a new
    distribution policy for the Common Shareholders with a target
    dividend payout ratio of 70% to 75% of earnings per share before
    net gains (losses) on investments and restructuring costs. BCE
    also announced a renewal of its normal course issuer bid for up
    to 5% of its outstanding Common Shares.
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    Following the announcement on December&#160;18, 2006 that BCE
    had entered into an agreement for the sale of Telesat for cash
    proceeds of approximately $3.25&#160;billion, management, with
    the assistance of Goldman Sachs and RBC, intensified the review
    of the various alternatives available to BCE to use the proceeds
    of such sale in the most efficient way to enhance shareholder
    value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-family: Arial, Helvetica; color: #380096">INITIAL
    CONTACTS WITH KKR, CPP AND TEACHERS&#146;<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

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    On November&#160;3, 2006, Michael Sabia, President and Chief
    Executive Officer of BCE, contacted Alex Navab, a member of
    Kohlberg Kravis Roberts&#160;&#038; Co. (&#147;KKR&#148;), to
    express concern about rumours that KKR was working on a
    potential transaction involving BCE. At the request of KKR,
    Mr.&#160;Sabia met with Henry Kravis, a&#160;founding member of
    KKR, and Mr.&#160;Navab on November&#160;15, 2006, at which time
    they expressed KKR&#146;s interest in a potential privatization
    of BCE. No specific terms were discussed. Given discussions held
    at a Board meeting earlier that fall on strategic alternatives
    (including the alternative of privatizing BCE) and after
    consulting with Richard J. Currie, the Chair of the Board,
    Mr.&#160;Sabia indicated that BCE was not interested in pursuing
    such a transaction at that time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    On February&#160;16, 2007, Mr.&#160;Sabia contacted
    Mr.&#160;Navab a second time concerning new rumours that KKR and
    the Canada Pension Plan Investment Board (&#147;CPP&#148;) were
    arranging financing to initiate a bid for BCE. Mr.&#160;Sabia
    reiterated BCE&#146;s position that it was not interested in
    pursuing such a transaction at that time. Acknowledging
    BCE&#146;s position, Mr.&#160;Navab indicated that there was no
    intention on the part of KKR and CPP to proceed on an
    unsolicited basis and that they would discontinue activities
    with financial institutions for the financing of a potential
    transaction, but requested another meeting to outline their
    perspective on the privatization opportunity. Mr.&#160;Sabia had
    a similar discussion with Mark Wiseman, Senior
    Vice-President&#160;&#151; Private Investments of CPP, on
    February&#160;19, 2007.
</DIV>

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    On February&#160;20, 2007, a Board meeting was held to brief the
    Board on the discussions held between BCE and representatives of
    KKR and CPP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    On February&#160;23, 2007, Mr.&#160;Sabia contacted James Leech,
    Senior Vice-President of Teachers&#146; Private Capital, the
    private investment arm of Teachers&#146;, in light of rumours
    that an investment banking firm was assisting Teachers&#146;
    with a potential transaction involving BCE. Mr.&#160;Leech
    indicated that Teachers&#146; and Providence were interested in
    evaluating a potential privatization of BCE. Mr.&#160;Sabia
    indicated that BCE was not interested in pursuing a
    privatization transaction at that time, but agreed to meet on
    March 8, 2007 so that Teachers&#146; could be afforded the
    opportunity to outline its perspective directly to BCE. On the
    same day, given KKR&#146;s previous request for another meeting,
    Mr.&#160;Sabia also contacted Mr.&#160;Navab of KKR and agreed
    to meet with KKR and CPP on March 9, 2007 so that they could
    similarly be afforded the opportunity to outline their
    perspective to BCE. Mr.&#160;Sabia again reiterated to
    Mr.&#160;Navab that BCE was not interested in pursuing a
    privatization transaction at that time.
</DIV>

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    <B><FONT style="font-family: Arial, Helvetica; color: #380096">THE
    BOARD CONFIRMS BCE SHOULD NOT PURSUE THE PRIVATIZATION
    ALTERNATIVE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a Board meeting on March&#160;7, 2007, management reported
    that two separate groups (CPP/KKR and Teachers&#146;/Providence)
    had expressed their interest in pursuing a potential
    privatization transaction involving BCE. Each of Goldman Sachs
    and RBC reviewed with the Board various alternative transactions
    to enhance shareholder value, including various recapitalization
    and share repurchase scenarios combined with a further dividend
    increase, as well as the privatization alternative. The Board
    determined that BCE&#146;s primary priority was to create
    shareholder value through the execution of its 2007 business
    plan and the utilization of the proceeds of the Telesat sale
    transaction. In that context, the Board confirmed that BCE
    should not pursue the privatization alternative at that time and
    instructed management to so advise CPP/KKR and
    Teachers&#146;/Providence. At the outset of the March 7, 2007
    Board meeting, the Chair noted that a member of the Board,
    Thomas C. O&#146;Neill, had disclosed his potential conflict, as
    a director of Teachers&#146;, to the Chair of BCE and to the
    Chair of Teachers&#146;, and had determined to recuse himself
    from those portions of any Teachers&#146; board meeting at which
    any potential transaction with BCE might be discussed.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;12&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;8, 2007, Messrs.&#160;Sabia and Siim Vanaselja,
    Chief Financial Officer of BCE, met with Mr.&#160;Leech of
    Teachers&#146; and Jonathan Nelson, Chief Executive Officer of
    Providence, who confirmed their interest in exploring the
    possibility of a privatization transaction with BCE. While the
    discussion was generally at a high level, Messrs.&#160;Leech and
    Nelson suggested a preliminary indicative value of $38 per
    Common Share subject to further analysis and discussions.
    Messrs. Leech and Nelson also indicated that while
    Teachers&#146; and Providence did not have the current intention
    to proceed on an unsolicited basis, they believed there was a
    high degree of interest in BCE among private equity firms and
    financial institutions. Management relayed the Board&#146;s
    position not to pursue the privatization alternative at that
    time, but indicated that the views of Teachers&#146; and
    Providence would be conveyed to the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a meeting held between Messrs.&#160;Sabia and Vanaselja and
    Messrs.&#160;Wiseman of CPP and Navab of KKR on March&#160;9,
    2007, CPP and KKR also confirmed their interest in exploring the
    possibility of a privatization transaction. While the discussion
    was generally at a high level, Messrs.&#160;Wiseman and Navab
    suggested a preliminary indicative value of $40 per Common Share
    subject to further analysis and discussions. Again, management
    relayed the Board&#146;s position not to pursue the
    privatization alternative at that time, but indicated that the
    views of CPP and KKR would be conveyed to the Board.
    Messrs.&#160;Wiseman and Navab reiterated that there was no
    intention on the part of KKR and CPP to proceed on an
    unsolicited basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Management reported each of these discussions to the Board on
    March&#160;13, 2007, at which time the Board re-affirmed its
    position that BCE&#146;s primary priority should continue to be
    to execute on its 2007 business plan and that the privatization
    alternative should not be pursued at that time. On the
    Board&#146;s instructions, management contacted representatives
    of CPP, KKR, Teachers&#146; and Providence on March 20, 2007 to
    advise them of the Board&#146;s determination to decline
    pursuing further discussions concerning privatization proposals.
    On that basis, no further discussions were contemplated by BCE.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;29, 2007, in response to a press report that
    inaccurately described BCE as being in discussions with a
    consortium comprised of Teachers&#146; and KKR, and at the
    request of the Toronto Stock Exchange, BCE issued a press
    release indicating that there were no ongoing discussions being
    held with any private equity investor with respect to a
    privatization of BCE or any similar transaction, and that BCE
    had no current intention to pursue such discussions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">TEACHERS&#146;
    FILES SCHEDULE 13D WITH THE SEC<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April 3, 2007, Mr. Leech contacted Mr. Sabia to discuss the
    evolving thinking of Teachers&#146; with respect to its equity
    investment in BCE. In light of that, both agreed to meet the
    following week. On April 9, 2007, Messrs. Currie and Sabia met
    with Claude Lamoureux, President and Chief Executive Officer of
    Teachers&#146;, and Mr. Leech to discuss Teachers&#146; plan to
    file with the SEC a Statement of Beneficial Ownership on
    Schedule 13D reflecting a change from a passive to an active
    holding of Common Shares. Thereafter and on the same day,
    Teachers&#146; filed a Schedule&#160;13D with the SEC in which
    it indicated that it was exploring its options and reserving all
    its rights to, among other things, purchase additional shares of
    BCE and &#147;encourage (including, without limitation,
    communications with [BCE]&#146;s directors and management,
    existing or potential security holders, investors, lenders or
    strategic partners, and investment and financing professionals)
    [BCE] to consider or explore [...] extraordinary transactions
    [...] or changes to [BCE]&#146;s capitalization&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;10, 2007, the Board was updated on the prior
    day&#146;s meeting with Teachers&#146; and its SEC filing, as
    well as the related, extensive media coverage. In light of these
    recent events, Mr.&#160;O&#146;Neill did not participate in this
    Board meeting. The Board concluded this meeting by reconfirming
    its view that the position articulated in BCE&#146;s March 29,
    2007 press release remained unchanged. However, in light of
    Teachers&#146; Schedule&#160;13D filing, the Board requested
    management and BCE&#146;s financial advisors to undertake an
    assessment of the implications of a potential unsolicited
    takeover bid and to further develop other strategic alternatives
    in that context to enhance shareholder value. The following day,
    Mr.&#160;O&#146;Neill resigned from the board of Teachers&#146;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Over the next several days there was heightened press
    speculation concerning a potential privatization of BCE,
    including certain reports in the media indicating that
    Teachers&#146; had put together a mostly Canadian consortium to
    potentially launch a take-over bid for BCE and had secured
    equity and debt financing commitments for such a bid. There was
    also heavy trading activity in the Common Shares, with the
    closing price of the Common Shares rising from $32.94 on
    April&#160;5, 2007 to $34.84 on April&#160;13, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Considering these events, the Board recognized that there was a
    real prospect of a privatization transaction involving BCE,
    including a potential unsolicited offer. These events were
    unfolding in the context of recent and significant private
    equity activity in the public capital markets, including
    participation by pension funds and hedge funds. This activity
    was facilitated by strong debt market conditions, supporting the
    feasibility of a privatization transaction involving a company
    of BCE&#146;s size.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a meeting held on April&#160;14, 2007, the Board reviewed
    with BCE&#146;s financial and legal advisors the potential
    strategic alternatives that might be pursued. The Board
    determined that with regard to the privatization alternative, it
    was in the best interests of BCE and its Shareholders to ensure
    against the risk that, if a change of control of BCE became
    likely, no single bidding group would be able to assemble such
    an amount of debt and Canadian equity to preclude competing
    bidding groups from securing the necessary capital to
    participate in an auction process. Given the requirement for
    very substantial Canadian equity investment to meet Canadian
    ownership requirements, this risk was particularly acute given
    the size of a transaction involving BCE. In light of press
    reports outlining Teachers&#146; apparent readiness to proceed
    with a fully-financed offer, the Board determined that CPP, KKR
    and Caisse de d&#233;p&#244;t et placement du Qu&#233;bec
    (&#147;Caisse&#148;) might be the most likely parties capable of
    quickly assembling a second potential bidding group. Therefore,
    the Board instructed management and BCE&#146;s financial
    advisors to hold exploratory discussions with these parties to
    encourage them to assemble a competing bidding group, and to
    report back to the Board on April&#160;16, 2007 with respect to
    the results of such efforts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;15, 2007 and April&#160;16, 2007, management and
    certain of the financial advisors had discussions with
    representatives of each of CPP, KKR, Caisse and the Public
    Sector Pension
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;13&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investment Board (&#147;PSP&#148;) regarding their interest in
    participating in an auction process with respect to a
    privatization transaction and the negotiation of a
    <FONT style="white-space: nowrap">non-disclosure</FONT>
    and standstill agreement (&#147;NDA&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">COMPLEXITIES
    RELATED TO THE AUCTION PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the context of a potential change of control transaction, the
    primary goal of the Board from the outset was to foster a
    competitive process to elicit the highest possible price in a
    transaction that would have a high probability of being
    consummated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The challenge presented by the foreign ownership rules limiting
    the role that large non-Canadian sources of equity could play in
    enabling a competitive process, coupled with the limited
    availability of large pools of Canadian equity capital in
    relation to BCE&#146;s size, required the Board and, following
    its formation on April 20, 2007 as discussed below, the
    Strategic Oversight Committee to actively manage the partnering
    activities of the various sources of Canadian capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In managing such partnering activities, the development of
    requisite equity syndication rules was important, in that if the
    rules were too restrictive, they would undermine the
    consortiums&#146; confidence in accessing the required equity
    capital, thereby potentially negatively impacting the bid price.
    On the other hand, if such rules were too permissive, a
    particular consortium might be able to assemble a
    disproportionate share of available Canadian equity to the
    detriment of other consortiums, thereby also potentially
    negatively impacting the bid price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result, the Strategic Oversight Committee and the Board
    took action to facilitate a competitive multi-party private
    equity auction, by insisting on equity syndication and bidding
    rules designed to prevent any one party from assembling a
    disproportionate share of available Canadian equity. These rules
    involved, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    limiting the amount of Canadian equity that could be assembled
    by any one bidding group;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    precluding exclusive arrangements beyond core members of a
    bidding group; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    limiting, on an individual and aggregate basis, the amount of
    capital that could be raised by the winning bidding group in
    post-syndication activities from members of the losing
    bidding&#160;groups.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board and, following its formation on April&#160;20, 2007 as
    discussed below, the Strategic Oversight Committee, with the
    assistance of the financial and legal advisors, spent
    significant time addressing the diverging interests and concerns
    of fiercely competitive bidding groups with respect to virtually
    every key element of the auction process, including, among other
    things, requirements relating to access to Canadian equity,
    post-auction syndication, exclusivity of relationships among
    members of a bidding group and the auction timeline. The focus
    of the Strategic Oversight Committee and the Board throughout
    was to ensure a robust and fair auction process with a view to
    achieving the best possible offer for Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">BCE
    ANNOUNCES STRATEGIC REVIEW PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the evening of April&#160;16, 2007, the Board received an
    update from management and certain of BCE&#146;s financial
    advisors concerning the emergence of an alternative bidding
    group to Teachers&#146; and Providence. BCE entered into an NDA
    on a non-exclusive basis with each of CPP, Caisse, PSP and KKR
    (collectively, the &#147;CPP Consortium&#148;), and the Board
    instructed management that if Teachers&#146; and Providence
    wished to enter the process, BCE should also enter into an NDA
    with each of them on the same terms and conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In discussing next steps with respect to the strategic review
    process, the Board also determined that in order to ensure
    efficient oversight of the process a committee of the Board
    would be established.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE issued a press release the next morning announcing that BCE
    was reviewing its strategic alternatives and would be guided by
    the goal of maximizing shareholder value. The press release
    stated that as part of such strategic review, BCE had entered
    into an NDA on a non-exclusive basis with each member of the CPP
    Consortium to explore the possibility of taking BCE private and
    was continuing to explore other alternatives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;17, 2007, management was contacted by John W.
    Snow, Chairman of Cerberus Capital Management, L.P.
    (&#147;Cerberus&#148;), who expressed Cerberus&#146; interest in
    entering the process. Cerberus was encouraged to identify and
    attract Canadian equity capital sources to join with Cerberus to
    form another bidding consortium that could enter the auction
    process. Similarly, during the period of April&#160;17, 2007 to
    April&#160;20, 2007, BCE&#146;s financial advisors received
    numerous inquiries from or on behalf of Teachers&#146; regarding
    the process BCE was undertaking. In each conversation,
    Teachers&#146; was encouraged to enter into an NDA with BCE.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">THE
    BOARD FORMS THE STRATEGIC OVERSIGHT COMMITTEE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Further to the Board&#146;s decision on April 16, 2007 to form a
    committee to oversee the strategic review process, the Corporate
    Governance Committee of the Board met on three occasions between
    April 17, 2007 and April 20, 2007 to consider the potential
    composition and mandate of such committee. On April&#160;20,
    2007, the Board met to receive the recommendation of the
    Corporate Governance Committee and after consideration and
    discussion, the Board authorized the formation of the Strategic
    Oversight Committee and appointed as its members Mrs.&#160;Donna
    Soble Kaufman (as Chair) and Messrs.&#160;Andr&#233;
    B&#233;rard, James A. Pattison and Thomas C.&#160;O&#146;Neill.
    The Board also decided that the Chair of the Board,
    Mr.&#160;Currie, would join the Strategic Oversight Committee in
    his capacity as an
    <I><FONT style="white-space: nowrap">ex-officio</FONT></I>
    member of all the committees of the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The mandate of the Strategic Oversight Committee provided (among
    other things) that the Strategic Oversight Committee, on behalf
    of the Board, was to oversee and direct the review of all
    strategic alternatives available to BCE, including the
    privatization of BCE (the &#147;Strategic Review Process&#148;),
    and the various activities associated therewith, including
    negotiations with third parties with respect to requests made
    for confidential information and the terms of any proposed
    transaction involving BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;20, 2007, BCE issued a press release announcing
    the formation of the Strategic Oversight Committee. From its
    formation on April&#160;20, 2007 through June 29, 2007 (the date
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;14&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the&#160;Board agreed to recommend to the Shareholders the
    Arrangement), the Strategic Oversight Committee held a total of
    30 formal meetings. Its members also engaged in substantial
    additional activity and work on an informal basis to fulfill the
    Strategic Oversight Committee&#146;s mandate. Throughout the
    Strategic Review Process, the Strategic Oversight Committee was
    in direct contact with various interested parties. During the
    same period, the Board held 10 meetings at which the Strategic
    Review Process was discussed. Representatives of some or all of
    BCE&#146;s financial advisors, BMO, CIBC, Goldman Sachs and RBC,
    of BCE&#146;s legal advisors, Davies Ward Phillips Vineberg LLP
    (&#147;Davies Ward&#148;), Stikeman Elliott LLP
    (&#147;Stikeman&#148;) and Sullivan&#160;&#038; Cromwell LLP
    (&#147;Sullivan&#160;&#038; Cromwell&#148;) and of the Strategic
    Oversight Committee&#146;s financial advisor, Greenhill, as well
    as certain members of senior management, participated in the
    vast majority of these Strategic Oversight Committee and Board
    meetings. Blake, Cassels&#160;&#038; Graydon LLP
    (&#147;Blakes&#148;) also acted as regulatory and competition
    law counsel (together with Stikeman, &#147;BCE&#146;s Regulatory
    Counsel&#148;). At virtually all of its meetings, the Strategic
    Oversight Committee held <I>in camera</I> sessions without
    management present.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of the Strategic Review Process, while one alternative
    under consideration by the Board was a change of control
    transaction through either the privatization of BCE or a
    strategic combination (the &#147;Auction Process&#148;), the
    Strategic Oversight Committee and the Board continued to
    consider all other strategic alternatives. For more information
    regarding the strategic combination, see &#147;The
    Arrangement&#160;&#151; Background to the
    Arrangement&#160;&#151; Telus&#146; Participation in the Auction
    Process&#148; and for other alternatives, see &#147;The
    Arrangement&#160;&#151; Background to the
    Arrangement&#160;&#151; Alternatives for Enhancing Shareholder
    Value other than the Auction Process&#148; below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">AUCTION
    PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period from April 22, 2007 to April&#160;27, 2007,
    the Strategic Oversight Committee met four times. Over the
    course of these meetings, the Strategic Oversight Committee
    reviewed and discussed, with the input of management and the
    financial and legal advisors, among other matters:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with Teachers&#146; and
    Providence (the &#147;Teachers&#146; Consortium&#148;) regarding
    certain process guidelines they requested before they would join
    the Auction Process relating to, among other things, access to
    Canadian equity, post-auction syndication and exclusivity of
    relationships;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with the CPP Consortium,
    including their request for BCE&#146;s consent, as required
    under the terms of their NDA, to add certain additional Canadian
    equity participants to their consortium;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with Cerberus and its
    financial advisors regarding its efforts to identify and attract
    Canadian equity capital sources to join with Cerberus to form
    another bidding consortium;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the likelihood of other potential bidders joining the process
    and who those potential bidders might be, including the
    possibility of a strategic party entering the Auction Process;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    legal restrictions on the foreign ownership of BCE;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the amount, availability and sources of Canadian-based equity
    capital; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the development of a form of equity bridge facility to
    potentially be provided by the Canadian financial institutions
    advising BCE to serve as a temporary source of Canadian equity
    capital to all private equity bidders joining the
    Auction&#160;Process.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After consideration and discussion, the Strategic Oversight
    Committee instructed the financial advisors to identify and seek
    to attract other potential private equity and strategic bidders,
    and other sources of Canadian equity capital, to join the
    Auction Process and to continue the development of an equity
    bridge to be made available to private equity bidders joining
    the Auction Process. The Strategic Oversight Committee also:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    approved a timeline and certain fundamental rules of engagement
    under which the Auction Process would be conducted under the
    direction and supervision of the Strategic Oversight Committee;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    approved procedures for the establishment of a data room and the
    conduct of due diligence by private equity bidders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    was provided with a proposed information sharing protocol under
    which any competitor interested in participating in the Auction
    Process would have access to confidential information in a
    staged process, with competitively sensitive information being
    provided at a later stage subject to certain key conditions; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    engaged Lenczner Slaght Royce Smith Griffin LLP on April 26,
    2007 as special litigation counsel to advise and assist the
    Strategic Oversight Committee and the Board.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;29, 2007, a Board meeting was held to update the
    Board on the Strategic Review Process, including the Auction
    Process. During the meeting, the Board received a detailed
    report from the Chair of the Strategic Oversight Committee on
    the Strategic Oversight Committee&#146;s activities since its
    formation on April&#160;20, 2007. Following the conclusion of
    the April 29, 2007 Board meeting, BCE issued a press release
    reaffirming its intention to review all strategic options that
    could enhance shareholder value, including alternatives other
    than a privatization transaction and, among other things, that
    an electronic data room would be opened and made available to
    qualified bidders upon signing an NDA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;2, 2007, a Board meeting was held during which,
    among other things, the Chair of the Strategic Oversight
    Committee updated the Board with respect to the Strategic Review
    Process, including the status and operation of the data room and
    protocols implemented to protect competitively sensitive
    information. The Strategic Oversight Committee advised the Board
    that after interviewing a number of firms, it had determined to
    engage Greenhill as independent financial advisor to advise and
    assist the Strategic Oversight Committee with respect to the
    Strategic Review Process. An overview was also provided to the
    Board on the Canadian ownership requirements applicable to BCE
    and their impact on the privatization alternative.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial advisors also updated the Board on their
    activities, conducted under the supervision of the Strategic
    Oversight Committee, in connection with the Auction Process.
    This update included the discussions commenced on April 17, 2007
    with
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;15&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cerberus and Cerberus&#146; efforts to identify available
    sources of Canadian equity capital to participate in the
    financing of a bid. They also reported on the discussions with
    the Teachers&#146; Consortium and efforts to have the
    Teachers&#146; Consortium join the Auction Process, including
    efforts to assist the Teachers&#146; Consortium in sourcing
    Canadian equity capital to participate in the financing of a bid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period from May 2, 2007 to May&#160;15, 2007, the
    Strategic Oversight Committee met five times. Over the course of
    these meetings, the Strategic Oversight Committee reviewed and
    discussed, with the input of management and the financial and
    legal advisors, and made certain decisions with respect to,
    among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with the CPP Consortium,
    including the impact of the withdrawal of PSP from the process
    and the status of the CPP Consortium&#146;s request for
    BCE&#146;s consent, as required under the terms of their NDA, to
    add certain additional Canadian equity participants, including
    Onex Corporation (&#147;Onex&#148;), to their consortium. The
    Strategic Oversight Committee did not agree to the CPP
    Consortium&#146;s request to add Onex or any other participants
    at that time. <B>(</B>Onex was subsequently allowed to join the
    CPP Consortium on June&#160;9, 2007);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with Cerberus and its
    financial advisors regarding their on-going efforts to identify
    and attract Canadian equity capital sources to join with
    Cerberus to form another bidding consortium;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period between representatives of
    Goldman Sachs and Greenhill and the Teachers&#146; Consortium
    regarding the process guidelines the Teachers&#146; Consortium
    requested in order for it to formally join the Auction Process,
    including guidelines that the Teachers&#146; Consortium proposed
    should apply to all bidding groups relating to equity
    syndication and bidding rules and the timetable for the bids;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the efforts of the financial advisors to identify parties who
    might provide Canadian-based equity capital to bidders in the
    Auction Process and the continuing efforts to develop an equity
    bridge to be made available to all private equity bidders to
    assist them to submit a bid with sufficient committed financing.
    Ultimately, no equity bridge was provided to any party by the
    Canadian financial institutions advising BCE; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    a detailed analysis of possible Canadian ownership compliant
    transaction structures and anticipated timeframes under which
    regulatory approvals could be expected to be obtained in a
    privatization transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;18, 2007, a Board meeting was held to update the
    Board with respect to the Strategic Review Process, including
    the Auction Process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period from May 22, 2007 to June&#160;3, 2007, the
    Strategic Oversight Committee met 11 times. Over the course of
    these meetings, the Strategic Oversight Committee reviewed and
    discussed, with the input of management and the financial and
    legal advisors, among other matters:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the progress being made by the CPP Consortium in due diligence;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with Cerberus relating to the
    negotiation of an NDA and progress made by Cerberus in
    identifying Canadian equity capital participants. As Cerberus
    had planned to partner with a competitor in the media industry,
    the Strategic Oversight Committee also focused on the need to
    ensure that proper procedures were implemented to protect
    certain competitively sensitive information from such party,
    given that this party competes with BCE in some lines of
    business. Ultimately, such party did not participate in the
    process after executing an NDA and was never provided access to
    competitively sensitive information of BCE; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the discussions during this period with the Teachers&#146;
    Consortium with regard to the negotiation of an NDA and certain
    matters previously raised by the Teachers&#146; Consortium with
    regard to the process guidelines they requested in order to join
    the Auction Process.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Over the course of these meetings, the Strategic Oversight
    Committee, together with management and the financial and legal
    advisors, also continued work on formulating and refining
    proposed bidding and equity syndication rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During this period, the Strategic Oversight Committee instructed
    the financial and legal advisors in the course of their on-going
    discussions and negotiations with each of the CPP Consortium,
    the Teachers&#146; Consortium and Cerberus. The Strategic
    Oversight Committee also met separately on several occasions
    with representatives of each of the CPP Consortium and the
    Teachers&#146; Consortium regarding their respective concerns
    and requests in relation to the formulation of bidding and
    equity syndication rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;22, 2007, Cerberus and a group of Canadian investors
    (together, the &#147;Cerberus Consortium&#148;) entered into
    NDAs with BCE and joined the Auction Process. The following day
    a press release was issued by BCE to that effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On each of May 27, 2007 and June&#160;3, 2007, a Board meeting
    was held to update the Board with respect to developments in the
    Auction Process. During such meetings, the Board received
    reports on the formulation and refinement of the proposed
    bidding and equity syndication rules, as well as the
    recommendations of the Strategic Oversight Committee with
    respect to the risks and benefits of such rules on the
    competitiveness of the Auction Process and made certain
    decisions in that respect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;4, 2007, Teachers&#146; filed an amended
    Schedule&#160;13D indicating that it had purchased additional
    Common Shares of BCE, between May&#160;23, 2007 and June&#160;1,
    2007, at prices ranging from $39.33 to $39.73, thereby
    increasing its percentage ownership of Common Shares from
    approximately 5.3% to approximately to 6.3%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Guidelines relating to the Auction Process were agreed between
    Teachers&#146; and Providence and BCE on June&#160;5, 2007. On
    the same day, each of Teachers&#146; and Providence entered into
    an NDA with BCE and joined the Auction Process. A press release
    was issued by BCE to that effect. On the following day, Madison
    Dearborn Partners, which BCE learned subsequently had been
    engaged in discussions with Teachers&#146; and Providence
    periodically for several months regarding BCE, executed an NDA
    and joined the Teachers&#146; Consortium.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">BIDDING
    AND EQUITY SYNDICATION RULES<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;8, 2007, following a review of the material terms
    of the proposed bidding rules with the Board at its meetings
    held on
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;16&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    June 3, 2007 and June&#160;5, 2007, the Strategic Oversight
    Committee approved the bidding rules (&#147;Bidding Rules&#148;)
    and a proposed form of definitive transaction agreement prepared
    by BCE&#146;s legal advisors that would be provided to each of
    the participants in the Auction Process. On June&#160;13, 2007,
    the financial advisors provided such rules and the form of
    definitive transaction agreement to each of the participants in
    the Auction&#160;Process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidding Rules set out the details required with respect to
    the submission of offers (&#147;Offers&#148;) by the
    participants in the Auction Process. Under the Bidding Rules,
    the deadline for submission of Offers was established as
    9:00&#160;a.m. on June&#160;26, 2007. The Bidding Rules required
    the submission of, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    details on the proposed purchase price and form of consideration
    per share for the Common Shares of BCE, as well as the proposed
    treatment of each series of Preferred Shares of BCE and of the
    debt securities issued by BCE and its Subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    a detailed
    <FONT style="white-space: nowrap">mark-up</FONT> of
    any proposed changes to the definitive transaction agreement
    circulated by BCE;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    fully executed equity and debt commitment letters sufficient to
    support the Offer;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    details demonstrating compliance with Canadian regulatory
    restrictions on foreign ownership and control; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    details of the bidder&#146;s intentions regarding any
    syndication of a portion of the equity of the purchaser entity.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;15, 2007, the Strategic Oversight Committee
    approved equity syndication rules (&#147;Equity Syndication
    Rules&#148;) that would thereafter apply to the Auction Process
    and, on June&#160;18, 2007, the financial advisors provided such
    rules to each of the CPP, Teachers&#146; and Cerberus
    consortiums. For a description of the Equity Syndication Rules
    as ultimately reflected in the Definitive Agreement with the
    Purchaser, see &#147;Summary of Definitive Agreement&#160;&#151;
    Equity Syndication&#148; below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">PRIVATE
    EQUITY ACTIVITIES LEADING TO BID SUBMISSION&#160;DATE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the three weeks in June leading up to the June 26, 2007
    bid submission date, each of the CPP, Teachers&#146; and
    Cerberus consortiums conducted due diligence in the electronic
    data room of BCE, undertook their own activities with respect to
    securing equity and debt commitments to finance their respective
    Offers to be submitted in the Auction Process and received
    management presentations with respect to the various aspects of
    BCE&#146;s businesses, including operational, financial and
    legal aspects thereof. Approximately 100&#160;due diligence
    meetings were held by management with the bidding consortiums
    throughout the Auction Process. The Strategic Oversight
    Committee and the Board held numerous meetings during these
    weeks to receive updates with regard to the activities of the
    consortiums and instruct the financial and legal advisors and
    management. Each of the three consortiums also submitted
    <FONT style="white-space: nowrap">mark-ups</FONT> of
    the proposed definitive transaction agreement to BCE. BCE&#146;s
    financial and legal advisors held discussions with each
    consortium&#146;s advisors concerning issues arising out of such
    <FONT style="white-space: nowrap">mark-ups.</FONT> On
    June&#160;22, 2007, the financial advisors provided each
    consortium with a revised form of definitive transaction
    agreement prepared by BCE&#146;s legal advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the evening of June&#160;25, 2007, Caisse and Onex indicated
    that they were withdrawing from the CPP Consortium.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">TELUS&#146;
    PARTICIPATION IN THE AUCTION PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Along with the option of privatizing BCE, the Board considered
    the possibility of a transaction that would combine BCE with
    another telecom operator.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Given Canadian ownership requirements, the Board believed that
    the possibility of participation by foreign operators in the
    Auction Process was remote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
     With respect to a Canadian alternative, with the assistance of
    management and its financial and legal advisors, the Board
    had&#160;considered in the past a potential combination of BCE
    with&#160;Telus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the current context, the Board focused its attention on Telus
    as the only feasible possibility for a transaction with another
    telecom operator.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">COMPLEXITIES
    RELATED TO TELUS&#146; PARTICIPATION IN THE AUCTION PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the context of a change of control transaction with a
    competitor, the Board considered certain issues which would have
    an impact on value, completion risks and the competitiveness of
    the Auction Process. These included the inherent competition law
    issues and their impact on the Board&#146;s goal of eliciting
    the highest possible price in a transaction that would have a
    high probability of being consummated, and the risks associated
    with sharing competitively sensitive information with a
    competitor. With respect to the exchange of such information,
    the Board also assessed the impact on both the competitive
    position of BCE and the confidence of private equity
    participants that BCE&#146;s business would not be impaired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to fully assess the probability of a BCE/Telus
    combination being consummated, the Board  and the Strategic
    Oversight Committee considered, among other things, the
    following elements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the degree of existing competitive overlap in the businesses
    carried on by BCE and Telus;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the nature, extent and scope of possible remedies that might be
    acceptable under competition law;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the impact of such remedies on the synergies that might be
    available to the combined entity and the consequent impact on
    the value of any such transaction;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the allocation of regulatory risks between the parties and the
    impact of such allocation on the value of any such transaction
    to BCE shareholders and the likelihood of its completion; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the length of time that would likely be required for review by
    regulatory authorities in light of the complexities of any such
    transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Throughout the process, at various meetings, Telus indicated to
    the management of BCE and BCE&#146;s Regulatory Counsel that,
    while interested in the possibility of a combination, Telus
    would pursue such a transaction only if it could be completed in
    a manner that furthered its strategy of expanding nationally in
    the areas of wireless and data. Telus indicated it intended to
    seek
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;17&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    assurances from the Government that divestitures in these areas
    would not be required for competition law reasons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consistent with this position, Darren Entwistle, the Chief
    Executive Officer of Telus, publicly stated in media interviews,
    as reported in the press on June 22, 2007 and June 26, 2007
    respectively, that in light of Telus&#146; strategy for national
    expansion in the areas of wireless and data, he did not
    &#147;think divestiture of wireless subscribers would be
    consistent with [Telus&#146;] strategy of growing [Telus&#146;]
    business&#148; and that &#147;anything that would reflect the
    regulatory outcome that would be dilutive or contrary to that
    strategy would not hold a large interest for&#160;[Telus].&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Hence, given Telus&#146; stated position on competition law
    remedies, both in the press and to BCE&#146;s Regulatory
    Counsel, a key consideration for the Board throughout the
    process was to assess the likelihood that a transaction along
    these lines could secure the necessary regulatory approvals and
    actually be consummated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As noted above, given that BCE and Telus compete in wireless and
    business services, the Board also considered the risks inherent
    in sharing competitively sensitive information with one of
    BCE&#146;s main competitors. In this respect, BCE had developed
    earlier in the process an information sharing protocol that was
    consistent with protocols for transactions involving significant
    competitors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This information sharing protocol provided for a staged process
    for the sharing of confidential information, with competitively
    sensitive information to be provided, if appropriate, only at a
    later stage once valuation issues and transaction certainty in
    terms of regulatory approvals and regulatory risk allocation had
    been satisfactorily addressed. The Board believed that a staged
    process was necessary in light of the competitive intensity
    between the companies, and that the premature sharing of
    competitively sensitive information could:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    be detrimental to BCE&#146;s competitive positioning in the
    future if no transaction were to be concluded with Telus;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    have a potential negative impact on the continuing participation
    of private equity bidders in the Auction Process if they
    believed that BCE was compromising its competitive position; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    expose BCE to potential competition law risks.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE and Telus had extensive discussions with regard to the
    sharing of information and agreed to exchange confidential
    information that did not raise competition law or competitive
    concerns.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">CONTACTS
    WITH TELUS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the April 16, 2007 Board meeting, the Board asked that
    management, with the assistance of financial advisors, explore
    the feasibility of a combination with Telus as part of the
    Auction Process. Mr.&#160;Sabia contacted Mr.&#160;Entwistle on
    May&#160;3, 2007 to gauge Telus&#146; interest in considering a
    potential transaction with BCE and arrange a meeting at the
    earliest opportunity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;2, 2007 a Board member, Brian Levitt, advised the
    Board that the law firm of which he is a partner and
    <FONT style="white-space: nowrap">co-chair</FONT> had
    accepted a retainer from a party (whose identity he was not at
    that time free to disclose) that was considering whether to
    participate in the Auction Process. Mr.&#160;Levitt advised the
    Board that customary arrangements had been instituted by his
    firm to isolate him from any involvement in, or knowledge of or
    arising from, the retainer. The Board determined, and
    Mr.&#160;Levitt agreed, that Mr.&#160;Levitt would continue to
    participate in Board deliberations relating to the Strategic
    Review Process until such time as his firm advised him that its
    client had determined to become active in a possible transaction
    with BCE, at which time the Board would require Mr.&#160;Levitt
    to recuse himself from further Board discussions relating to the
    Strategic Review Process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;15, 2007, Mr.&#160;Sabia met with Mr.&#160;Entwistle
    in Vancouver. Mr.&#160;Entwistle indicated a potential interest
    in pursuing a combination of the two companies, subject to the
    Government&#146;s willingness to permit the full consolidation
    of the wireless businesses of BCE and Telus. After reporting
    Telus&#146; interest to the Board on May&#160;18, 2007, a follow
    up meeting was scheduled for May 25, 2007 between BCE and Telus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;17, 2007, Mr.&#160;Levitt advised Mr.&#160;Currie
    and Mrs.&#160;Kaufman that he had been advised by his law firm
    that its client had determined to become active in a possible
    transaction with BCE and, in accordance with the arrangement
    previously agreed to between Mr.&#160;Levitt and the other Board
    members, Mr.&#160;Levitt advised the Board that he would recuse
    himself from any further Board deliberations relating to the
    Strategic Review Process. The client was identified in due
    course to be Telus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;25, 2007, Messrs.&#160;Sabia, Scott Thomson,
    Executive Vice-President, Corporate Development of BCE, and
    Lawson Hunter, Executive Vice-President, Chief Corporate Officer
    of BCE, met with Messrs.&#160;Entwistle and Robert McFarlane,
    Chief Financial Officer of Telus (who participated by phone),
    and Ms.&#160;Janet Yale, Executive Vice-President, Corporate
    Affairs of Telus, in Toronto. Telus outlined its views in a
    brief presentation of the communications and government
    relations positioning along with its views of the potential
    benefits of a BCE/Telus combination. Mr.&#160;Entwistle
    expressed the view he subsequently stated publicly that Telus
    would not be interested in a transaction if wireless subscribers
    of either Bell Canada or Telus were to be divested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At that meeting, in order to further advance the process and in
    accordance with the information sharing protocol previously
    presented to the Strategic Oversight Committee, Telus was asked
    to submit a preliminary indication of interest as quickly as
    possible. On June&#160;6, 2007, Telus submitted a written
    preliminary expression of interest to BCE that contemplated a
    mixed stock and cash transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;8, 2007, the Strategic Oversight Committee met and
    received a preliminary analysis from Goldman Sachs of
    Telus&#146; expression of interest. Representatives of Goldman
    Sachs expressed the view, and representatives of both CIBC and
    Greenhill concurred, that the indicative range of values per
    Common Share of Telus&#146; proposal was less than the
    preliminary indicative value range of $38 to $40 per Common
    Share initially proposed by Teachers&#146;/Providence and
    CPP/KKR, respectively. Among other things, Goldman Sachs&#146;
    view was based upon the cash/stock mix of the consideration, the
    exchange ratio associated with the proposal, the prevailing
    Telus share price, and Telus&#146; expected share price reaction
    to a public announcement of any BCE/Telus combination.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the valuation and regulatory issues associated
    with Telus&#146; expression of interest, the Strategic Oversight
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;18&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Committee was of the view that it should continue to advance
    discussions with Telus, and therefore instructed management and
    BCE&#146;s financial advisors to deliver a detailed form of NDA
    to Telus, to finalize the setting up of a separate electronic
    data room for Telus and to coordinate a meeting between
    BCE&#146;s Regulatory Counsel and Telus&#146; regulatory counsel
    with a view to obtaining a more detailed understanding of the
    perspectives of both companies with respect to regulatory
    approvals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;9, 2007, an NDA was forwarded to Telus. Management,
    with the assistance of Goldman Sachs and legal advisors, also
    continued work on setting up a separate electronic data room for
    Telus. Discussions between BCE and Telus and their respective
    advisors took place between June 9, 2007 and June 12, 2007
    regarding, among other things, the negotiation of the NDA and an
    appropriate information sharing protocol. Given that Telus&#146;
    proposal involved a substantial stock component, BCE also needed
    to conduct due diligence on Telus, and therefore any information
    sharing protocol needed to have a mutual application.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;12, 2007, the Strategic Oversight Committee met to
    review a letter from Mr.&#160;Entwistle and Brian A. Canfield,
    the Chairman of the Board of Telus, requesting, among other
    things, an extension of the bidding deadline and full access to
    BCE information, including BCE&#146;s competitively sensitive
    information. The Strategic Oversight Committee advised Telus
    later that same day that BCE would not agree to its requests and
    the reasons therefor. The Strategic Oversight Committee
    confirmed, however, its willingness to share appropriate
    information with Telus as soon as an NDA was finalized, but
    emphasized the importance of addressing the mutual information
    requests on a staged basis where more sensitive information
    would be provided, if appropriate, once both parties had better
    visibility as to the regulatory feasibility of Telus&#146;
    proposal and its relative attractiveness to BCE&#146;s
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Over the next several days, the NDA continued to be actively
    negotiated, particularly in respect of the mutual treatment and
    disclosure of competitively sensitive information. On
    June&#160;18, 2007, an NDA was agreed upon and BCE and Telus
    exchanged indices for their respective electronic data rooms,
    which opened the following day. It was not however possible to
    reach an agreement on the basis of the protocol advanced by BCE
    with respect to the most competitively sensitive information and
    thereby satisfy the concerns of the Board. On the same day,
    Goldman Sachs provided Telus with the Bidding Rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;20, 2007, the financial advisors sent a draft form
    of arrangement agreement prepared by BCE&#146;s legal advisors
    to Telus and reiterated the Board&#146;s focus on a transaction
    that would have a high probability of being consummated. Later
    that evening, BCE learned that Telus&#146; participation in the
    Auction Process had leaked to the media and, accordingly, BCE
    issued a press release. The following day, Mr.&#160;Entwistle
    held a press conference during which he indicated that Telus
    believed it was &#147;well positioned to come forward within the
    timelines that had been defined, to put an offer on the table
    that [Telus] believe[d] would be attractive to the shareholders
    of BCE&#148;. Mr.&#160;Entwistle also stated during this press
    conference his views with respect to potential remedies that
    might be proposed to address competition law concerns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;22, 2007, Messrs.&#160;Sabia and Hunter updated the
    Strategic Oversight Committee on their conversations earlier in
    the week with various Government officials concerning the
    process the Government would follow in reviewing any transaction
    involving BCE. Senior officials confirmed to management that in
    the event of either a going private transaction or a transaction
    with a competitor, the Government would rigorously review any
    transaction in conformity with all applicable laws and
    procedures. The feedback received was consistent with the views
    publicly articulated subsequently by Isabelle Fontaine,
    spokesperson to Industry Minister Maxime Bernier and by Prime
    Minister Stephen Harper, who said: &#147;The Government is going
    to be very loath to substitute political judgment on a matter
    which it thinks should be settled at arm&#146;s length from the
    government. [...] There are regulatory processes under the law.
    The government will respect those.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From May 26, 2007 to June&#160;25, 2007, three meetings were
    held between representatives of each of Telus and BCE to discuss
    the regulatory issues associated with a potential BCE/Telus
    combination. At these meetings, Telus representatives
    acknowledged that there were potential competition law concerns
    and suggested that the wireless issues could be addressed by
    encouraging the emergence of a third wireless player in Canada
    through the Government&#146;s upcoming spectrum&#160;auction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;24, 2007, the Board reviewed with BCE&#146;s
    Regulatory Counsel:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the tests and criteria that the Competition Bureau would likely
    apply in determining the remedies required for a BCE/Telus
    combination to be approved in a timely fashion;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the nature of the remedies that BCE&#146;s Regulatory Counsel
    expected would likely be required for approval; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the likelihood that the type of remedies suggested by Telus
    would be accepted by the Competition Bureau.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board concluded that regulatory approval of a BCE/Telus
    combination, as compared to prospective proposals from other
    participants in the Auction Process, carried a significantly
    higher degree of completion risk and would require a longer
    regulatory review in light of the type and scope of remedies
    that would likely be required by the Competition Bureau.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the morning of June&#160;26, 2007, Telus issued a press
    release announcing that it would not submit an offer. Subsequent
    to the announcement by BCE on June&#160;30, 2007 that it had
    entered into a definitive agreement with the Teachers&#146;
    Consortium, Telus announced on August&#160;3, 2007 that it did
    not intend to submit a competing offer to acquire BCE.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ALTERNATIVES
    FOR ENHANCING SHAREHOLDER VALUE OTHER THAN THE AUCTION
    PROCESS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Significant time was spent by the Strategic Oversight Committee
    and the Board examining possible alternatives to enhance
    shareholder value other than the Auction Process. On
    March&#160;7, 2007, in addition to reviewing an analysis of the
    privatization alternative, the Board reviewed analyses from
    management, Goldman Sachs and RBC assessing the potential value
    associated with executing on BCE&#146;s business plan and
    remaining a stand-alone entity as well as other alternatives.
    Following the April 17, 2007 announcement, internal work on
    alternatives to a change of control transaction continued.
    Management worked primarily with CIBC and Goldman Sachs to
    analyze various alternatives to a change of control transaction,
    including a recapitalization, the
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;19&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">break-up</FONT> of
    BCE and an alternative that involved a substantial infusion of
    capital and increased borrowings, while maintaining publicly
    traded equity for Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;8, 2007, CIBC and Goldman Sachs reviewed with the
    Strategic Oversight Committee various recapitalization
    alternatives. The analysis focused primarily on two scenarios,
    namely, the addition of leverage to a point that maintained the
    lowest investment grade credit rating for BCE debt and the
    addition of further leverage in an attempt to replicate the
    leverage levels used by private equity but in a public vehicle.
    The consensus view of the financial advisors was that the
    alternatives considered had the potential to increase
    shareholder value from the undisturbed share price of $30.13 per
    Common Share (being the closing price of the Common Shares on
    March&#160;28, 2007, the last trading day before there was
    public speculation about a possible transaction involving BCE),
    but were not expected to achieve a present value that would be
    competitive with the price anticipated from the Auction Process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;15, 2007, CIBC reviewed with the Strategic
    Oversight Committee its analysis of a potential
    <FONT style="white-space: nowrap">break-up</FONT> of
    BCE in an attempt to enhance shareholder value. The consensus
    view of the financial advisors was that this alternative had the
    potential to increase shareholder value from the undisturbed
    share price of $30.13 per Common Share, but was not expected to
    achieve a present value that would be competitive with the price
    anticipated from the Auction Process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;24, 2007, CIBC reviewed with the Board alternatives
    to a change of control transaction. At this meeting, CIBC
    reviewed with the Board the analyses prepared for the Strategic
    Oversight Committee, the value expected to result from an
    infusion of capital and the recapitalization of BCE while
    maintaining publicly traded equity for Shareholders, and the
    potential value associated with executing on BCE&#146;s business
    plan and remaining a stand-alone entity. The consensus view of
    the financial advisors was that the alternatives considered had
    the potential to increase shareholder value from the undisturbed
    share price of $30.13 per Common Share, but were not expected to
    achieve a present value that would be competitive with the price
    anticipated from the Auction Process.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">OFFERS
    SUBMITTED ON JUNE 26, 2007<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;26, 2007, Offers were submitted by each of the CPP
    Consortium, the Teachers&#146; Consortium and Cerberus. On
    June&#160;27, 2007, the Strategic Oversight Committee met with
    representatives of Goldman Sachs, Greenhill, Stikeman and
    Sullivan&#160;&#038; Cromwell, as well as management, to receive
    a preliminary report on the Offers submitted and to establish
    the next steps. Between June 26, 2007 and June&#160;28, 2007,
    BCE&#146;s legal and financial advisors continued to engage in
    discussions with the advisors to each of the CPP Consortium,
    Teachers&#146; Consortium and Cerberus concerning certain issues
    arising from the proposed contractual terms of their Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the Offers submitted by the CPP Consortium and the
    Teachers&#146; Consortium, respectively, was an all-cash Offer,
    while the Offer from Cerberus consisted of cash and stock (in
    the form of &#147;roll-over&#148; or &#147;stub-equity&#148;),
    with the substantial portion of the Offer value in cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Oversight Committee also discussed with its
    financial and legal advisors the advisability of seeking to
    <FONT style="white-space: nowrap">re-engage</FONT>
    Telus in the Auction Process. Given the regulatory and
    transactional risks and delay associated with a BCE/Telus
    combination and the consistent position taken by Telus
    representatives with respect to potential competition law
    remedies, as well as the value put forth by Telus in its
    preliminary indication of interest relative to the value of the
    Offers, the Strategic Oversight Committee determined that it
    would be imprudent to put the Auction Process at risk by
    actively seeking to re-engage Telus in light of other credible
    and fully developed private equity proposals and bearing in mind
    the increasing volatility and uncertainty in the debt markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;28, 2007, the Strategic Oversight Committee met
    with the financial and legal advisors, as well as management,
    and reviewed, analyzed and evaluated in detail each of the
    Offers submitted by each of the CPP Consortium, Teachers&#146;
    Consortium and Cerberus, including, among other things, the
    following key&#160;elements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the value of the Offer prices per Common Share;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Offer structures;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the treatment of the Preferred Shares;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the treatment of the existing debentures and other debt
    obligations of BCE and its Subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the level of equity in the pro forma capitalization;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the nature of the financing commitments;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the level of debt financing and the level of additional
    liquidity;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the level of equity ownership by each participant and equity
    syndication intentions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the <FONT style="white-space: nowrap">mark-ups</FONT>
    of the definitive transaction agreements submitted, including
    the principal issues, such as closing conditions and allocation
    of regulatory and other risks and their impact on the closing of
    the transaction;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the size of the proposed termination fees; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the proposed terms of the &#147;fiduciary-out&#148; provisions
    with respect to the Board&#146;s ability to consider and
    recommend a superior proposal in the event one were to be
    submitted post-announcement of a transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Oversight Committee also reviewed and analyzed,
    with the financial and legal advisors, certain other relevant
    aspects relating to the Offers, including, among other things,
    certain credit statistics and proposed sources and uses of
    funds, as well as the expected return on equity, given various
    sensitivities, to private equity bidders in order to assess
    their ability to pay a higher price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At that meeting, regulatory, financial and other issues
    associated with a potential transaction with Telus were also
    reviewed extensively. The Strategic Oversight Committee assessed
    the likelihood of potential regulatory remedies and their impact
    on the value to Shareholders, and took into account the critical
    timing element of concluding the Auction Process expeditiously
    principally as a result of the increasing volatility and
    uncertainty in the debt markets. The Strategic Oversight
    Committee also considered the fact that, if it chose to do so,
    Telus would have the opportunity to make a superior proposal
    following the announcement of a transaction, subject to
    BCE&#146;s obligation to
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;20&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pay the
    <FONT style="white-space: nowrap">break-up</FONT> fee
    described below under &#147;Summary of Definitive
    Agreement&#160;&#151; Termination Fee, Break-Up Fee and Expenses
    Reimbursement&#160;&#151; Termination Fee Payable by BCE&#148;.
    On that basis, the Strategic Oversight Committee recommended
    that the Auction Process should not be put at risk by delaying a
    decision in order to re-engage Telus in further discussions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following these analyses, and having received the advice of each
    of the financial advisors, all of whom concurred, as well as the
    legal advisors, the Strategic Oversight Committee concluded that
    one or more of the Offers submitted could lead to an acceptable
    transaction and that final stage negotiations should be
    concluded as rapidly as possible in order to ensure that such
    Offers were preserved, especially in light of the ongoing
    deterioration in the debt markets. The Strategic Oversight
    Committee instructed the financial and legal advisors to
    continue such discussions and to request that each of the CPP
    Consortium, Teachers&#146; Consortium and Cerberus put their
    best offer forward before the meeting of the Board scheduled for
    the next day.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">RECOMMENDATION
    OF THE STRATEGIC OVERSIGHT COMMITTEE AND BOARD DETERMINATION<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the morning of June&#160;29, 2007, the Strategic Oversight
    Committee met again with the legal and financial advisors, as
    well as management, to receive an update on the negotiations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Board meeting followed, at which Goldman Sachs reviewed with
    the Board its comparative analysis of the Offers submitted by
    each of the CPP Consortium, the Teachers&#146; Consortium and
    Cerberus, as updated to reflect the revised terms of the Offers
    as submitted pursuant to discussions and negotiations over the
    previous 24 hours. Goldman Sachs indicated that the
    Teachers&#146; Consortium, whose Offer was to expire at
    7:00&#160;p.m. on June&#160;29, 2007, had increased during the
    course of the Board meeting its Offer price to $42.75 per Common
    Share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial and legal advisors reviewed in detail with the
    Board the key terms and attributes of each of the Offers,
    including all the key elements reviewed by the Strategic
    Oversight Committee on June&#160;28, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board also reviewed the potential risks associated with the
    transaction structure proposed by Cerberus. The Board was
    advised that Cerberus&#146; Offer structure potentially carried
    a higher degree of regulatory risk than the other two Offers in
    light of the Canadian ownership requirements. The financial
    advisors discussed with the Board the implied trading value of
    the stock portion of Cerberus&#146; Offer highlighting, among
    other things, the differences between the investment attributes
    of the Common Shares prior to any transaction as a low-leverage
    and regular dividend paying investment compared to the
    attributes of the Common Shares in the Cerberus Offer, as a
    high-leverage investment without dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board also reviewed with the financial advisors the recent
    changes in the debt markets, the risks to the financing
    commitments of the bidders if conditions in the debt markets
    continued to weaken, and consequently the need to conclude the
    Auction Process in a timely fashion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board agreed with the Strategic Oversight Committee&#146;s
    recommendation not to put the Auction Process at risk by
    delaying a decision in order to re-engage Telus in discussions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After comparing the three Offers, the Board determined, based on
    the recommendation of the Strategic Oversight Committee, that
    the Teachers&#146; Consortium&#146;s revised $42.75 Offer, along
    with its terms and conditions, was clearly superior to the other
    Offers and instructed the financial and legal advisors to
    conclude negotiations with the Teachers&#146; Consortium on the
    remaining outstanding issues, including the termination fees and
    the terms of the &#147;fiduciary-out&#148; provisions of the
    definitive transaction agreement, with a view to concluding a
    definitive transaction agreement that evening or by
    June&#160;30, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board remained in session throughout the afternoon and into
    the evening of June 29, 2007 while the financial and legal
    advisors negotiated the final terms with the Teachers&#146;
    Consortium. From time to time throughout the afternoon and
    evening, the financial and legal advisors reported back to the
    Board on the progress of negotiations and received instructions
    from the Board. During the Board meeting, Cerberus proposed
    additional modifications to its Offer. Following a review and
    discussion, the Board concluded that given the regulatory and
    financing uncertainty of the revised proposal as well as
    valuation considerations related to the public equity stub, the
    Teachers&#146; Consortium Offer was still clearly superior to
    the other Offers and that the financial and legal advisors
    should continue their work to conclude negotiations with the
    Teachers&#146; Consortium.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the evaluation by the Board and the Strategic
    Oversight Committee of the Arrangement, the Board and the
    Strategic Oversight Committee received opinions from each of
    BMO, CIBC and RBC in respect of the fairness, from a financial
    point of view, of the Consideration offered to Common
    Shareholders and Preferred Shareholders under the Arrangement.
    The Board also received an opinion from Goldman Sachs, and the
    Strategic Oversight Committee also received an opinion from
    Greenhill, in respect of the fairness, from a financial point of
    view, of the Consideration to be paid to Common Shareholders
    under the Arrangement. The Fairness Opinions are summarized in
    this information circular under &#147;The
    Arrangement&#160;&#151; Fairness Opinions&#148;, and the full
    texts of the Fairness Opinions, which set forth the assumptions
    made, information reviewed, matters considered and limitations
    on the scope of the reviews undertaken, are attached at
    Appendices &#147;C&#148; to &#147;G&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Later that evening, the financial and legal advisors reported to
    the Board on the outcome of the final negotiations with the
    Teachers&#146; Consortium and, by a unanimous vote of the
    directors, other than Mr.&#160;Levitt who had previously recused
    himself (see &#147;The Arrangement&#160;&#151; Background to the
    Arrangement&#160;&#151; Contacts with Telus&#148; above), the
    Board:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    determined that the Arrangement is fair to the Shareholders and
    in the best interests of BCE;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    authorized and approved the Definitive Agreement; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    recommended that the Shareholders vote in favour of the
    Arrangement Resolution.
</TD>
</TR>

</TABLE>
<A name='121'>


<!-- link1 "RECOMMENDATION OF THE BOARD" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;RECOMMENDATION
    OF THE BOARD
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Board has unanimously determined that the Arrangement is
    fair to the Shareholders and in the best interest of BCE and
    unanimously recommends that Shareholders vote FOR the
    Arrangement Resolution. Reference in this information circular
    to the unanimous determination of the Board does not include
    Mr.&#160;Levitt, who was recused on May&#160;17, 2007 from
    further </B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;21&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>discussions of the Board relating to the Strategic Review
    Process and did not vote in respect of the Arrangement.
    See&#160;&#147;The Arrangement&#160;&#151; Background to the
    Arrangement&#160;&#151; Contacts with Telus&#148; above.</B>
</DIV>
<A name='122'>


<!-- link1 "REASONS FOR THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;REASONS
    FOR THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board, acting with the advice and assistance of the
    Strategic Oversight Committee and its financial and legal
    advisors, carefully evaluated the Offer of the Teachers&#146;
    Consortium, including the terms and conditions of the Definitive
    Agreement. On June&#160;29, 2007, the Board by a unanimous vote
    of the directors, other than Mr.&#160;Levitt who was previously
    recused (see&#160;&#147;The Arrangement&#160;&#151; Background
    to the Arrangement&#160;&#151; Contacts with Telus&#148;),
    determined that the Arrangement is fair to the Shareholders and
    in the best interests of BCE, and recommended that Shareholders
    vote in favour of the Arrangement Resolution. In reaching these
    determinations, the Board considered, among other things, the
    following factors and potential benefits and risks of the
    Arrangement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Board&#146;s conclusion, after a thorough review and after
    receiving the advice of its legal and financial advisors, that
    the value offered to Common Shareholders under the Arrangement
    is more favourable to Common Shareholders than the potential
    value that might have resulted from other strategic alternatives
    then reasonably available to BCE, including remaining a publicly
    traded company and pursuing BCE&#146;s current business plan,
    recapitalizing BCE through various leveraging and share
    repurchase transactions or breaking up BCE and spinning off
    certain of its component parts. In each case, the Board took
    into consideration the potential rewards, risks and
    uncertainties associated with those other alternatives, each
    within a timeframe comparable to that in which the Arrangement
    is expected to be completed. The Board also considered the fact
    that the cash Consideration per Common Share allows Common
    Shareholders to realize in the near term a value, in cash, for
    their investment that is fair and provides Common Shareholders
    certainty of value for their Common Shares;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the current and historical market valuation multiples of the
    Common Shares relative to those of other industry participants
    and general market indices, and the fact that the $42.75 per
    Common Share to be paid in cash as consideration under the
    Arrangement represents:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    a 41.9% premium to the closing price of Common Shares on
    March&#160;28, 2007, the last trading day before there was
    public speculation about a possible transaction involving BCE;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    a 40.1% premium to the average closing price of Common Shares
    for the three-month period ending on March&#160;28, 2007; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    a 6.0% premium to the closing price of Common Shares on
    June&#160;29, 2007, the last trading day before the Definitive
    Agreement was executed;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the Consideration per Common Share to be paid
    under the Arrangement was achieved through a public and
    competitive auction process conducted over two and one-half
    months featuring multiple bidders and multiple credible and
    well-developed bids, and that the course of negotiations between
    BCE and the Teachers&#146; Consortium resulted in a higher price
    per Common Share than the original Offer price submitted by the
    Teachers&#146; Consortium and was, in the opinion of the Board
    and the Financial Advisors, clearly superior to any other Offer
    by any bidder who participated in the Auction Process;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the evaluation by the Board of a potential combination of BCE
    with Telus, and the potential risks to BCE (many of which are
    beyond BCE&#146;s control) associated with achieving this
    alternative. These risks included the uncertainty as to the
    regulatory outcome and timing in respect of any such
    transaction, the potential synergies that could be lost or
    delayed as a result of any such regulatory remedies, the
    potential that any agreed to transaction would not proceed if
    regulatory approvals were not obtained, or were not obtained on
    desired terms and conditions, the potential disruption to BCE
    that could result from the pursuit of any such alternative,
    including with respect to management and employee attrition and
    disruption, and the potentially negative competitive position
    that BCE could be placed in as a result of the pursuit of such
    an alternative, including the long-term negative impact on
    shareholder value that could arise from a failure to complete
    such a strategic alternative;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the Consideration to be received by Preferred
    Shareholders under the Arrangement is equal to or higher than
    the par value and redemption value of the respective series of
    such Preferred Shares, together with accrued but unpaid
    dividends to the Effective Date;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the terms of the Arrangement comply with the terms
    of the indentures (the &#147;Indentures&#148;) governing the
    rights of the debentureholders and the obligations of BCE and
    its Subsidiaries to the debentureholders, which terms are
    available publicly on BCE&#146;s corporate website;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the sizeable equity investment by the Teachers&#146; Consortium
    relative to that proposed by other bidders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the reputation of the members of the Teachers&#146; Consortium
    in the Canadian and U.S. capital markets;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the terms of the Indentures do not contain
    &#147;change of control&#148; provisions or similar provisions
    that would require BCE or its Subsidiaries to redeem the
    debentures in the event of a change of control. The Board
    considered that, in the absence of such a provision and provided
    that the terms of the Indentures were honoured, no
    debentureholder could reasonably expect BCE to reject a change
    of control transaction that maximized shareholder value on the
    basis of any negative impact on the debentureholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the proposed impact of the Offers on the
    debentureholders was substantially similar among the
    three&#160;Offers;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that in the debt markets that BCE has accessed,
    contract terms of the debt were the subject of extensive
    negotiations between sophisticated commercial parties with
    access to financial and legal advice, such that the
    debentureholders could not reasonably expect to have the benefit
    of protections that were not negotiated and agreed to by BCE,
    and these contract terms were factored into the pricing of the
    debt securities at the time of issuance; and that, to the extent
    the Indentures contain leverage restrictions or limit the
    ability of BCE or its Subsidiaries to grant security, these
    restrictions and limitations will be complied with in
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;22&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    connection with the Arrangement and the financing arranged by
    the Purchaser;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the terms of the Debt Commitment Letter provide
    that, pursuant to the terms of the 76 Indenture and 97
    Indenture, the non-subordinated debentureholders would receive
    <I>pari passu</I> security interests in the assets of Bell
    Canada, which protection such debentureholders do not currently
    enjoy, as well as the express subordination of a portion of Bell
    Canada&#146;s guarantee of the obligations of the Purchaser to
    certain of the non-subordinated debentureholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the content of BCE&#146;s public statements prior to undertaking
    its Strategic Review Process, in which BCE provided appropriate
    disclaimers and cautions as to forward-looking statements, and
    in which the Board expressly retained the flexibility and
    ability to react to changing circumstances as appropriate or
    required in the exercise of its fiduciary duties;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    a comparison to recent leveraged buyout transactions, including
    the treatment of debt and other relevant market experience;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the Board had not sought out or initiated the
    Auction Process;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that it would not be appropriate in light of the clear
    terms of the Indentures to effectively provide the
    debentureholders with a veto over a transaction that was in the
    interests of the Shareholders, nor would the Board have
    fulfilled its duties had it negotiated a transaction that
    provided less value to Common Shareholders in order to provide
    debentureholders with additional protections that they did not
    bargain for or obtain under the terms of the Indentures;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    subject to the assumptions made, information reviewed, matters
    considered and limitations on the scope of the reviews
    undertaken, the opinions rendered to the Board by each of BMO,
    CIBC and RBC as of June 29, 2007 in respect of the fairness,
    from a financial point of view, of the Consideration offered to
    Common Shareholders and Preferred Shareholders under the
    Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    subject to the assumptions made, information reviewed, matters
    considered and limitations on the scope of the review
    undertaken, the opinion rendered to the Board by Goldman Sachs
    as of June 29, 2007 in respect of the fairness, from a financial
    point of view, of the Consideration to be paid to Common
    Shareholders under the Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the terms of the Definitive Agreement as reviewed by the Board,
    including:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that the Consideration to be received by the
    Shareholders is to be paid in cash;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that BCE&#146;s and the Purchaser&#146;s respective
    representations, warranties and covenants, and the conditions to
    their respective obligations, are reasonable in the judgment of
    the Board following consultations with its advisors, and were
    the product of extensive negotiations between BCE and its
    advisors and the Purchaser and its&#160;advisors;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that the Purchaser&#146;s obligation to consummate the
    transaction under the terms of the Definitive Agreement is not
    subject to a financing condition;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the Board&#146;s conclusion, following consultation with its
    Financial Advisors, that the Purchaser Parties have the
    financial capacity to consummate the Arrangement based on the
    terms of the Debt Commitment Letter and the Equity Commitment
    Letters, which contained only limited customary conditions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that any assistance by BCE and its Subsidiaries with
    the financing to be arranged by the Purchaser must comply with
    all of the terms of the Indentures, including the restrictions
    in the 76 Indenture on the amount of debt that can be guaranteed
    on a non-subordinated basis by Bell&#160;Canada and the
    requirement to provide a senior security interest in respect of
    debentures issued under the 76 Indenture and 97 Indenture
    pursuant to their respective negative pledge covenants;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that it is a mutual condition precedent to effecting
    the Arrangement that BCE and the Purchaser receive an opinion
    from a nationally recognized valuation firm to the effect that
    BCE will, subject to certain qualifications, be solvent as of
    the Effective Time and immediately following completion of the
    Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the likelihood of receiving timely regulatory and competition
    law approvals to complete the Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    BCE&#146;s ability, under the Definitive Agreement, under
    certain circumstances, to consider and respond to an Acquisition
    Proposal, and if the Board determines in good faith after
    consultation with its financial advisors and outside legal
    counsel that such Acquisition Proposal is a Superior Proposal,
    and the Purchaser chooses not to propose improvements to the
    Definitive Agreement to make the original Definitive Agreement
    match such proposal, BCE&#146;s ability to terminate the
    Definitive Agreement and accept the Superior Proposal upon the
    payment of the Termination Fee, and the Board&#146;s judgment
    that the Termination Fee is reasonable in the context of
    <FONT style="white-space: nowrap">break-up</FONT>
    fees that have been negotiated in other transactions and would
    not preclude another party from making an Acquisition Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the Board&#146;s ability, under the Definitive Agreement, to
    withdraw, modify or amend the Board&#146;s recommendation that
    Shareholders vote to approve the Arrangement Resolution under
    certain circumstances, subject to BCE&#146;s payment of the
    Termination Fee if the Purchaser elects to terminate the
    Definitive Agreement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that, under the Definitive Agreement, the Purchaser
    must ensure that any financing arranged by the Purchaser, when
    taken together with all other transactions contemplated by the
    Definitive Agreement, must comply in all material respects with
    the requirements of BCE&#146;s existing indebtedness and under
    all applicable laws;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that two-thirds of the votes cast at the Meeting must
    approve the Arrangement Resolution, such that Shareholders are
    free to reject the Arrangement Resolution if desired, subject to
    the obligation to reimburse certain expenses of the Purchaser
    Parties in such circumstances;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the ability of Shareholders to exercise Dissent Rights; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    the fact that the Arrangement must be approved by the&#160;Court.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;23&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    The Board also considered a variety of risks and other
    potentially negative factors concerning the Arrangement,
    including the following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the Common Shareholders will not participate in
    any future earnings or growth of BCE as BCE will no longer exist
    as a publicly traded company, such that they will not benefit
    from any appreciation in the value of, or any dividend or other
    distribution on, the Common Shares after the Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the requirement that certain conditions to the closing of the
    Arrangement must be met, including regulatory approvals, and the
    right of the Purchaser to terminate the Definitive Agreement
    under certain circumstances related thereto;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the risks and costs to BCE if the Arrangement is not closed,
    including the diversion of management and employee attention,
    employee attrition and the effect on business and customer
    relationships;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    if the Arrangement is not consummated and the Board decides to
    seek another transaction, there can be no assurance that BCE
    will be able to find a party willing to pay an equivalent or
    more attractive price than the Consideration to be paid under
    the Arrangement, or that Shareholders would be able to receive
    cash or other consideration for their Shares equal to or greater
    than the Consideration payable under the Arrangement in any
    other future transaction that BCE may effect;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that the Purchaser is a newly-formed entity and the
    other Purchaser Parties&#146; obligations to guarantee its
    performance under the Arrangement are limited to $1,000,000,000
    in the aggregate;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that an all-cash transaction will generally be taxable
    to non-exempt Shareholders for U.S. and Canadian federal income
    tax purposes;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that, under the Definitive Agreement, BCE must
    generally conduct its business in the ordinary course, and that
    BCE is, prior to the closing of the Arrangement or the
    termination of the Definitive Agreement, subject to customary
    ordinary course of business covenants requiring the prior
    consent of the Purchaser (not to be unreasonably withheld,
    conditioned or delayed), which may delay or prevent BCE from
    pursuing business opportunities that may arise or preclude
    actions that would be advisable if BCE were to remain a publicly
    traded company;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that, under the Definitive Agreement, BCE is restricted
    in its ability to solicit other Acquisition Proposals;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Termination Fee payable by BCE upon the occurrence of
    certain events, and the possible deterrent effect that paying
    such fee might have on the desire of other potential acquirors
    to propose an alternative transaction that may be more
    advantageous to Shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the transaction contemplated by the Arrangement will likely
    result in a downgrade in the credit rating applicable to the
    debentures and that institutional investors that are
    debentureholders may have internal policies that prohibit them
    from investing in or holding debt instruments with a rating
    below investment grade, which could lead such investors to sell
    debentures at a loss; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the fact that under the Definitive Agreement, BCE&#146;s
    directors and certain of BCE&#146;s officers may receive
    additional and separate benefits than those received by
    Shareholders generally in connection with the Arrangement (see
    &#147;The Arrangement&#160;&#151; Interests of Senior Management
    and Others in the Arrangement&#148; below).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing discussion of the factors considered by the Board
    includes the material factors considered by the Board in its
    consideration of the Definitive Agreement and the Arrangement,
    but is not intended to be exhaustive. After considering these
    factors, the Board concluded that the positive factors relating
    to the Definitive Agreement and the Arrangement significantly
    outweighed the potential negative factors. In view of the wide
    variety of factors considered by the Board, and the complexity
    of these matters, the Board did not find it practicable to, and
    did not, quantify or otherwise assign relative weights to the
    foregoing factors. In addition, individual members of the Board
    may have assigned different weights to various factors. The
    Board by a unanimous vote of the directors, other than
    Mr.&#160;Levitt who had previously recused himself, approved the
    Definitive Agreement and recommended that Shareholders approve
    the Arrangement Resolution based upon the totality of the
    information presented to and considered by it.
</DIV>
<A name='123'>


<!-- link1 "FAIRNESS OPINIONS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;FAIRNESS
    OPINIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the evaluation by the Board and the Strategic
    Oversight Committee of the Arrangement, the Board and the
    Strategic Oversight Committee received opinions from each of
    BMO, CIBC and RBC in respect of the fairness, from a financial
    point of view, of the Consideration offered to Common
    Shareholders and Preferred Shareholders under the Arrangement.
    The Board also received an opinion from Goldman Sachs, and the
    Strategic Oversight Committee also received an opinion from
    Greenhill, in respect of the fairness, from a financial point of
    view, of the Consideration to be paid to Common Shareholders
    under the Arrangement. The following summary of the Fairness
    Opinions is qualified in its entirety by reference to the full
    texts of the Fairness Opinions attached at
    Appendices&#160;&#147;C&#148; to &#147;G&#148;. Shareholders are
    urged to, and should, read each of the Fairness Opinions in its
    entirety. The Fairness Opinions are not recommendations as to
    how Shareholders should vote in respect of the Arrangement
    Resolution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">BMO
    FAIRNESS OPINIONS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO was engaged by BCE as co-financial advisor to the Board
    through an engagement agreement between BCE and BMO dated as of
    April&#160;17, 2007. Pursuant to the engagement agreement, BMO
    agreed to provide financial analysis and advice on structuring,
    planning and negotiating a change of control transaction
    involving BCE and to deliver one or more fairness opinions to
    the Board and/or the Strategic Oversight Committee, as requested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the meeting of the Board on June&#160;29, 2007, BMO delivered
    oral opinions, subsequently confirmed in writing, that, as at
    such date, and based on the assumptions, explanations and
    limitations set forth in such written opinions, the
    Consideration payable under the Arrangement is fair, from a
    financial point of view, to the Common Shareholders, other than
    the Purchaser Parties, TD and their respective affiliates and
    insiders, and that the Consideration payable, in respect of each
    series of Preferred
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;24&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares then issued, is fair, from a financial point of view, to
    the Preferred Shareholders, other than the Purchaser Parties, TD
    and their respective affiliates and insiders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;12, 2007, the Definitive Agreement was amended to
    provide for the acquisition by the Purchaser under the
    Arrangement of the Series&#160;AB Preferred Shares and
    Series&#160;AD Preferred Shares issuable, respectively, upon
    conversion of the Series&#160;AA Preferred Shares and the
    Series&#160;AC Preferred Shares. In connection with this
    amendment, BMO delivered a supplemental opinion that, as of such
    date, and based on the assumptions, explanations and limitations
    set forth in such written opinion, the Consideration payable to
    the holders of each series of the Series&#160;AB Preferred
    Shares and the Series&#160;AD Preferred Shares, if and when
    issued upon conversion of the Series&#160;AA Preferred Shares
    and the Series&#160;AC Preferred Shares, respectively, is fair,
    from a financial point of view, to the Preferred Shareholders,
    other than the Purchaser Parties, TD and their respective
    affiliates and insiders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full texts of the BMO Fairness Opinions, which set forth the
    scope of reviews undertaken and the assumptions, explanations
    and limitations taken into consideration by BMO in connection
    with such opinions, are attached at Appendix&#160;&#147;C&#148;.
    The BMO Fairness Opinions were provided solely for the use of
    the Board and the Strategic Oversight Committee in connection
    with their respective considerations of the Definitive Agreement
    and the Arrangement and are not recommendations as to how
    Shareholders should vote in respect of the Arrangement
    Resolution. Shareholders are urged to, and should, read the
    BMO&#160;Fairness Opinions in their entirety. Pursuant to the
    terms of its engagement agreement with BCE, BMO will receive
    fees in connection with its services, a significant portion of
    which is contingent on the completion of the Arrangement and the
    amount of the Consideration to be received by the Common
    Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO is a wholly-owned subsidiary of Bank of Montreal. BCE has
    been advised by BMO that neither BMO, nor any of its affiliated
    entities, is an insider, associate or affiliate (as those terms
    are defined in the <I>Securities Act</I> (Ontario)) of BCE, the
    Purchaser Parties or TD, or any of their respective associates
    or affiliates. Bank of Montreal provides and has provided
    banking services in the normal course of business to BCE, and
    Bank of Montreal or any of its affiliates may act as a lender to
    the Purchaser in connection with the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the services being provided under the engagement
    agreement, BMO has in the past provided and may in the future
    provide financial advisory and investment banking services to
    BCE, the Purchaser Parties and/or TD, or any of their respective
    associates or affiliates. There are no understandings,
    agreements or commitments between BMO, or any of its affiliated
    entities, and BCE, the Purchaser Parties or TD, or any of their
    respective associates or affiliates, with respect to any future
    business dealings which are expected to result in fees that are
    material to either BMO or Bank of Montreal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">CIBC
    FAIRNESS OPINIONS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to an engagement letter between BCE and CIBC dated
    June&#160;12, 2007 and effective as of April&#160;17, 2007, BCE
    engaged CIBC to act as co-financial advisor to the Board with
    respect to the consideration of potential strategic alternatives
    intended to enhance shareholder value. This engagement includes
    the provision of financial analysis and advice on structuring,
    planning and negotiating a strategic transaction and the
    furnishing of one or more opinions as to the fairness, from a
    financial point of view, of the consideration offered pursuant
    to a transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the meeting of the Board on June&#160;29, 2007, CIBC
    delivered its oral opinion, subsequently confirmed in writing,
    that, as of such date, and based upon and subject to the
    assumptions, limitations, qualifications and exceptions set
    forth in such written opinion, the Consideration offered to the
    Common Shareholders (other than the Purchaser Parties and TD)
    under the Arrangement is fair, from a financial point of view,
    to such Common Shareholders and the Consideration offered to the
    holders of each series of Preferred Shares (other than the
    Purchaser Parties and TD and except in respect of the
    Series&#160;AB Preferred Shares and the Series&#160;AD Preferred
    Shares) under the&#160;Arrangement is fair, from a financial
    point of view, to&#160;such&#160;holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;12, 2007, the Definitive Agreement was amended to
    provide for the acquisition by the Purchaser under the
    Arrangement of the Series&#160;AB Preferred Shares and
    Series&#160;AD Preferred Shares issuable, respectively, upon
    conversion of the Series&#160;AA Preferred Shares and
    Series&#160;AC Preferred Shares. In connection with this
    amendment, CIBC delivered its oral opinion, subsequently
    confirmed in writing, that, as of such date, and based upon and
    subject to the assumptions, limitations, qualifications and
    exceptions set forth in such written opinion, the Consideration
    to be received by the holders of each series of the
    Series&#160;AB Preferred Shares and the Series&#160;AD Preferred
    Shares (other than the Purchaser Parties and TD) under&#160;the
    Arrangement is fair, from a financial point of view,
    to&#160;such&#160;holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full texts of the written CIBC Fairness Opinions, which set
    forth the assumptions made, procedures followed, matters
    considered and limitations on the review undertaken in
    connection with such opinions, are attached at Appendix
    &#147;D&#148;. CIBC&#146;s opinion dated June&#160;29, 2007 was
    provided solely for the information and assistance of the
    Strategic Oversight Committee and the Board in connection with
    their respective considerations of the Definitive Agreement and
    the Arrangement and the CIBC Fairness Opinions are not
    recommendations as to how Shareholders should vote in respect of
    the Arrangement Resolution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders are urged to, and should, read the CIBC Fairness
    Opinions in their entirety. The description of the CIBC Fairness
    Opinions in this information circular is qualified in its
    entirety by reference to the full texts of such opinions. BCE
    will pay fees to CIBC in connection with its services, including
    fees that are contingent on the completion of the Arrangement
    and the amount of the Consideration to be received by the Common
    Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has been advised by CIBC that, except as disclosed in the
    CIBC Fairness Opinions, (i)&#160;neither it nor any of its
    affiliates is an insider, associate or affiliate (as those terms
    are defined in the <I>Securities Act</I> (Ontario)) of BCE, the
    Purchaser Parties or TD, and (ii)&#160;there are no
    understandings, agreements or commitments between CIBC or any of
    its affiliates and BCE, the Purchaser Parties or TD with respect
    to any future business dealings involving BCE.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;25&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Canadian Imperial Bank of Commerce, the sole shareholder of
    CIBC, is a lender to BCE and certain of BCE&#146;s affiliates.
    CIBC may, in the future, in the ordinary course of its business,
    perform financial advisory or investment banking services for
    BCE, the Purchaser Parties or TD or any of their respective
    associates or affiliates. CIBC and other members of its
    corporate group have previously and/or are currently engaged in
    syndication, agency and swap and derivative transactions and
    activities with BCE and its Subsidiaries and affiliates, and
    CIBC has effected and may in the future, from time to time,
    effect securities, commodities or other financial transactions
    with BCE, the Purchaser Parties, TD and their respective
    Subsidiaries and affiliates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">GOLDMAN
    SACHS FAIRNESS OPINION<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to a letter agreement, dated April&#160;17, 2007, BCE
    engaged Goldman Sachs to act as co-financial advisor to the
    Board regarding potential strategic alternatives aimed at
    enhancing shareholder value. The engagement included providing
    advice and assistance in connection with a potential
    transaction, including assisting in negotiating the financial
    aspects of a transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the meeting of the Board on June&#160;29, 2007, Goldman Sachs
    rendered its oral opinion to the Board, subsequently confirmed
    in writing, that, as of June&#160;29, 2007, and based upon and
    subject to the factors and assumptions set forth therein, the
    $42.75 per share in cash to be received by Common Shareholders
    (other than Teachers&#146; and its affiliates) pursuant to the
    Definitive Agreement was fair from a financial point of view to
    such shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full text of the Goldman Sachs Fairness Opinion, which sets
    forth the assumptions made, procedures followed, matters
    considered and limitations on the review undertaken, is attached
    at Appendix&#160;&#147;E&#148;. Goldman Sachs provided its
    opinion solely for the information and assistance of the Board
    in connection with its consideration of the transaction. The
    Goldman Sachs Fairness Opinion is not a recommendation as to how
    Shareholders should vote with respect to the Arrangement
    Resolution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman Sachs, as part of its investment banking business, is
    continually engaged in performing financial analyses with
    respect to businesses and their securities in connection with
    mergers and acquisitions, negotiated underwritings, competitive
    biddings, secondary distributions of listed and unlisted
    securities, private placements and other transactions as well as
    for estate, corporate and other purposes. In addition, as
    described in the Goldman Sachs Fairness Opinion, Goldman Sachs
    has provided, and is currently providing, certain investment
    banking and other financial services to BCE, the Purchaser,
    Teachers&#146;, TD, Providence, Madison Dearborn Partners and
    their respective affiliates and portfolio companies. Goldman
    Sachs also may provide investment banking and other financial
    services to BCE, the Purchaser, Teachers&#146;, TD, Providence,
    Madison Dearborn Partners and their respective affiliates and
    portfolio companies in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman Sachs will receive fees for its services in connection
    with the Arrangement, a portion of which became payable upon
    public announcement of the Definitive Agreement and the
    principal portion of which is contingent upon consummation of
    the Arrangement, and BCE has agreed to reimburse Goldman Sachs
    for its expenses and indemnify Goldman Sachs against certain
    liabilities arising out of its engagement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman Sachs is a full service securities firm engaged, either
    directly or through its affiliates, in securities trading,
    investment management, financial planning and benefits
    counseling, risk management, hedging, financing and brokerage
    activities for both companies and individuals. In the ordinary
    course of these activities, Goldman Sachs and its affiliates may
    provide such services to BCE, the Purchaser, Teachers&#146;, TD,
    Providence, Madison Dearborn Partners and their respective
    affiliates and portfolio companies, may actively trade the debt
    and equity securities (or related derivative securities and
    partnership interests) of BCE, TD and their respective
    affiliates and affiliates and portfolio companies of
    Teachers&#146;, Providence and Madison Dearborn Partners for
    their own account and for the accounts of their customers and
    may at any time hold long and short positions of such
    securities. Affiliates of Goldman Sachs have co-invested with
    Teachers&#146;, Providence and Madison Dearborn Partners and
    their respective affiliates from time to time and such
    affiliates of Goldman Sachs have invested and may invest in the
    future in limited partnership units of affiliates of
    Teachers&#146;, Providence and Madison Dearborn Partners.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">GREENHILL
    FAIRNESS OPINION<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to an engagement letter between BCE and Greenhill dated
    May&#160;2, 2007, BCE engaged Greenhill to act as a financial
    advisor to the Strategic Oversight Committee in connection with
    its consideration of potential strategic alternatives intended
    to enhance shareholder value. This engagement included, at the
    Strategic Oversight Committee&#146;s request, the rendering of
    an opinion to the Strategic Oversight Committee as to the
    fairness, from a financial point of view, of the consideration
    to be paid or received by BCE or the Shareholders, as
    applicable, in connection with a proposed transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the meeting of the Strategic Oversight Committee on
    June&#160;29, 2007, Greenhill delivered its oral opinion,
    subsequently confirmed in writing, that, as of the date thereof
    and based upon and subject to the limitations and assumptions
    stated in the Greenhill Fairness Opinion, the $42.75 per Common
    Share to be received by the holders of Common Shares (other than
    the Purchaser Parties, their affiliates and their respective
    insiders) is fair, from a financial point of view, to such
    holders. Greenhill was not requested to opine as to, and the
    Greenhill Fairness Opinion did not in any manner address, the
    underlying business decision whether to proceed with or effect
    the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full text of the Greenhill Fairness Opinion, which sets
    forth the assumptions made, general procedures followed,
    information reviewed, matters considered and limitations on the
    scope of the review undertaken in connection with it, is
    attached at Appendix&#160;&#147;F&#148;. The Greenhill Fairness
    Opinion was provided solely for the information and assistance
    of the Strategic Oversight Committee in connection with the
    consideration of the Definitive Agreement and the Arrangement
    and is not a recommendation as to how Shareholders should vote
    with respect to the Arrangement Resolution. Shareholders are
    urged to, and should, read the Greenhill Fairness Opinion in its
    entirety. The description of the Greenhill Fairness Opinion in
    this information circular is qualified in its entirety by
    reference to the full text of such opinion. BCE will pay fees to
    Greenhill in connection with its services, a portion of which is
    contingent upon the completion of the Arrangement. In addition,
    BCE has agreed to indemnify Greenhill for certain liabilities
    arising out of its engagement.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;26&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has been advised by Greenhill that (i)&#160;neither it nor
    any of its affiliates is an insider, associate or affiliate (as
    those terms are defined in the <I>Securities Act</I> (Ontario))
    of BCE or any of the Purchaser Parties or TD, and
    (ii)&#160;there are no understandings, agreements or commitments
    between Greenhill and any of the Purchaser Parties or TD with
    respect to any future business dealings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Greenhill may, in the future, from time to time, perform
    financial advisory or investment banking services for BCE, any
    of the Purchaser Parties, TD or any of their respective
    associates or affiliates, as well as effect securities,
    commodities or other financial transactions with BCE, any of the
    Purchaser Parties, TD and their respective Subsidiaries and
    affiliates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">RBC
    FAIRNESS OPINIONS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to an engagement letter between BCE and RBC dated as of
    April&#160;17, 2007, BCE engaged RBC to act as co-financial
    advisor to the Board regarding potential strategic alternatives
    aimed at enhancing shareholder value, including the provision of
    financial analysis and advice on structuring, planning and
    negotiating a transaction and the furnishing of one or more
    fairness opinions to the Strategic Oversight Committee and/or
    the Board, if requested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the meeting of the Board on June&#160;29, 2007, RBC delivered
    its oral opinion, subsequently confirmed in writing, that, as of
    such date, (i)&#160;the Consideration offered to the Common
    Shareholders other than the Purchaser Parties, TD and their
    affiliates under the Arrangement is fair, from a financial point
    of view, to such Common Shareholders and (ii)&#160;the
    Consideration offered to the holders of each series of Preferred
    Shares other than the Purchaser Parties, TD and their affiliates
    and except in respect of the Series&#160;AB Preferred Shares and
    Series&#160;AD Preferred Shares under the Arrangement is fair,
    from a financial point of view, to&#160;such holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;12, 2007, the Definitive Agreement was amended to
    provide for the acquisition by the Purchaser under the
    Arrangement of the Series&#160;AB Preferred Shares and
    Series&#160;AD Preferred Shares issuable, respectively, upon
    conversion of the Series&#160;AA Preferred Shares and
    Series&#160;AC Preferred Shares. In connection with this
    amendment, RBC delivered its oral opinion, subsequently
    confirmed in writing, that, as of such date, the Consideration
    offered to the holders of each series of the Series&#160;AB
    Preferred Shares and Series&#160;AD Preferred Shares other than
    the Purchaser Parties, TD and their affiliates under the
    Arrangement is fair, from a financial point of view, to
    such&#160;holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full texts of the RBC Fairness Opinions, which set forth the
    assumptions made, information reviewed, matters considered and
    limitations on the scope of reviews undertaken by RBC in
    rendering its opinions, are attached at Appendix &#147;G&#148;.
    Shareholders are urged to, and should, read the RBC Fairness
    Opinions in their entirety. This summary is qualified in its
    entirety by reference to the full texts of the RBC Fairness
    Opinions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The RBC Fairness Opinions were provided solely for the
    information of the Strategic Oversight Committee and the Board
    in connection with their consideration of the Arrangement and do
    not constitute recommendations as to how Shareholders should
    vote in respect of the Arrangement Resolution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under its engagement letter with RBC, BCE has agreed to pay RBC
    a fee for rendering financial advisory services, a significant
    portion of which is contingent upon the completion of the
    Arrangement. In addition, BCE has agreed to indemnify RBC and
    certain related persons against certain liabilities in
    connection with its engagement, including certain liabilities
    under securities&#160;laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has been advised by RBC that neither RBC, nor any of its
    affiliates is an insider, associate or affiliate (as those terms
    are defined in the <I>Securities Act</I> (Ontario)) of BCE, any
    of the Purchaser Parties, TD or any of their respective
    associates or affiliates. In addition to the services being
    provided under the engagement letter, RBC has in the past and
    may in the future, in the ordinary course of its business,
    perform financial advisory or investment banking services for
    BCE, any of the Purchaser Parties, TD or any of their respective
    associates or affiliates. BCE has also been advised by RBC that,
    as of the date of the RBC Fairness Opinions, there were no
    understandings, agreements or commitments between RBC and BCE,
    any of the Purchaser Parties or TD or any of their respective
    affiliates with respect to any future business dealings. Royal
    Bank of Canada, controlling shareholder of RBC, provides banking
    services to BCE, certain of the Purchaser Parties, TD and
    certain of their associates and affiliates in the normal course
    of business. Royal Bank of Canada and RBC may also participate
    as a lender or underwriter in financings related to the
    Arrangement. Additionally, BCE has been advised by RBC that as
    of the date of the Fairness Opinions, Royal Bank of Canada was a
    Series&#160;AA and Series&#160;AC Preferred Shareholder, owning
    2.8&#160;million Series&#160;AA and 5.98&#160;million
    Series&#160;AC Preferred Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC acts as a trader and dealer, both as principal and agent, in
    major financial markets and, as such, may have had and may in
    the future have positions in the securities of BCE, any of the
    Purchaser Parties, TD or any of their respective associates or
    affiliates and, from time to time, may have executed or may
    execute transactions on behalf of such companies or clients for
    which it received or may receive compensation. As an investment
    dealer, RBC conducts research on securities and may, in the
    ordinary course of its business, provide research reports and
    investment advice to its clients on investment matters,
    including with respect to BCE, any of the Purchaser Parties, TD
    or any of their respective associates and affiliates or the
    Arrangement.
</DIV>
<A name='124'>


<!-- link1 "REQUIRED SHAREHOLDER APPROVAL" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;REQUIRED
    SHAREHOLDER APPROVAL
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Meeting, Shareholders will be asked to vote to approve
    the Arrangement Resolution. The approval of the Arrangement
    Resolution will require the affirmative vote of at least
    two-thirds of the votes cast by Common Shareholders and
    Preferred Shareholders, voting together as a single class,
    present in person or represented by proxy at the Meeting. Each
    Common Shareholder and Preferred Shareholder will be entitled to
    one vote for each Share he or she holds on the Record Date.
    Notwithstanding the approval by Shareholders of the Arrangement
    Resolution, the Arrangement Resolution authorizes the Board to,
    without notice to or approval of the Shareholders,
    (i)&#160;amend, modify or supplement the Definitive Agreement or
    the Plan of Arrangement in accordance with their terms, and
    (ii)&#160;subject to the terms of the Definitive Agreement, not
    proceed with the Arrangement and related transactions.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;27&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->
<A name='125'>


<!-- link1 "ARRANGEMENT MECHANICS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ARRANGEMENT
    MECHANICS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description is qualified in its entirety by
    reference to the full text of the Plan of Arrangement which is
    attached at Appendix &#147;B&#148;. Upon the Arrangement
    becoming effective, the following transactions, among others,
    will occur and will be deemed to occur in the order set out in
    the Plan of Arrangement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    The articles of BCE will be amended to create an unlimited
    number of Class&#160;A voting non-participating shares, which
    will have such attributes as the Purchaser may designate in
    writing before the Effective Time, and BCE will issue such
    number of Class&#160;A voting non-participating shares as may be
    designated by the Purchaser prior to the Effective Time to such
    Person as may be so designated by the Purchaser for such
    consideration as may be so designated by the Purchaser.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    Each unvested Option will be deemed to have vested, and
    immediately thereafter each outstanding Option as of such time
    will be deemed to have been transferred to BCE in exchange for a
    cash amount equal to the amount by which the Consideration per
    Common Share exceeds the exercise price of the Option, and any
    applicable related special compensation payments. Each holder of
    Options will cease to be the holder of such Options and such
    holder&#146;s name will be removed from the register of Options,
    and the Equity Compensation Plans related to such Options will
    be cancelled.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    The Shares held by Dissenting Shareholders in respect of which
    Dissent Rights have been validly exercised will be deemed to
    have been transferred without any further act or formality to
    the Purchaser, and:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    such Dissenting Shareholders will cease to be the holders of
    such Shares and to have any rights as holders of such Shares
    other than the right to be paid fair value for such Shares;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    such Dissenting Shareholders&#146; names will be removed as the
    holders of such Shares from the registers of Shares maintained
    by or on behalf of BCE; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    the Purchaser will be deemed to be the transferee of such Shares
    and will be entered in the registers of Shares maintained by or
    on behalf of BCE.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    Each Share outstanding immediately prior to the Effective Time
    (other than Shares in respect of which Dissent Rights have been
    validly exercised and any Shares held by the Purchaser) will be
    transferred without any further act or formality to the
    Purchaser for the Consideration per Share, and:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    the holders of such Shares immediately before the Effective Time
    will cease to be the holders thereof and to have any rights as
    holders of such Shares other than the right to be paid the
    Consideration per Share in accordance with the Plan of
    Arrangement and other than the right to receive any declared but
    unpaid dividends on such Shares;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    such holders&#146; names will be removed from the registers of
    Shares maintained by or on behalf of BCE; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    the Purchaser will be deemed to be the transferee of such Shares
    and will be entered in the registers of Shares maintained by or
    on behalf of BCE.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    All ECP Interests will be cancelled and terminated without any
    further act or formality, and:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    each holder of such ECP Interests will be entitled to receive
    from BCE or Bell Canada, as applicable, in exchange therefor, a
    cash amount equal to the product of (i)&#160;the aggregate
    number of deferred or restricted share units that are recorded
    for the benefit of the holder at the Effective Time pursuant to
    the applicable Equity Compensation Plan and vested at the
    Effective Time, and (ii)&#160;the Consideration per Common Share;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    each holder of such ECP Interests will cease to be the holder of
    such ECP Interests;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    each such holder&#146;s name will be removed from the register
    or account of ECP Interests; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4.&#160;
</TD>
    <TD align="left">
    the Equity Compensation Plans will be cancelled (without,
    however, prejudice to the right of any individuals eligible to
    participate in BCE&#146;s retention plan to receive their
    entitlements under and in accordance with the provisions of such
    plan).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    The Purchaser will transfer the Shares to one of its
    Subsidiaries (&#147;Subco&#148;) designated in writing prior to
    the Effective Time in consideration for the issuance of certain
    promissory notes and shares of Subco.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    Following the completion of the transfer of the Shares by
    the&#160;Purchaser to Subco as described above, Subco and BCE
    will&#160;amalgamate under section&#160;192 of the CBCA to
    form&#160;BCE&#160;Amalco.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">LETTER
    OF TRANSMITTAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once there is more certainty as to when the Arrangement will be
    completed (currently expected to be in the first quarter of
    2008), we will mail to registered Shareholders a Letter of
    Transmittal. In order to receive the Consideration for their
    Shares, registered Shareholders will have to complete and sign
    the Letter of Transmittal and deliver it, together with their
    Share certificate(s) and any other required documents, to the
    Depositary in accordance with the instructions contained in the
    Letter of Transmittal. The Letter of Transmittal will also be
    available on our website at www.bce.ca as well as on SEDAR at
    www.sedar.com, and on EDGAR at www.sec.gov.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Letter of Transmittal will contain procedural information
    relating to the Arrangement and should be reviewed carefully. If
    you are a Non-Registered Shareholder, you should carefully
    follow the instructions from the Intermediary that holds Shares
    on your behalf in order to submit your Share certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any use of mail to transmit share certificate(s) and/or Letters
    of Transmittal is at the risk of the relevant Shareholder. If
    these documents are mailed, it is recommended that registered
    mail, with return receipt requested, and with proper insurance,
    be&#160;used.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DELIVERY
    OF CONSIDERATION<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following receipt of the Final Order and prior to the filing of
    the Articles of Arrangement, the Purchaser will deposit in
    escrow cash with the Depositary in the aggregate amount equal to
    the Consideration payable in respect of Shares and on behalf of
    BCE Consideration payable in respect of Options and ECP
    interests as required by the Plan of Arrangement. All payments
    will be made in Canadian dollars, except that payments to
    registered
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;28&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders with addresses in the United&#160;States will be
    made in US&#160;dollars, based on the rate of exchange at the
    time of payment, unless such a Shareholder elects to receive
    payment in Canadian dollars in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon surrender of certificate(s) to the Depositary for
    cancellation which immediately prior to the Effective Time
    represented outstanding Shares that were transferred to the
    Purchaser under the Arrangement, 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 Shares represented by such surrendered certificate(s)
    will be entitled to receive, and the Depositary will deliver to
    such holder, a cheque issued by the Depositary representing that
    amount of cash which such holder has the right to receive under
    the Arrangement (which shall be net of applicable withholdings),
    and the certificate(s) so surrendered will forthwith be
    cancelled. On and after the Effective Time, all certificates
    that represented Shares immediately prior to the Effective Time
    will cease to represent any rights with respect to Shares and
    will only represent the right to receive the Consideration in
    respect thereof pursuant to the Plan of Arrangement or the right
    to receive the fair market value of the Shares, if Dissent
    Rights have been properly exercised.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As soon as practicable following the Effective Date, the
    Depositary will deliver, on behalf of BCE, to each holder of
    Options and ECP Interests, a cheque representing the amount
    payable to such holder of Options and ECP Interests in
    accordance with the provisions of the Plan of Arrangement, and
    any applicable related special compensation payments (which in
    each case shall be net of applicable withholdings).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of a transfer of ownership of Shares prior to the
    Effective Time that is not registered in the transfer records of
    BCE, a cheque representing the proper amount of cash may be
    delivered to the transferee if the certificate representing such
    Shares is presented to the Depositary, accompanied by all
    documents required to evidence and effect such transfer prior to
    the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under no circumstances will interest accrue or be paid by BCE,
    the Purchaser or the Depositary on the Consideration payable in
    connection with the Arrangement to Persons depositing Shares in
    connection with the Arrangement, regardless of any delay in
    making such payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Depositary will act as the agent of Persons who have
    deposited Shares in connection with the Arrangement for the
    purpose of receiving payment from the Purchaser and transmitting
    payment from the Purchaser to such Persons, and receipt of
    payment by the Depositary will be deemed to constitute receipt
    of payment by Persons depositing Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise directed in the Letter of Transmittal, the
    cheque to be issued pursuant to the Arrangement will be issued
    in the name of the registered Shareholder of the Shares so
    deposited. Unless the Person who deposits the certificate(s)
    representing the Shares instructs the Depositary to hold the
    cheque for pick up by checking the appropriate box in the Letter
    of Transmittal, cheques will be forwarded by first class mail to
    the addresses provided in the Letter of Transmittal. If no
    address is provided, cheques will be forwarded to the address of
    the Shareholder as shown on the register of the transfer agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any Shareholder fails for any reason to duly surrender to the
    Depositary for cancellation the certificate(s) formerly
    representing Shares, together with such other documents or
    instruments required to entitle the holder thereof to receive
    the Consideration in respect thereof, on or before the sixth
    anniversary of the Effective Date, such certificate will cease
    to represent a claim by or interest of any former Shareholder of
    any kind or nature against or in BCE or the Purchaser. On such
    anniversary date, all cash to which such former holder was
    entitled will be deemed to have been surrendered to the
    Purchaser or BCE, as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE, the Purchaser and the Depositary will be entitled to deduct
    and withhold from any Consideration otherwise payable to a
    Shareholder or a holder of Options or ECP Interests such amounts
    as BCE, the Purchaser, or the Depositary is required or
    permitted to deduct and withhold with respect to such payment
    under applicable laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Depositary will receive reasonable and customary
    compensation for its services in connection with the
    Arrangement, will be reimbursed for certain out of pocket
    expenses and will be indemnified by BCE against certain
    liabilities under applicable securities laws and expenses in
    connection therewith.
</DIV>
<A name='126'>


<!-- link1 "INTERESTS OF SENIOR MANAGEMENT AND OTHERS IN THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;INTERESTS
    OF SENIOR MANAGEMENT AND OTHERS IN THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In considering the recommendations of the Board with respect to
    the Arrangement, Shareholders should be aware that BCE&#146;s
    directors and certain members of BCE&#146;s senior management
    have certain interests in connection with the Arrangement that
    may be in addition to, or separate from, those of Shareholders
    generally in connection with the Arrangement. The Board is aware
    of these interests and considered them along with other matters
    described below. See also &#147;Summary of Definitive Agreement
    &#151; Background to the Arrangement&#148; and &#147;Summary of
    Definitive Agreement &#151; Reasons for the Arrangement&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DIRECTORS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To our knowledge, BCE&#146;s directors beneficially own,
    directly or indirectly, or exercise control or direction over,
    in the aggregate, 1,384,870 Common Shares representing
    approximately 0.17% of the Common Shares outstanding. All of the
    Common Shares held by BCE&#146;s directors will be treated in
    the same fashion under the Arrangement as Common Shares held by
    any other Shareholder. BCE&#146;s directors do not own any
    Preferred Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE&#146;s directors who are not officers of BCE or any of its
    subsidiaries receive from BCE an annual fee of $150,000
    (US$150,000 for directors who live outside Canada) except for
    the Chair of the Board who receives an annual fee of $300,000
    and the Chair of our audit committee who receives an annual fee
    of $225,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE&#146;s directors receive their compensation in the form of
    DSUs until they have reached their minimum share ownership
    requirement of 10,000 Common Shares and/or DSUs. After that,
    BCE&#146;s directors may choose to receive part or all of their
    compensation in cash. BCE&#146;s directors hold, in the
    aggregate,  370,550 DSUs, all issued under BCE&#146;s 1997 Share
    Unit Plan for Non-Employee Directors. The related consideration
    payable to BCE&#146;s directors pursuant to the Arrangement in
    respect of such
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;29&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    outstanding DSUs is set forth in the Director compensation table
    below. Director fees will continue to be paid in DSUs or in cash
    until the Effective Date as elected by the directors. See
    &#147;The Arrangement&#160;&#151; Arrangement Mechanics&#148;
    for a discussion of the treatment of DSUs pursuant to the terms
    of the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the members of the Strategic Oversight Committee (other
    than the Chair of the Strategic Oversight Committee) will
    receive a flat fee of $50,000, and the Chair of the Strategic
    Oversight Committee will receive a flat fee of $100,000, in each
    case payable in cash by BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Anthony Fell, one of BCE&#146;s directors, is also the chairman
    and a director of RBC, and Victor L. Young, one of BCE&#146;s
    directors, is a director of the parent bank of RBC. RBC was
    engaged by BCE to act as co-financial advisor to the Board
    regarding potential strategic alternatives aimed at enhancing
    shareholder value, including the provision of financial analysis
    and advice on structuring, planning and negotiating a
    transaction and the furnishing of the RBC Fairness Opinions.
    Additionally, Edward C. Lumley, one of BCE&#146;s directors, is
    also the vice-chair and a director of BMO. BMO was engaged by
    BCE to act as co-financial advisor to the Board to provide
    financial analysis and advice on structuring, planning and
    negotiating a change of control transaction involving BCE and to
    deliver the BMO Fairness Opinions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael Sabia, BCE&#146;s President and Chief Executive Officer,
    is also a director. Please see &#147;The Arrangement&#160;&#151;
    Interests of Senior Management and Others in the
    Arrangement&#160;&#151; Executive Officers&#148; below for a
    discussion of his interests in the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DIRECTOR
    COMPENSATION TABLE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Personal share ownership and DSUs held by our directors and
    payable upon the Arrangement becoming effective are presented in
    the following table.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=67 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Personal<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Personal<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ownership of<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ownership of<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Common Shares<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Common Shares<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Vested DSUs<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Vested DSUs<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (#)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ($)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (#)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ($)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Name
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (1)(2)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=67 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">B&#233;rard, Andr&#233;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1,120
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    47,880
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23,893
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,021,419
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Brenneman, Ronald&#160;A.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    38,351
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,639,505
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    19,905
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    850,922
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Currie, Richard J.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1,024,102
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    43,780,361
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    30,826
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,317,796
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Fell, Anthony&#160;S.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    91,500
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    3,911,625
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25,161
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,075,648
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Kaufman, Donna Soble
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3,049
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    130,345
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24,364
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,041,551
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Levitt, Brian
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2,573
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    109,996
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    45,001
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,923,773
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Lumley, Edward C.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    9,150
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    391,163
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    17,691
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    756,307
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Maxwell, Judith
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    915
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    39,116
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    17,316
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    740,279
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">McArthur, John
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    874
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    37,364
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    44,622
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,907,606
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">O&#146;Neill, Thomas C.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2,745
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    117,349
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10,254
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    438,371
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Pattison, James A.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    91,500
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    3,911,625
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    11,662
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    498,563
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Pozen, Robert C.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    111,602
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    4,770,985
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    36,461
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,558,718
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Tellier, Paul M.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1,555
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    66,476
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    46,397
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,983,493
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Young, Victor L.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5,834
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    249,404
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    16,996
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    726,576
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=239 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    As at July&#160;26, 2007. None of BCE&#146;s directors owned any
    Preferred Shares.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Common Shares valued at $42.75 per Common Share.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    DSUs may be redeemed before the Effective Time as a result of
    retirement from the Board. DSUs valued at $42.75 per unit,
    before applicable withholdings.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">EXECUTIVE
    OFFICERS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To BCE&#146;s knowledge as at July&#160;26, 2007, our executive
    officers, being the 15 members of the executive committee of BCE
    and Bell Canada (including the President and Chief Executive
    Officer), beneficially own, directly or indirectly, or exercise
    control or direction over, in the aggregate, 490,256 Common
    Shares, representing approximately 0.06% of BCE&#146;s
    outstanding Common Shares. The number of Common Shares
    individually owned is set forth under the executive compensation
    table below. All of the Common Shares held by BCE&#146;s
    executive officers will be treated in the same fashion under the
    Arrangement as Common Shares held by any other Shareholder. The
    Purchaser has not entered into any arrangement with any of
    BCE&#146;s executive officers as part of the Definitive
    Agreement or otherwise with regards to future employment or for
    participation in the future equity of the Purchaser following
    the completion of the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE&#146;s executive officers hold, in the aggregate, 673,254
    DSUs, all issued under BCE&#146;s 1997 Share Unit Plan for
    Senior Executives and Other Key Employees and representing 56.7%
    of the outstanding DSUs under such plan. These vested DSUs were
    purchased at market prices by the executives who have elected to
    reinvest in securities of BCE some or all of their performance
    bonuses from previous years that would otherwise have been paid
    in cash. The consideration payable to BCE&#146;s executive
    officers pursuant to the Arrangement in respect of their
    outstanding DSUs is set forth in the Executive compensation
    table below. See &#147;The Arrangement&#160;&#151; Arrangement
    Mechanics&#148; for a discussion of the treatment of DSUs
    pursuant to the terms of the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE&#146;s executive officers beneficially own, directly or
    indirectly, or exercise control or direction over, in the
    aggregate, 5,997,357&#160;Options (of which 2,858,000 are
    unvested), representing approximately 32.7% of the Options
    outstanding. Under the terms of the Arrangement, each Option not
    yet vested at the Effective Time shall be deemed to vest. The
    amounts payable to BCE&#146;s executive officers pursuant to the
    Arrangement in respect of their unvested Options are set forth
    in the Executive compensation table below. See &#147;The
    Arrangement&#160;&#151; Arrangement Mechanics&#148; for a
    discussion of the treatment of Options pursuant to the terms of
    the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Given the uncertainty generally prevailing in potential change
    of control transactions, the Management Resources and
    Compensation Committee of the Board, as is customary in these
    circumstances, reviewed various human resource matters, such as
    retention of key personnel, to ensure that BCE&#146;s ability to
    maintain the business and achieve an optimal outcome for
    BCE&#146;s Shareholders would not be damaged by the loss of
    critical personnel. Following such review, the Board, upon the
    recommendation of the Management Resources and Compensation
    Committee, approved the implementation of a retention policy and
    a change in control severance policy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The retention policy was designed to foster appropriate focus on
    ongoing operations throughout the Strategic Review Process and
    for a period following the closing of a transaction. Upon
    announcement of the proposed transaction with the Teachers&#146;
    Consortium, all executives became eligible for a retention
    payment in lieu of their RSUs granted in 2006 (which is part of
    our mid-term incentive plan) for the performance period ending
    December&#160;31, 2007 and that would otherwise be payable
    (based on vesting percentage) in early 2008. The retention
    payment corresponds to the value of their RSUs plus a
    <FONT style="white-space: nowrap">&#147;top-up&#148;</FONT>
    amount, having an aggregate value equal to the greater of
    (i)&#160;1.25 times the executive&#146;s
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;30&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RSUs held upon the announcement of the proposed transaction with
    the Teachers&#146; Consortium valued at $42.75 per Common Share
    and (ii)&#160;one time the executive&#146;s base salary and
    target bonus as of the Effective Date. BCE&#146;s executives
    will be eligible for such retention incentive if employed by BCE
    or its Subsidiaries on the earlier of (i)&#160;six months after
    the closing of the &#147;change in control&#148; transaction,
    and (ii)&#160;12&#160;months after the change in control
    transaction is announced (the &#147;retention period&#148;). The
    payment will be made at the end of the retention period,
    provided that 25% of such payment will be made upon the closing
    of the change in control transaction if it occurs earlier than
    the end of the retention period. The Arrangement constitutes a
    &#147;change in control&#148; as defined in this policy.
    BCE&#146;s President and Chief Executive Officer declined any
    payments under this retention policy. The value of the
    <FONT style="white-space: nowrap">top-up</FONT>
    amount payable to BCE&#146;s executive officers pursuant to the
    Arrangement is set forth in the Executive compensation table
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Wade Oosterman, the President of Bell Mobility and BDI as well
    as Chief Brand Officer of Bell Canada, has a passive investment
    in an affiliated fund of Madison Dearborn Partners which could
    be an owner of the Purchaser. At the appropriate time, measures
    were taken to manage this potential conflict.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;31&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">EXECUTIVE
    COMPENSATION TABLE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Personal share ownership and compensation of the executive
    officers triggered by the completion of the Arrangement are
    presented in the following table.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutterright -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutterright -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="30" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=84 length=0 -->&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Personal<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Personal<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Top-Up<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Ownership of<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Ownership of<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Unvested<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Unvested<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Value of<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Common Shares<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Common Shares<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Vested DSUs<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Vested DSUs<BR>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Options<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Options<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Retention<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (#)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ($)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (#)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ($)<BR>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (#)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ($)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    ($)<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Name
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Title
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (1)(2)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (3)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=84 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=26 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Boisvert, St&#233;phane
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">President&#160;&#151; Enterprise
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    741
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    31,678
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    130,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,563,900
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    410,165
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Close, Ron
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President&#160;&#151; Bell New
    Ventures
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5,557
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    237,562
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4,306
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    184,073
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,415,302
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Cope, George A.&#160;(7)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President and Chief Operating
    Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    131,831
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    5,635,775
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    693,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    9,984,750
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,800,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Crull, Kevin W.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President&#160;&#151; Residential
    Services
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4,844
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    207,081
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32,960
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,409,054
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    155,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,900,150
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,412,020
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Fox, William J.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Executive
    Vice-President&#160;&#151; Communications and Corporate
    Development
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    17,101
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    731,068
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25,988
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,110,975
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    110,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,323,300
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    415,302
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Houle, Leo W.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Chief Talent Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    11,378
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    486,410
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    42,719
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,826,223
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,203,000
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    373,771
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Hunter, Lawson A.W.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Executive Vice-President and Chief
    Corporate Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10,776
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    460,674
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    35,060
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,498,804
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    130,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,563,900
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    539,896
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Oosterman, Wade&#160;(8)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President&#160;&#151; Bell Mobility
    and BDI/Chief Brand Officer, Bell Canada
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    93,303
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    3,988,703
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8,538
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    364,994
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    310,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    4,564,500
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    551,460
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Pichette, Patrick
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">President&#160;&#151; Operations
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    13,821
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    590,848
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    52,097
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    2,227,151
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    190,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    2,285,700
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    539,896
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Roman, Eugene&#160;(9)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Group President - Systems and
    Technology
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    14,942
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    638,771
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23,383
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    999,603
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    130,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,563,900
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    539,896
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Sabia, Michael J.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President and Chief Executive
    Officer of BCE&#160;&#151; Chief Executive Officer of Bell Canada
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    136,034
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    5,815,454
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    313,650
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    13,408,557
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    450,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    5,413,500
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Sheriff, Karen H.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President&#160;&#151; Small and
    Medium Business
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    11,259
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    481,322
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    42,716
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,826,128
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    130,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,563,900
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    539,896
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Thomson, L. Scott
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Executive
    Vice-President&#160;&#151; Corporate Development and Planning
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    11,998
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    512,915
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    29,906
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,278,462
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    110,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,323,300
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    546,393
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Turcotte, Martine
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Chief Legal Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    15,559
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    665,147
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    22,828
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    975,907
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    110,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,323,300
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    415,302
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <FONT style="font-size: 7pt">Vanaselja, Siim&#160;A.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Chief Financial Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    11,112
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    475,038
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    39,103
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,671,665
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    110,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,323,300
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    498,364
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="31" valign="top">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=497 length=0 -->&nbsp;<FONT style="font-size: 7pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    As of July 26, 2007. These Shares were purchased by the
    executive officers and were not granted or awarded by BCE. None
    of BCE&#146;s executive officers owns any Preferred Shares.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Common Shares valued at $42.75 per Common Share.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    These vested DSUs were purchased at market prices by the
    executives who have elected to reinvest in securities of the
    Corporation some or all of their performance bonuses from
    previous years that would otherwise have been paid in cash. DSUs
    valued at $42.75 per unit, before applicable withholdings. DSUs
    may be redeemed before the Effective Date as a result of
    employment termination.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    Assuming none of the Options becoming vested prior to the
    Effective Time is exercised.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">    Represents the amount that the Consideration per Common Share
    ($42.75) exceeds the exercise price of the Option, before
    applicable withholdings.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (6)&#160;
</TD>
    <TD align="left">    A <FONT style="white-space: nowrap">top-up</FONT>
    amount of $9,997,662 might be payable to BCE&#146;s executive
    officers over the value of their regular RSUs (assuming full
    vesting of RSUs as of December&#160;31, 2007), for an overall
    retention value pursuant to the retention policy of $38,788,311
    based on a price of $42.75 per Common Share. Amounts shown are
    subject to applicable withholdings.<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Sabia declined any payments under this retention
    policy. According to his employment agreement, his unvested RSUs
    will vest upon completion of the Arrangement, providing an
    estimated benefit of $6.8&#160;million at a price of $42.75 per
    Common Share.<BR>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Close was allocated an additional amount for retention
    purposes.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (7)&#160;
</TD>
    <TD align="left">    The 693,000 options include 443,000 options granted to
    Mr.&#160;Cope to replace non-performance-based options granted
    by his former employer.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (8)&#160;
</TD>
    <TD align="left">    The 310,000 options include 180,000 options granted to
    Mr.&#160;Oosterman to replace non-performance-based options
    granted by his former employer.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (9)&#160;
</TD>
    <TD align="left">    Mr.&#160;Roman will be credited with up to five years of service
    to qualify for an immediate pension in the event of involuntary
    termination (for reason other than cause) further to a change in
    control.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;32&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In recognition of their performance and increased
    responsibilities and workload in connection with the Strategic
    Review Process, the Board at its discretion and upon the
    recommendation of the Management Resources and Compensation
    Committee may pay bonuses to certain executives and key
    employees involved in the transaction in an aggregate amount of
    up to $25&#160;million (and not exceeding 10% of that amount for
    any individual). Some of these payments may be awarded to
    executive officers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">CHANGE
    OF CONTROL AGREEMENTS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have also implemented a change in control severance policy
    for certain designated levels of executives, including the
    executive officers, pursuant to which such executive officers
    will be eligible to receive a change in control severance
    payment in the event of (i)&#160;a termination of employment
    (for reason other than cause) at BCE or its Subsidiaries&#146;
    discretion within 24&#160;months following a change in control,
    (ii)&#160;a constructive dismissal within 24&#160;months
    following a change in control invoked within six months of
    occurrence of the constructive dismissal event, (iii)&#160;a
    voluntary resignation in the 13th month following a change in
    control, or (iv)&#160;a termination of employment (for reason
    other than cause) at BCE or its Subsidiaries&#146; discretion
    within 12&#160;months prior to a change in control. For
    executive officers, the severance payment will be equal to 2.5
    times their base salary and target bonus (3.0 for Mr.&#160;Sabia
    as per his current contractual arrangement and without
    duplication). During the severance period, health benefits and
    life insurance coverage will be maintained (or ceased earlier if
    benefits are secured elsewhere) and years of pensionable service
    will be credited for pension calculation purposes. The
    completion of the Arrangement will constitute a &#147;change in
    control&#148; as defined in this policy. The policy provides for
    non-competition, non-solicitation, non-disparagement and
    confidentiality restrictions for a period equal to the duration
    of the severance benefit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the time he was appointed President and Chief Executive
    Officer in April 2002, Mr.&#160;Sabia entered into a written
    employment agreement with BCE. None of these contractual
    provisions have changed as a result of this transaction. For
    more details, see page&#160;42 of BCE&#146;s 2007 management
    proxy circular dated April&#160;17, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">INDEMNIFICATION
    AND INSURANCE OF DIRECTORS AND EXECUTIVE OFFICERS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For more information on indemnification and insurance of
    directors and executive officers see &#147;Summary of Definitive
    Agreement&#160;&#151; Director and Officer Liability&#148;.
</DIV>
<A name='127'>


<!-- link1 "INTENTIONS OF BCE DIRECTORS AND EXECUTIVE OFFICERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;INTENTIONS
    OF BCE DIRECTORS AND EXECUTIVE OFFICERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the directors and executive officers of BCE, who
    beneficially own, directly or indirectly, or exercise control or
    direction over, in the aggregate 1,875,126&#160;Common Shares as
    at July&#160;26, 2007, which represent approximately 0.23% of
    the outstanding Common Shares have indicated that they intend to
    vote FOR the Arrangement Resolution.
</DIV>
<A name='128'>


<!-- link1 "SOURCES OF FUNDS FOR THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;SOURCES
    OF FUNDS FOR THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligations of the Purchaser under the Definitive Agreement
    are not conditional on it obtaining financing. An aggregate
    amount of approximately $40&#160;billion will be required to
    fund the transactions under the Arrangement. The debt, equity
    and hedging arrangements described below have been arranged by
    the Purchaser and are intended to provide the necessary funding
    for the Arrangement. The summary below reflects the terms of the
    debt and equity commitments received by the Purchaser in
    connection with the execution of the Definitive Agreement. The
    Purchaser may amend the terms of such financing provided that
    the Purchaser does not amend or alter such commitments in a
    manner that would reasonably be expected to materially impair,
    delay or prevent the completion of the Arrangement. The
    Purchaser may also elect to pursue alternative funding means for
    financing the Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DEBT
    FINANCING<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms of the Commitment Letter from Citigroup
    Global Markets Inc., Deutsche Bank AG, Canada Branch, The Royal
    Bank of Scotland PLC and The Toronto-Dominion Bank
    (collectively, the &#147;Lenders&#148;) dated June&#160;29, 2007
    (the &#147;Debt Commitment Letter&#148;), the Lenders have
    committed to provide the Purchaser with an aggregate
    $4.2&#160;billion term loan A facility (the &#147;TLA
    Facility&#148;), an aggregate $16.5&#160;billion term loan B
    facility (denominated in the U.S. dollar equivalent at the
    prevailing Canadian and U.S. dollar exchange rate, but not to
    exceed U.S. $16.5&#160;billion) (the &#147;TLB Facility&#148;),
    a delayed draw term loan facility (the &#147;Delayed Draw
    Facility&#148;) in an aggregate principal amount of
    $350&#160;million (denominated in the U.S. dollar equivalent at
    the prevailing Canadian and U.S. dollar exchange rate, but not
    to exceed U.S. $350&#160;million) and a $2&#160;billion
    revolving credit facility (the &#147;Revolving Facility&#148;,
    and together with the TLA Facility, the TLB Facility and the
    Delayed Draw Facility, the &#147;Senior Credit
    Facilities&#148;), each of which is to be secured by certain
    assets of the Purchaser, BCE and certain subsidiaries. The
    Senior Credit Facilities will not be secured by the assets of
    Bell Aliant Regional Communications Income Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, the Lenders have committed to provide the
    Purchaser with a senior unsecured bridge facility (the
    &#147;Senior Bridge Facility&#148;) in an amount equal to
    $7.5&#160;billion (denominated in the U.S. dollar equivalent at
    the prevailing Canadian and U.S. dollar exchange rate, but not
    to exceed U.S.&#160;$7.5&#160;billion) and a senior subordinated
    unsecured bridge facility (the &#147;Senior Subordinated Bridge
    Facility&#148;) in an amount equal to $3.8&#160;billion
    (denominated in the U.S. dollar equivalent at the prevailing
    Canadian and U.S.&#160;dollar exchange rate, but not to exceed
    U.S. $3.8&#160;billion). These facilities will be guaranteed by
    BCE and certain subsidiaries of BCE, but will not otherwise be
    secured. The Purchaser has engaged Citigroup Global Markets
    Inc., (&#147;Citi&#148;) Deutsche Bank Securities Inc.,
    (&#147;DB&#148;) RBS Securities Corporation (&#147;RBS&#148;)
    and TD Securities (USA) LLC for the public or private issuance
    of senior notes (the &#147;Senior Notes&#148;) in an aggregate
    principal amount of $7.5&#160;billion (denominated in the U.S.
    dollar equivalent at the prevailing Canadian and U.S. dollar
    exchange rate, but not to exceed U.S.&#160;$7.5&#160;billion)
    and senior subordinated notes (the &#147;Senior Subordinated
    Notes&#148;) in an aggregate principal amount of
    $3.8&#160;billion (denominated in the U.S. dollar equivalent at
    the prevailing Canadian and U.S. dollar exchange rate, but not
    to exceed U.S. $3.8&#160;billion). The Senior Notes and Senior
    Subordinated Notes are expected to be issued contemporaneously
    with the completion of the Arrangement and will bear interest at
    the market rates prevailing at the time of issuance for
    securities with comparable terms and maturities. If the Senior
    Notes and
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;33&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior Subordinated Notes are issued, the Purchaser does not
    expect to avail itself of the Senior Bridge Facility and Senior
    Subordinated Bridge Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser has also received from Citibank, N.A., Deutsche
    Bank AG, New York Branch and The Royal Bank of Scotland PLC a
    cross-currency hedging commitment (the &#147;Hedging
    Commitment&#148;) to effect an exchange of all U.S. dollar
    amounts borrowed under the Senior Credit Facilities, the Senior
    Bridge Facility (if borrowed), the Senior Subordinated Bridge
    Facility (if borrowed), the Senior Notes (if issued) and the
    Senior Subordinated Notes (if issued) into Canadian dollar
    equivalents and to provide for an exchange of the relevant
    interest basis from a fixed or floating U.S. dollar rate, as the
    case may be, to the equivalent fixed or floating Canadian dollar
    rate, as the case may be. The effect of the Hedging Commitment
    is to reduce the Purchaser&#146;s currency risk associated with
    amounts borrowed by it in U.S. dollars and ensure it has access
    to the full Canadian dollar amount of the facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The six-year TLA Facility, the seven-year TLB Facility, the
    Senior Bridge Facility (or the Senior Notes) and the Senior
    Subordinated Bridge Facility (or the Senior Subordinated Notes)
    will be used to finance a portion of the transactions
    contemplated by the Arrangement, to refinance existing
    indebtedness and to pay fees and expenses related thereto. The
    Delayed Draw Facility will be available, from time to time,
    during the period commencing on the Effective Date and ending on
    the date that is one year after the Effective Date and may be
    drawn from time to time solely for the purposes specified in the
    applicable commitment. The six-year Revolving Facility may be
    used (a)&#160;on the Effective Date, in an aggregate principal
    amount of up to $175&#160;million, to finance a portion of the
    transactions contemplated by the Arrangement, to refinance
    existing indebtedness and to pay fees and expenses related
    thereto; and (b)&#160;on and after the Effective Date, to
    finance working capital needs and for general corporate purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Purchaser&#146;s option, the Senior Credit Facilities
    will (a)&#160;in the case of loans made available in U.S.
    dollars, bear interest at either (i)&#160;a fluctuating rate
    based on the prime rate of one of the Lenders (subject to
    adjustment in certain circumstances) plus a specified margin
    (which, together with any other applicable margin or equivalent
    fee, may be based on financial performance) or (ii)&#160;the
    Eurodollar rate for the applicable interest period plus the
    specified margin, or (b)&#160;in the case of loans made
    available in Canadian dollars, bear interest at either
    (i)&#160;a fluctuating rate based on the prime rate of one of
    the Lenders announced as its reference lending rate for Canadian
    dollar loans plus the specified margin or (ii)&#160;by the
    creation and purchase of bankers&#146; acceptances plus payment
    of the specified stamping fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser may make voluntary prepayments of the Senior
    Credit Facilities without premium or penalty at any time,
    subject to certain minimum amount requirements. In addition, the
    TLA Facility and the TLB Facility (including any Delayed Draw
    Facility borrowings) are each required to be prepaid in certain
    circumstances, including with a certain percentage of the net
    cash proceeds of certain debt issuances, excess cash flow and
    certain asset sales, subject, in each case, to certain
    exceptions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Senior Credit Facilities and Hedging Commitment will be
    unconditionally guaranteed by certain of the Purchaser&#146;s
    subsidiaries (including certain of BCE&#146;s
    <FONT style="white-space: nowrap">wholly-owned</FONT>
    material restricted subsidiaries other than Northwestel Inc.) on
    a senior basis (or, in the case of Bell Canada, on a senior and
    senior subordinated basis as described below). Each of these
    guarantees will be secured on a senior basis on all of the
    assets (subject to certain exceptions) of each guarantor, except
    for Bell Canada. The guarantees and related security to be
    provided by Bell Canada will be provided (i)&#160;as to a
    portion of the guarantees (the <I>&#147;Pari Passu</I>
    Guarantee&#148;), on a senior basis ranking <I>pari passu</I>
    with the debentures (collectively, the &#147;Existing Senior
    Debentures&#148;) that are to remain outstanding under the
    76&#160;Indenture and the 97&#160;Indenture and the obligations
    of Bell Canada under the master lease dated June&#160;14, 2002
    (the &#147;CIT Lease&#148;) between 991102 Alberta Ltd. and Bell
    Canada, in an amount not to exceed the principal amount in
    respect of Bell Canada&#146;s guarantee permitted to be incurred
    on a senior basis under the provisions of the 76 Indenture and
    the CIT Lease; and (ii)&#160;as to the balance of the guarantees
    (the &#147;Senior Subordinate Guarantee&#148;), on a basis
    subordinated to the <I>Pari Passu</I> Guarantee and the Existing
    Senior Debentures issued under the 76 Indenture and 97 Indenture
    and Bell Canada&#146;s obligations under the CIT Lease.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The <I>Pari Passu</I> Guarantee and the Senior Subordinate
    Guarantee shall rank senior with respect to Bell Canada&#146;s
    subordinate debentures issued under the Trust&#160;Indenture
    dated as of April&#160;17, 1996 (the &#147;96 Indenture&#148;)
    between Bell Canada and Computershare Trust&#160;Company of
    Canada.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both the 76 Indenture and the 97 Indenture provide that Bell
    Canada will not secure any Debt (as defined in those indentures)
    without providing concurrently therewith that the debentures
    issued under such indentures (and any other Debt subject to a
    similar covenant) will be secured equally and ratably with such
    Debt. In addition, the 76 Indenture provides that Bell Canada
    will not guarantee any Funded Debt (as defined in the
    76&#160;Indenture) (subject to certain exceptions) ranking
    equally with the Debentures issued under the 76 Indenture unless
    at the time of the incurrence of such new guaranteed Funded Debt
    (i)&#160;all Funded Debt of Bell Canada outstanding at the date
    of such proposed guarantee, including the new guaranteed Funded
    Debt, does not exceed 66 and 2/3% of &#147;Tangible Property of
    Bell Canada&#148; (as defined in the 76 Indenture); and
    (ii)&#160;a specified earnings coverage ratio is met. Bell
    Canada will comply with these restrictions in connection with
    its guarantees and related security for the acquisition
    financing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to ensure compliance with the terms of the
    76&#160;Indenture, prior to entering into the Senior Credit
    Facilities and Hedging Commitment secured by the <I>Pari
    Passu</I> Guarantee, BCE will calculate, as required by the
    terms of the 76 Indenture, the &#147;Funded Debt&#148; and
    &#147;Tangible Property of Bell Canada&#148; in order to
    accurately determine the permitted amount of the <I>Pari
    Passu</I> Guarantee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Senior Bridge Facility (or the Senior Notes) will have the
    benefit of guarantees on an unsecured senior basis (except with
    respect to Bell Canada) and on a senior subordinated basis in
    the case of Bell Canada (but senior to the Senior Subordinated
    Bridge Facility or Senior Subordinated Notes and the existing
    debentures under the 96&#160;Indenture). The Senior Subordinated
    Bridge Facility (or the Senior Subordinated Notes) will have the
    benefit of guarantees on an unsecured senior subordinated basis
    to the guarantees of the Senior Credit Facilities and the Senior
    Bridge Facility and Senior Notes. The guarantees of the Senior
    Subordinated Bridge Facility (or Senior Subordinated Notes) will
    rank senior to the Debentures issued under the 96 Indenture.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;34&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The <I>pari passu</I> Bell Canada security for the Existing
    Debentures issued under the 76 Indenture and the
    97&#160;Indenture, the CIT Lease, the <I>Pari Passu</I>
    Guarantee and the Senior Subordinate Guarantee will exclude
    among other property of Bell Canada, all of its cash, cash
    equivalents (other than the proceeds of collateral) and deposit
    and security accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser has advised BCE that the Senior Credit Facilities,
    the Senior Bridge Facility (or the Senior Notes, if issued) and
    the Senior Subordinated Bridge Facility (or the Senior
    Subordinated Notes, if issued), together with the equity
    financing described below, are sufficient to fund the
    transactions contemplated by the Arrangement. The Lenders may
    arrange to have other financial institutions reasonably
    acceptable to the Purchaser provide portions of these credit
    facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligation of the Lenders to provide the debt financing on
    the terms outlined in the Debt Commitment Letter and the Hedge
    Commitment is subject to the following conditions, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    consummation of the transactions contemplated by the Definitive
    Agreement occurring substantially concurrently with the closing
    of the Senior Credit Facilities, the Senior Bridge Facility (or
    the Senior Notes) and the Senior Subordinated Bridge Facility
    (or the Senior Subordinated Notes), without giving effect to any
    modifications, amendments or express waivers by the Purchaser
    that are materially adverse to the Lenders without the
    reasonable consent of each of the Lenders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    completion of the equity financing described below; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    other customary limited conditions for financings of
    this&#160;type.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">EQUITY
    FINANCING<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser has entered into the Equity Commitment Letters
    pursuant to which Teachers&#146; and affiliates of Providence,
    Madison Dearborn Partners, TD, Citi, DB and RBS have agreed,
    severally, and not jointly, to provide, or cause to be provided,
    equity financing to the Purchaser in the aggregate amount of
    approximately $7.75&#160;billion as a source of funds required
    to consummate the Arrangement. Pursuant to the terms of the
    Equity Commitment Letters, the obligations of each of
    Teachers&#146;, and affiliates of Providence, Madison Dearborn
    Partners, TD, Citi, DB and RBS to provide the equity financing
    on the terms outlined in the Equity Commitment Letters are
    subject to the satisfaction of the conditions precedent set
    forth in the Definitive Agreement. See &#147;Summary of
    Definitive Agreement&#160;&#151; Mutual Conditions
    Precedent&#148;, &#147;Summary of Definitive
    Agreement&#160;&#151; Additional Conditions Precedent to the
    Obligations of the Purchaser&#148;, and &#147;Summary of
    Definitive Agreement&#160;&#151; Additional Conditions Precedent
    to the Obligations of BCE&#148;. The equity commitments of
    Teachers&#146;, and affiliates of Providence and Madison
    Dearborn Partners, set out in the Equity Commitment Letters
    expire immediately upon the earliest to occur of (a)&#160;the
    Effective Time; (b)&#160;the termination of the Definitive
    Agreement; and (c)&#160;BCE or any of its affiliates asserting
    in any litigation or other proceeding any claim against
    Teachers&#146;, Providence, Madison Dearborn Partners, TD, Citi,
    DB and RBS or any of their affiliates, including in the case of
    Teachers&#146;, Providence and Madison Dearborn Partners under
    the Guarantee. Each of TD, Citi, DB, or RBS may terminate their
    obligations under their Equity Commitment Letters to the
    Purchaser under these and certain additional circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser Parties may syndicate equity subject to certain
    conditions. See &#147;Summary of Definitive
    Agreement&#160;&#151; Equity Syndication&#148;.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;35&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='129'><B><FONT style="font-size: 15pt">

<!-- link1 "SUMMARY OF DEFINITIVE AGREEMENT" -->
 <BR>
    <BR>
    SUMMARY OF DEFINITIVE AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Definitive Agreement and the Plan of Arrangement are the
    legal documents that govern the Arrangement. This section of
    this information circular describes the material provisions of
    the Definitive Agreement but does not purport to be complete and
    may not contain all of the information about the Definitive
    Agreement that is important to you. This summary is qualified in
    its entirety by reference to the Definitive Agreement, which is
    available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
    We encourage you to read the Definitive Agreement in its
    entirety. It is an agreement that establishes and governs the
    legal relationships between BCE and the Purchaser with respect
    to the transactions described in this information circular. It
    is not intended to be a source of factual, business or
    operational information about BCE or the Purchaser.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='130'>


<!-- link1 "REPRESENTATIONS AND WARRANTIES" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;REPRESENTATIONS
    AND WARRANTIES
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Definitive Agreement contains representations and warranties
    made by BCE to the Purchaser and representations and warranties
    made by the Purchaser to BCE. The assertions embodied in those
    representations and warranties were made solely for purposes of
    the Definitive Agreement and may be subject to important
    qualifications and limitations agreed to by the parties in
    connection with negotiating its terms. Moreover, some of those
    representations and warranties are subject to a contractual
    standard of materiality or material adverse effect different
    from that generally applicable to public disclosure to
    Shareholders, or are used for the purpose of allocating risk
    between the parties to the Definitive Agreement. For the
    foregoing reasons, you should not rely on the representations
    and warranties contained in the Definitive Agreement as
    statements of factual information at the time they were made
    or&#160;otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the Definitive Agreement, BCE and the Purchaser have each
    made representations and warranties relating to, among other
    things: corporate existence and power; corporate authorization;
    governmental authorization; non-contravention of constating
    documents and Material Contracts; litigation; and finders&#146;
    fees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the foregoing representations and warranties, the
    Purchaser made representations and warranties for the benefit of
    BCE relating to the sufficiency of committed funds to give
    effect to the transactions contemplated by the Definitive
    Agreement; consortium membership; Investment Canada Act matters;
    residency and ownership restrictions; security ownership with
    respect to holdings by the Purchaser Parties in BCE securities;
    and the execution and delivery of the Guaranty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE also made representations and warranties for the benefit of
    the Purchaser with respect to BCE&#146;s capitalization;
    Material Subsidiaries; securities law matters; financial
    statements; absence of certain changes since December&#160;31,
    2006; lack of undisclosed material liabilities; compliance with
    laws; Taxes; Employee Plans; collective agreements;
    environmental matters; real property;
    <FONT style="white-space: nowrap">right-of-way</FONT>
    agreements; network facilities; personal property; intellectual
    property; Material Contracts; insurance; opinion of financial
    advisors; licenses; and books and records.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of the representations and warranties of BCE in the
    Definitive Agreement are expressly qualified by reference to a
    &#147;material adverse effect&#148;, which 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
    BCE 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 BCE), except for any such effect resulting from
    or arising in connection with: (a)&#160;any change in generally
    accepted accounting principles; (b)&#160;any adoption, proposal,
    implementation or change in applicable law or any interpretation
    thereof by any Governmental Authority; (c)&#160;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)&#160;any
    change affecting any of the industries in which BCE or any of
    its Subsidiaries operate; (e)&#160;any natural disaster;
    (f)&#160;the execution, announcement or performance of the
    Definitive Agreement or consummation of the transactions
    contemplated in the Definitive Agreement, including any loss or
    threatened loss of, or adverse change or threatened adverse
    change in, the relationship of BCE or any of its Subsidiaries
    with any of their employees, financing sources, bondholders or
    Shareholders; (g)&#160;any change in the market price or trading
    volume of any securities of BCE (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 BCE trade;
    (h)&#160;BCE 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)&#160;the failure of BCE
    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)&#160;the failure of the Telesat Transaction
    to be completed for any reason; (k)&#160;any actions taken (or
    omitted to be taken) upon the request of the Purchaser; or
    (l)&#160;any action taken by BCE or any of its Subsidiaries
    which is required pursuant to the Definitive Agreement;
    provided, however, that with respect to clauses (c),
    (d)&#160;and (e)&#160;above, such matter does not have a
    materially disproportionate effect on BCE and its Subsidiaries,
    taken as a whole, relative to other comparable companies and
    entities operating in the industries in which BCE and/or its
    Subsidiaries operate.
</DIV>
<A name='131'>


<!-- link1 "CONDUCT OF BUSINESS PRIOR TO THE EFFECTIVE TIME" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONDUCT
    OF BUSINESS PRIOR TO THE EFFECTIVE TIME
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has agreed that prior to the Effective Time it will conduct
    its business and cause its Subsidiaries to conduct their
    business in the ordinary course consistent with past practice,
    and will, among other things, use its commercially reasonable
    efforts to preserve intact the present business organization of
    BCE and its
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;36&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsidiaries and to preserve the current relationships of BCE
    and its Subsidiaries with customers, suppliers, distributors,
    licensors, employees and other Persons with which BCE or any of
    its Subsidiaries has significant business relations. In
    connection with this general covenant, BCE has also agreed that,
    prior to the Effective Time, and except (i)&#160;as set forth in
    the BCE Disclosure Letter, (ii)&#160;as required or permitted by
    the Definitive Agreement, (iii)&#160;as required by applicable
    law, Governmental Authority or by the terms of any existing
    contract, or (iv)&#160;as contemplated by certain of BCE&#146;s
    business plans and related documents, BCE will not, nor will it
    permit any of its Subsidiaries to, except with the prior consent
    of Purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (a)&#160;
</TD>
    <TD align="left">    amend its constating documents or the constating documents of
    its Subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (b)&#160;
</TD>
    <TD align="left">    split, combine or reclassify any shares of BCE or declare, set
    aside or pay any dividend or other distribution (whether in
    cash, stock or property or any combination thereof), other than
    in certain specified circumstances, including, among others,
    (i)&#160;our regular quarterly dividend not in excess of $0.365
    per Common Share per quarter, (ii)&#160;in respect of any
    Preferred Share, dividends in an amount and with a payment
    frequency as provided for or contemplated by the terms of such
    Preferred Shares, and (iii)&#160;dividends or distributions from
    a Subsidiary of BCE to BCE or another wholly-owned Subsidiary of
    BCE;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (c)&#160;
</TD>
    <TD align="left">    redeem, repurchase, or otherwise acquire or offer to redeem
    repurchase or otherwise acquire any shares of capital stock of
    BCE or any of its Subsidiaries, except in certain specific
    circumstances;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (d)&#160;
</TD>
    <TD align="left">    issue, deliver or sell or authorize the issuance, delivery or
    sale of any shares of capital stock or any options, warrants or
    similar rights exercisable or convertible into such capital
    stock, of BCE or any of its Subsidiaries, or any RSUs, subject
    to certain limited exceptions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (e)&#160;
</TD>
    <TD align="left">    acquire (by merger, consolidation, acquisition of stock or
    assets or otherwise), directly or indirectly, assets,
    securities, properties, interests or businesses having a cost,
    on a per transaction or series of related transactions basis, in
    excess of $100&#160;million individually and subject to a
    maximum of $300&#160;million for all such transactions, other
    than ordinary course procurement contracts or the acquisition of
    inventory or other assets for resale or use by BCE and/or any of
    its Subsidiaries or their respective customers in connection
    with the ordinary course operation of their businesses;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (f)&#160;
</TD>
    <TD align="left">    sell, lease or otherwise transfer 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&#160;million individually
    and subject to a maximum of $500&#160;million for all such
    transactions, other than: (i)&#160;the sale, lease or other use
    or transfer of inventories and products in the ordinary course
    of business consistent with past practice; (ii)&#160;in
    connection with the Telesat Transaction; or (iii)&#160;in
    respect of obsolete, damaged or destroyed assets;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (g)&#160;
</TD>
    <TD align="left">    make 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&#160;million
    individually and $300&#160;million in the aggregate, any other
    Person, other than BCE or any wholly-owned Subsidiary of BCE and
    other than pursuant to the exercise of existing pre-emptive or
    similar rights or existing capital call obligations;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (h)&#160;
</TD>
    <TD align="left">    prepay any long-term indebtedness before its scheduled maturity
    or create, incur, assume or otherwise become liable 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&#160;million provided that
    the principal amount of BCE&#146;s indebtedness for borrowed
    money as of the date of the Definitive Agreement may not be
    increased by more than $800&#160;million as a result of the net
    effect of all such transactions, other than
    (i)&#160;indebtedness owing by one Subsidiary of BCE to BCE or
    another Subsidiary of BCE or of BCE to another Subsidiary of
    BCE; (ii)&#160;in connection with the refinancing of
    indebtedness outstanding on the date of the Definitive
    Agreement; (iii)&#160;in connection with advances under
    BCE&#146;s or any Subsidiary&#146;s existing credit facilities;
    or (iv)&#160;indebtedness entered into in the ordinary course
    consistent with past practice, including 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 BCE or any Subsidiary becomes
    liable in accordance with (ii)&#160;&#151; (iv), above, must be
    prepayable at the Effective Time without premium, penalty or
    other incremental costs (including breakage costs) in excess of
    $5&#160;million, in the aggregate;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (i)&#160;
</TD>
    <TD align="left">    except as required by applicable law or by the terms of the
    Employee Plans or contracts in effect on June&#160;29, 2007:
    (i)&#160;increase any severance, change of control or
    termination pay to (or amend any existing arrangement with) any
    employee, director or executive officer of BCE or any of its
    Subsidiaries; (ii)&#160;increase the benefits payable under any
    existing severance or termination pay policies with any
    employee, director or executive officer of BCE or any of its
    Subsidiaries; (iii)&#160;increase the benefits payable under any
    employment agreements with any employee, director or executive
    officer of BCE or any of its Subsidiaries (other than, in the
    case of an employee other than a director or executive officer
    of BCE or Bell Canada, in a manner consistent with past
    practice); (iv)&#160;enter into any employment, deferred
    compensation or other similar agreement (or amend any such
    existing agreement) with any director or executive officer of
    BCE or Bell Canada; or (v)&#160;increase compensation, bonus
    levels or other benefits payable to any director or executive
    officer of BCE or Bell Canada or to any employee (other than, in
    the case of an employee other than a director or executive
    officer of BCE or Bell Canada, in a manner consistent with past
    practice) provided that the foregoing shall not prohibit BCE
    from paying, establishing or increasing the compensation of the
    members of the Strategic Oversight Committee;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (j)&#160;
</TD>
    <TD align="left">    make any material change in BCE&#146;s methods of accounting,
    except as required by concurrent changes in generally accepted
    accounting principles, or pursuant to written instructions,
    comments or orders from the SEC, the Autorit&#233; des
    march&#233;s financiers or any applicable securities authority;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (k)&#160;
</TD>
    <TD align="left">    waive, release, assign, settle or compromise any claim in a
    manner that could require a payment by, or release another
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;37&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    Person of an obligation to, BCE or any of its Subsidiaries of
    $100&#160;million individually, or $200&#160;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 BCE to complete the transactions contemplated by
    the Definitive Agreement;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (l)&#160;
</TD>
    <TD align="left">    amend or modify any contract with the Financial Advisors 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 June&#160;29, 2007 except for (i)&#160;any contract or
    agreement for the sale or procurement of goods or services
    entered into on arm&#146;s length terms with a customer or
    supplier of BCE or any Subsidiary, (ii)&#160;any contract that
    does not provide for the possible payment or receipt by BCE
    and/or its Subsidiaries over the remaining life of such contract
    of an amount in excess of $400&#160;million, (iii)&#160;any
    other revenue-generating contract entered into in the ordinary
    course of business that provides for payment or revenues of less
    than $200&#160;million per annum and $500&#160;million over the
    remaining life of such contract, or (iv)&#160;any renewal or
    extension of any existing contract on substantially similar
    terms;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (m)&#160;
</TD>
    <TD align="left">    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (n)&#160;
</TD>
    <TD align="left">    except with respect to purchasing or extending the term of
    directors&#146; and officers&#146; liability insurance pursuant
    to the terms of the Definitive Agreement, amend, modify or
    terminate any material insurance policy of BCE or any Subsidiary
    in effect on June&#160;29, 2007, except for scheduled renewals
    of any insurance policy of BCE or any Subsidiary of BCE in
    effect on June&#160;29, 2007 in the ordinary course of business
    consistent with past practice;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (o)&#160;
</TD>
    <TD align="left">    grant or commit to grant an exclusive license or otherwise
    transfer any intellectual property or exclusive rights in or
    thereto that are material to BCE and its Subsidiaries taken as a
    whole, other than in the ordinary course of business or to
    wholly-owned Subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (p)&#160;
</TD>
    <TD align="left">    make, change or revoke any material tax election or settle or
    compromise any material tax liability;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (q)&#160;
</TD>
    <TD align="left">    materially change the business or regulatory strategy of BCE or
    its Subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (r)&#160;
</TD>
    <TD align="left">    to the extent that Telesat or any Bell Aliant Entity is required
    to obtain the consent of BCE 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 the ordinary course business
    covenants set forth in the Definitive Agreement if Telesat or
    such Bell Aliant Entity was a Subsidiary of BCE for purposes of
    the Definitive Agreement; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (s)&#160;
</TD>
    <TD align="left">    agree, resolve or commit to do any of the foregoing.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the provisions of (e), (f), (g)&#160;and
    (h)&#160;above, BCE and its Subsidiaries are not 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)&#160;investing in or
    disposing of money market instruments and (ii)&#160;repaying
    short-term indebtedness or maturing other indebtedness. BCE may
    not, however, redeem any long term indebtedness maturing after
    December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, BCE has agreed that it will not, and will 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 closing condition set forth in the
    Definitive Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has further agreed that it will use its reasonable best
    efforts to, and will use its reasonable best efforts to cause
    its Subsidiaries to, maintain in good standing the tax loss
    monetization among Bell Canada, Bell Mobility Inc. and others,
    in a manner consistent with the advance income tax ruling issued
    on March&#160;27, 2007. BCE and its Subsidiaries will not
    unwind, terminate or amend such tax loss monetization, in whole
    or in part, without the consent of the Purchaser, acting
    reasonably.
</DIV>
<A name='132'>


<!-- link1 "NON-SOLICITATION COVENANT AND &#147;FIDUCIARY OUT&#148;" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;NON-SOLICITATION
    COVENANT AND &#147;FIDUCIARY OUT&#148;
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">NON-SOLICITATION
    COVENANT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set out below, BCE has agreed not to, directly or
    indirectly, through any officer, director, employee,
    representative (including any financial or other advisor) or
    agent of BCE or any of its Subsidiaries (collectively,
    &#147;Representatives&#148;): (i)&#160;solicit, initiate or
    knowingly encourage (including by furnishing information or
    entering into any contract) any inquiries or proposals regarding
    an Acquisition Proposal; (ii)&#160;participate in any
    substantive discussions or negotiations with any Person (other
    than the Purchaser Parties) regarding an Acquisition Proposal;
    (iii)&#160;make a Change in Recommendation; (iv)&#160;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 the non-solicitation covenants of the Definitive
    Agreement unless such position has not been withdrawn by or
    before the end of such ten Business Day period); or
    (v)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise set forth below, BCE has agreed, and has
    agreed to cause its Subsidiaries and Representatives to, cease
    and cause to be terminated any solicitation, encouragement,
    discussion or negotiation with any Persons conducted before
    June&#160;29, 2007, by BCE, its Subsidiaries or any
    Representatives with respect to any Acquisition Proposal, and
    BCE has agreed to discontinue access to its data room (and not
    establish or allow access to any other data rooms, virtual or
    otherwise or otherwise furnish information) and to request, to
    the extent that it is entitled to do so, the return or
    destruction of all confidential information regarding BCE and
    its Subsidiaries previously provided to any such Person and to
    request (and exercise all
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;38&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    rights it has to require) the destruction of all material
    including or incorporating or otherwise reflecting any material
    confidential information regarding BCE and its Subsidiaries. BCE
    has also agreed that neither it, nor any of its Subsidiaries,
    will 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 has
    acknowledged that the automatic termination of the standstill
    provisions and clubbing restrictions of such agreements as a
    result of the entering into and announcement of the Definitive
    Agreement are not a violation of the non-solicitation covenant
    in the Definitive Agreement).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">SUPERIOR
    PROPOSAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the non-solicitation provisions of the
    Definitive Agreement or any other provision of the Definitive
    Agreement or any provision of any other agreement between BCE
    and any other Person, including the provisions of any
    confidentiality or standstill agreement, if at any time
    following June&#160;29, 2007 and prior to obtaining the approval
    of the Arrangement Resolution by Shareholders at the Meeting,
    BCE receives any written Acquisition Proposal, other than any
    Acquisition Proposal that resulted from a wilful and intentional
    breach of the non-solicitation covenants of the Definitive
    Agreement by BCE or any director or officer of BCE or any
    Representative acting at the direction of or on behalf of BCE or
    any director or officer of BCE, 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 BCE&#160;may:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    furnish information with respect to BCE and its Subsidiaries to
    the Person making such Acquisition Proposal; and/or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided that BCE may not, and may 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 BCE and that are not individually or in the
    aggregate materially more favourable to such Person than those
    contained in the confidentiality agreements with the Purchaser
    Parties, 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
    must 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 BCE and may not restrict BCE or its
    Subsidiaries from complying with its obligations under the
    Definitive Agreement, and BCE must promptly provide to the
    Purchaser any material non-public information concerning BCE or
    its Subsidiaries provided to such other Person which was not
    previously provided to the Purchaser. BCE may not provide any
    commercially sensitive non-public information to any competitor
    that has made an Acquisition Proposal, except in a manner
    consistent with BCE&#146;s past practice in dealing with the
    disclosure of such information in the context of considering
    Acquisition Proposals prior to June&#160;29, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has agreed to promptly (and in any event within
    24&#160;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 must, 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.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">MATCHING
    PERIOD<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE cannot accept, approve, recommend or enter into any
    agreement relating to an Acquisition Proposal (other than a
    confidentiality agreement complying with the requirements set
    out above under &#147;Summary of Definitive
    Agreement&#160;&#151; Non Solicitation Covenant and
    &#147;Fiduciary&#160;Out&#148;&#160;&#151; Superior
    Proposal&#148;) unless (i)&#160;the Acquisition Proposal did not
    result from the wilful and intentional breach of the
    non-solicitation covenants in the Definitive Agreement by BCE or
    any director or officer of BCE or any Representative acting at
    the direction of or on behalf of BCE or any director or officer
    of BCE, (ii)&#160;the Board determines in good faith, after
    consultation with its financial advisors and outside counsel,
    that such Acquisition Proposal constitutes a Superior Proposal,
    (iii)&#160;BCE has provided the Purchaser with a copy of such
    Acquisition Proposal, (iv)&#160;a period (the &#147;Matching
    Period&#148;) of five Business Days has lapsed from the date
    (the &#147;Notice Date&#148;) that is the later of (a)&#160;the
    date the Purchaser received written notice of BCE&#146;s
    proposed determination to take such action, and (b)&#160;the
    date the Purchaser received a copy of the Acquisition Proposal,
    (v)&#160;during the Matching Period, the Purchaser shall have
    the opportunity (but not an obligation) to offer to amend the
    terms and conditions of the Definitive Agreement such that the
    Acquisition Proposal would cease to be a Superior Proposal,
    (vi)&#160;after the Matching Period, the Board
    (a)&#160;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)&#160;determines in good faith, after consultation with
    outside legal counsel, that the failure to take such action
    would reasonably be expected to be inconsistent with its
    fiduciary duties under applicable law, (vii)&#160;prior to or
    simultaneously with taking such action, BCE (a)&#160;terminates
    the Definitive Agreement and (b)&#160;pays the Termination Fee,
    and (viii)&#160;promptly following such termination, BCE 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
    constitutes a new Acquisition Proposal for these purposes,
    provided that the Matching Period in respect of such new
    Acquisition Period will extend only until the later of the end
    of the initial five Business Day Matching Period and
    36&#160;hours after the Notice Date in respect of the new
    Acquisition Proposal.
</DIV>
<A name='133'>


<!-- link1 "CHANGE IN RECOMMENDATION" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CHANGE
    IN RECOMMENDATION
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nothing contained in the Definitive Agreement prohibits the
    Board from making a Change in Recommendation or from making any
    disclosure to any securityholders of BCE prior to the Effective
    Time, including 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
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;39&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    law (including without limitation by responding to an
    Acquisition Proposal under a directors&#146; circular or
    otherwise as required under securities laws). For greater
    certainty, in the event of a Change in Recommendation and
    termination by the Purchaser of the Definitive Agreement, BCE
    shall pay the Termination Fee as required by the Definitive
    Agreement. The Board may not make a Change in Recommendation
    unless BCE gives the Purchaser at least two business days prior
    written notice of its intention to make such a Change in
    Recommendation.
</DIV>
<A name='134'>


<!-- link1 "EQUITY SYNDICATION" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;EQUITY
    SYNDICATION
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the limitations set forth in the Definitive
    Agreement, BCE will permit each Purchaser Party to syndicate any
    of their direct or indirect equity or proposed equity ownership
    in BCE provided that Teachers&#146; and any Persons to whom
    Teachers&#146; syndicates equity are 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 Teachers&#146;. No syndication by the Purchaser
    Parties or by any person to whom the Purchaser Parties may have
    syndicated all or part of their interests in accordance with the
    equity syndication provisions of the Definitive Agreement is
    permitted that would reasonably be expected to impair, impede or
    materially delay the receipt of any Key Regulatory Approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of equity that may be syndicated by the Purchaser
    Parties is subject to certain limitations. Additionally, BCE may
    change, modify, eliminate or amend in any respect any of the
    provisions relating to equity syndication if, in the good faith
    judgment of the Board, such changes, modifications, eliminations
    or amendments are in the best interests of BCE and the
    Shareholders; provided, however, that no such changes,
    modifications, eliminations or amendments may be adverse to the
    Purchaser Parties.
</DIV>
<A name='135'>


<!-- link1 "FINANCING COVENANTS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;FINANCING
    COVENANTS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser has agreed that it will use its reasonable best
    efforts to consummate the financing that it has arranged in
    connection with the Arrangement no later than the Effective
    Date. The Definitive Agreement is not subject to a financing
    condition, and if financing is not obtained by the Purchaser,
    regardless of the reasons why financing is not obtained or
    whether such reasons are within or beyond the control of the
    Purchaser, the Purchaser continues to be obligated to consummate
    the Arrangement, subject to and on the terms contemplated by the
    Definitive Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Definitive Agreement, BCE has agreed to use
    commercially reasonable efforts to provide such co-operation to
    the Purchaser as the Purchaser may reasonably request in
    connection with the arrangements by the Purchaser to obtain its
    planned debt financing, including among other things:
    (i)&#160;participating in meetings, due diligence sessions and
    road shows; (ii)&#160;assisting with the preparation of
    materials for rating agency presentations, offering documents
    and similar documents; (iii)&#160;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;
    (iv)&#160;provided that all Key Regulatory Approvals have been
    obtained, subject to the terms of BCE&#146;s and its
    Subsidiaries&#146; existing indebtedness, giving timely
    redemption or prepayment notices, as applicable, in connection
    with the refinancing of BCE&#146;s or its Subsidiaries&#146;
    existing indebtedness outstanding on or after the Effective Time
    as may be reasonably required by the Purchaser; (v)&#160;subject
    to applicable laws and the obtaining of any necessary consents
    in connection with such laws (which BCE 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; (vi)&#160;obtaining
    customary comfort letters of accountants and legal opinions; and
    (vii)&#160;furnishing the Purchaser with financial and other
    documents and information regarding BCE and its Subsidiaries as
    may be reasonably requested by the Purchaser, provided such
    co-operation does not unreasonably interfere with the ongoing
    operations of BCE and its Subsidiaries or interfere with or
    hinder or delay the performance by BCE or its Subsidiaries of
    their other obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, BCE will not be required to
    (a)&#160;pay any commitment, consent or other fee or incur any
    other liability in connection with any such financing prior to
    the Effective Time; (b)&#160;take any action or do anything that
    would contravene any applicable law, contravene any contract of
    BCE or any Subsidiary that relates to borrowed money or be
    capable of impairing or preventing the satisfaction of any
    condition set forth in the Definitive Agreement; (c)&#160;commit
    to take any action that is not contingent on the consummation of
    the transactions at the Effective Time; or (d)&#160;disclose any
    information that in the reasonable judgment of BCE would result
    in the disclosure of any trade secrets or similar information or
    violate any obligations of BCE or any other Person with respect
    to confidentiality.
</DIV>
<A name='136'>


<!-- link1 "COMPLETION OF THE TELESAT TRANSACTION" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;COMPLETION
    OF THE TELESAT TRANSACTION
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has agreed to 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. BCE must promptly update the Purchaser as to
    any material developments relating to the Telesat Transaction
    and in no event can BCE 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 BCE for the purposes of the ordinary
    course of business covenants described above under &#147;Summary
    of Definitive Agreement&#160;&#151; Conduct of Business Prior to
    the Effective Time&#148;.
</DIV>
<A name='137'>


<!-- link1 "COOPERATION REGARDING REORGANIZATION" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;COOPERATION
    REGARDING REORGANIZATION
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the reasonable request or requests of the Purchaser (not
    less than 30 Business Days prior to the Effective Time), BCE
    shall, and shall cause its Subsidiaries to, use all commercially
    reasonable efforts to (i)&#160;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;Pre-Acquisition
    Reorganization&#148;); (ii)&#160;cooperate fully with the
    Purchaser and its advisors to
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;40&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;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 CRA (and provincial taxing authorities as applicable)
    respecting such income tax matters as the Purchaser may
    determine including, in particular, rulings relating to
    paragraphs&#160;88(1)(c) and (d)&#160;of the Tax Act, and to
    cooperate as requested during the process of obtaining such tax
    ruling.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligations of BCE with respect to any Pre-Acquisition
    Reorganization are conditional on the understanding that:
    (i)&#160;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 the
    Definitive Agreement; (ii)&#160;any Pre-Acquisition
    Reorganization shall not unreasonably interfere in the ongoing
    operations of BCE or any of its Subsidiaries; (iii)&#160;any
    Pre-Acquisition Reorganization shall not require BCE or any
    Subsidiary of BCE to contravene any applicable laws, their
    respective organizational documents or any contract (including
    under any financing instruments); (iv)&#160;any Pre-Acquisition
    Reorganization shall not become effective unless the Purchaser
    shall have waived or confirmed in writing the satisfaction of
    all closing conditions in its favour under the Definitive
    Agreement and shall have confirmed in writing that it is
    prepared to promptly and without condition (other than
    satisfaction of the condition that BCE perform all of its
    covenants to be performed on or before the Effective Time under
    the Definitive Agreement in all material respects) proceed to
    effect the Arrangement; (v)&#160;BCE 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 BCE
    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)&#160;BCE, its Subsidiaries and their
    respective officers, directors, employees, agents, advisors and
    representatives shall have received an indemnity, in form and
    substance satisfactory to BCE, acting reasonably, from the
    Purchaser Parties 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 or as a result of any Pre-Acquisition
    Reorganization.
</DIV>
<A name='138'>


<!-- link1 "DIRECTOR AND OFFICER LIABILITY" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;DIRECTOR
    AND OFFICER LIABILITY
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From and after the Effective Time, the Purchaser has agreed, and
    agreed to cause BCE to, indemnify and hold harmless, to the
    fullest extent permitted under applicable law (including with
    respect to the advancement of expenses as incurred), each
    present and former director, officer, trustee and employee of
    BCE and its Subsidiaries (each, an &#147;Indemnified
    Person&#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 BCE
    and/or any of its Subsidiaries or services performed by such
    Persons at the request of BCE and/or any of its Subsidiaries at
    or prior to or following the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the Effective Time, BCE has agreed, and if BCE is
    unable to, the Purchaser has agreed to cause BCE 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 BCE&#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 BCE&#146;s
    current insurance carriers with respect to directors&#146;,
    officers&#146;, trustees&#146; and employees&#146; liability
    insurance (&#147;D&#038;O Insurance&#148;), and with terms,
    conditions, retentions and limits of liability that are no less
    advantageous to the Indemnified Persons than the coverage
    provided under BCE&#146;s and its Subsidiaries&#146; existing
    policies. If BCE for any reason fails to obtain such &#147;run
    off&#148; insurance policies as of the Effective Time, BCE has
    agreed to 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 June&#160;29, 2007, or 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
    BCE&#146;s existing policies as of June&#160;29, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the Purchaser&#146;s obligations to indemnify
    and to maintain directors and officers&#146; insurance, the Bell
    Aliant Entities and Telesat shall be deemed to be Subsidiaries
    of BCE.
</DIV>
<A name='139'>


<!-- link1 "DIVIDEND REINVESTMENT PLAN AND EMPLOYEE SAVINGS PLANS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;DIVIDEND
    REINVESTMENT PLAN AND EMPLOYEE SAVINGS PLANS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has agreed that, prior to the Effective Time, all Common
    Shares delivered to participants under the Dividend Reinvestment
    Plan may be acquired only by open market or third party
    arm&#146;s length purchases, and not from treasury.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has also agreed not to issue or otherwise authorize the
    issuance of any Common Shares from treasury in respect of the
    Employee Savings Plans and that all Common Shares delivered to
    participants under the Employee Savings Plans prior to the
    Effective Time must be acquired by open market or third party
    arm&#146;s length purchases, and that it will terminate the
    Employee Savings Plans at the Effective Time.
</DIV>
<A name='140'>


<!-- link1 "MUTUAL COVENANTS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;MUTUAL
    COVENANTS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser Parties and BCE have agreed to 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 the Definitive Agreement as soon as
    practicable, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    preparing and filing as promptly as practicable a pre-merger
    notification filing under the Competition Act and a request for
    an advance ruling certificate pursuant to section&#160;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 all other
    necessary documents, registrations, statements, petitions,
    filings and applications for the Key Regulatory Approvals;
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;41&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    preparing and filing as promptly as practicable all necessary
    documents, registrations, statements, petitions, filings and
    applications for the Additional Regulatory Approvals;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    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 the Definitive Agreement, including the Key
    Regulatory Approvals;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    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 the Definitive Agreement or
    the consummation of the transactions contemplated by the
    Definitive Agreement; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    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 by the Definitive Agreement.
</TD>
</TR>

</TABLE>
<A name='141'>


<!-- link1 "EMPLOYEE MATTERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;EMPLOYEE
    MATTERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From and after the Effective Time, the Purchaser has agreed to
    honour and perform, or cause BCE to honour and perform, all of
    the obligations of BCE and any of its Subsidiaries under
    employment and other agreements with current or former
    employees, and, for a period of 12&#160;months following the
    Effective Time, provide BCE Employees with benefits that are
    substantially equivalent to those provided by BCE under the
    Employee Plans, provided that such obligations do not give
    employees of BCE or any of its Subsidiaries any right to
    continued employment or impair in any way the right of BCE or
    any of its Subsidiaries to terminate the employment of any
    employees.
</DIV>
<A name='142'>


<!-- link1 "MUTUAL CONDITIONS PRECEDENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;MUTUAL
    CONDITIONS PRECEDENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligations of BCE and the Purchaser to complete the
    transactions contemplated by the Definitive 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Arrangement Resolution shall have been approved and adopted
    by Shareholders at the Meeting in accordance with the Interim
    Order;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Interim Order and the Final Order shall each have been
    obtained on terms consistent with the Definitive Agreement, and
    shall not have been set aside or modified in a manner
    unacceptable to BCE and the Purchaser, acting reasonably, on
    appeal or otherwise;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    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 BCE or
    the Purchaser from consummating the Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Key Regulatory Approvals shall have been obtained;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Definitive Agreement shall not have been terminated in
    accordance with its terms; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Purchaser and BCE shall have received an opinion at the
    Effective Time from a nationally recognized valuation firm
    engaged by the Purchaser and agreed to by BCE, acting reasonably
    to the effect that BCE 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. Each of the Purchaser and BCE shall use their
    respective reasonable best efforts to (a)&#160;make available
    their respective officers, agents or other representatives on a
    customary basis and on reasonable notice and (b)&#160;provide or
    make available such information and documents concerning the
    business, properties, contracts, assets and liabilities of BCE
    and, in the case of the Purchaser, the financing contemplated by
    the Debt Commitment Letter and Equity Commitment Letters, as may
    reasonably be requested by the firm preparing such solvency
    opinion.
</TD>
</TR>

</TABLE>
<A name='143'>


<!-- link1 "ADDITIONAL CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PURCHASER" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ADDITIONAL
    CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PURCHASER
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligation of the Purchaser to complete the transactions
    contemplated by the Definitive Agreement is also subject to the
    fulfillment of each of the following conditions precedent (each
    of which is for the exclusive benefit of the Purchaser and may
    only be waived by the Purchaser):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    all covenants of BCE under the Definitive Agreement to be
    performed on or before the Effective Time shall have been duly
    performed by BCE in all material respects; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the representations and warranties of BCE set forth in the
    Definitive 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 (subject to certain exceptions for
    representations and warranties that must be true and correct in
    all material respects and for variations that result from
    actions expressly permitted by BCE&#146;s ordinary course of
    business covenants).
</TD>
</TR>

</TABLE>
<A name='144'>


<!-- link1 "ADDITIONAL CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BCE" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;ADDITIONAL
    CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BCE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligation of BCE to complete the transactions contemplated
    by the Definitive Agreement is also subject to the following
    conditions precedent (each of which is for the exclusive benefit
    of BCE and may only be waived by BCE):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    all covenants of the Purchaser Parties under the Definitive
    Agreement to be performed on or before the Effective Time shall
    have been duly performed by the Purchaser Parties in all
    material respects;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the representations and warranties of the Purchaser set forth in
    the Definitive 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
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;42&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    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
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    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 BCE, acting reasonably) the funds
    required to effect payment in full of the aggregate
    Consideration to be paid pursuant to the Arrangement and the
    Depositary shall have confirmed to BCE receipt of these funds.
</TD>
</TR>

</TABLE>
<A name='145'>


<!-- link1 "AMENDMENTS TO PLAN OF ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;AMENDMENTS
    TO PLAN OF ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Plan of Arrangement 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)&#160;shall be prejudicial to the Shareholders or other
    Persons to be bound by the Plan of Arrangement or be
    inconsistent with the provisions of the Definitive Agreement or
    (ii)&#160; creates a reasonable risk of delaying, impairing or
    impeding in any material respect the receipt of any Key
    Regulatory Approval or the satisfaction of the conditions
    described under &#147;Summary of Definitive
    Agreement&#160;&#151; Mutual Conditions Precedent&#148;,
    &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of the Purchaser&#148;
    or &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of BCE&#148;. Subject to
    the Interim Order, the Final Order and any applicable law, BCE
    has agreed to amend the Plan of Arrangement at any time prior to
    the Effective Time 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)&#160;prejudicial to the
    Shareholders or other Persons to be bound by the Plan of
    Arrangement or is inconsistent with the provisions of the
    Definitive Agreement or (ii)&#160;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 described under &#147;Summary of Definitive
    Agreement&#160;&#151; Mutual Conditions Precedent&#148;,
    &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of the Purchaser&#148;
    or &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of BCE&#148;.
</DIV>
<A name='146'>


<!-- link1 "TERMINATION OF THE DEFINITIVE AGREEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;TERMINATION
    OF THE DEFINITIVE AGREEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Definitive Agreement may be terminated and the Arrangement
    may be abandoned at any time prior to the Effective Time
    (notwithstanding any approval of the Definitive Agreement or the
    Arrangement Resolution or the Arrangement by Shareholders and/or
    the Court):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by mutual written agreement of BCE and the Purchaser; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by either BCE or the Purchaser, if:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    the Effective Time shall not have occurred on or before the
    Outside Date, except that this right to terminate the Definitive
    Agreement 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    after June&#160;29, 2007, 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 BCE or the Purchaser from
    consummating the Arrangement and such applicable law or
    enjoinment shall have become final and non-appealable; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    the Arrangement Resolution shall have failed to receive the
    requisite vote of Shareholders for approval at the Meeting
    (including any adjournment or postponement thereof) in
    accordance with the Interim Order;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    by the Purchaser, if:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    prior to obtaining the approval of the Arrangement Resolution by
    Shareholders, (a)&#160;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;Change
    in Recommendation&#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 of such Acquisition
    Proposal shall not be considered a Change in Recommendation); or
    (b)&#160;BCE wilfully and intentionally breaches the
    non-solicitation provisions of the Definitive Agreement in a
    material respect; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    a breach of any representation or warranty or failure to perform
    any covenant or agreement on the part of BCE set forth in the
    Definitive Agreement shall have occurred that would cause the
    conditions described above under &#147;Summary of Definitive
    Agreement&#160;&#151; Mutual Conditions Precedent&#148; or
    &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of the Purchaser&#148;
    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 the Definitive Agreement so as to cause
    any of the conditions described under &#147;Summary of
    Definitive Agreement&#160;&#151; Mutual Conditions
    Precedent&#148; or &#147;Summary of Definitive
    Agreement&#160;&#151; Additional Conditions Precedent to the
    Obligations of BCE&#148; not to be satisfied; or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;</TD>
    <TD align="left">
    by BCE, if:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    the Board authorizes BCE, subject to complying with the terms of
    the Definitive Agreement, to enter into a written agreement
    concerning a Superior Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    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 the Definitive Agreement shall have
    occurred that would cause the conditions described under
    &#147;Summary of Definitive Agreement&#160;&#151; Mutual
    Conditions Precedent&#148; or &#147;Summary of Definitive
    Agreement&#160;&#151; Additional Conditions Precedent to the
    Obligations of BCE&#148; not to be satisfied, and such condition
    is incapable of being satisfied by the Outside Date; provided
    that BCE is not then in breach of the Definitive Agreement so as
    to cause any of the conditions described under &#147;Summary of
    Definitive Agreement&#160;&#151; Mutual Conditions
    Precedent&#148; or &#147;Summary of Definitive
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;43&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    Agreement&#160;&#151; Additional Conditions Precedent to the
    Obligations of the Purchaser&#148; not to be satisfied; or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    the Purchaser does not provide or cause to be provided the
    Depositary with sufficient funds to complete the transactions
    contemplated by the Definitive Agreement.
</TD>
</TR>

</TABLE>
<A name='147'>


<!-- link1 "TERMINATION FEE, BREAK-UP FEE AND EXPENSE REIMBURSEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;TERMINATION
    FEE,
    <FONT style="white-space: nowrap">BREAK-UP</FONT> FEE
    AND EXPENSE REIMBURSEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">TERMINATION
    FEE PAYABLE BY BCE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Definitive Agreement is terminated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by the Purchaser because prior to obtaining the approval of the
    Arrangement Resolution by Shareholders of BCE, (a)&#160;the
    Board makes a Change in Recommendation; or (b)&#160;BCE wilfully
    and intentionally breaches the non-solicitation provisions of
    the Definitive Agreement in a material respect;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by BCE because the Board authorizes BCE to enter into a written
    agreement concerning a Superior Proposal; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    (a)&#160;by BCE or the Purchaser because the Arrangement
    Resolution fails to receive the requisite vote of Shareholders
    for approval at the Meeting in accordance with the Interim Order
    or (b)&#160;by the Purchaser because of a wilful and intentional
    or fraudulent breach of any representation or warranty or
    failure to perform any covenant or agreement on the part of BCE
    set forth in the Definitive Agreement has occurred that would
    cause the conditions described under &#147;Summary of Definitive
    Agreement&#160;&#151; Mutual Conditions Precedent&#148; or
    &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of the Purchaser&#148;
    not to be satisfied, and such conditions are incapable of being
    satisfied by the Outside Date, provided that in the case of each
    of (a)&#160;and (b), prior to the Meeting, a bona fide
    Acquisition Proposal has been made or publicly announced by a
    third party and within twelve months following the date of such
    termination, such third party or any of its affiliates:
    (i)&#160;directly or indirectly, in one or more transactions,
    acquires BCE by arrangement or otherwise; (ii)&#160;directly or
    indirectly, in one or more transactions, acquires more than 50%
    of the total assets of BCE and its Subsidiaries, taken as a
    whole; (iii)&#160;directly or indirectly, in one or more
    transactions, acquires more than 50% of the outstanding Common
    Shares; or (iv)&#160;enters into a contract (other than a
    confidentiality agreement) with respect to the foregoing or any
    other Acquisition Proposal;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then BCE must pay, as directed by the Equity Sponsors, acting
    jointly in writing, the Termination Fee. For purposes of the
    immediately foregoing, the term &#147;Acquisition Proposal&#148;
    shall have the meaning noted above under &#147;Glossary&#148;,
    except that references to &#147;20% or more&#148; shall be
    deemed to be references to 50% or more.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096"><FONT style="white-space: nowrap">BREAK-UP</FONT>
    FEE PAYABLE BY PURCHASER<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that prior to a termination fee event (as described
    above under &#147;Summary of Definitive Agreement&#160;&#151;
    Termination Fee, Break-Up Fee and Expense
    Reimbursement&#160;&#151; Termination Fee Payable By BCE&#148;),
    the Definitive Agreement is terminated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by BCE because 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 the Definitive Agreement
    has occurred that would cause any of the conditions described
    under &#147;Summary of Definitive Agreement&#160;&#151; Mutual
    Conditions Precedent&#148; or &#147;Summary of&#160;Definitive
    Agreement&#160;&#151; Additional Conditions Precedent
    to&#160;the Obligations of BCE&#148; not to be satisfied, and
    such&#160;conditions are incapable of being satisfied by the
    Outside&#160;Date;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by BCE because the Purchaser does not provide the Depositary
    with sufficient funds to complete the transactions contemplated
    by the Definitive Agreement as required by the Definitive
    Agreement; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    by either BCE or the Purchaser because the Effective Time has
    not occurred on or before the Outside Date, provided that all of
    the conditions described under &#147;Summary of Definitive
    Agreement&#160;&#151; Mutual Conditions Precedent&#148; or
    &#147;Summary of Definitive Agreement&#160;&#151; Additional
    Conditions Precedent to the Obligations of the Purchaser&#148;
    (other than conditions that are satisfied by their nature at the
    Effective Time or conditions described under &#147;Summary of
    Definitive Agreement&#160;&#151; Mutual Conditions
    Precedent&#148; that are not satisfied as a result of any
    Purchaser Party having failed to comply with its obligations
    under the Definitive Agreement) have been satisfied or waived;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then the Purchaser must pay to BCE the
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    within 2&#160;Business Days of such termination.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">EXPENSE
    REIMBURSEMENT PAYABLE BY BCE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has agreed to pay to the Purchaser Parties their reasonable
    documented expenses, costs and fees incurred in connection with
    the transactions contemplated by the Definitive Agreement and
    related financings in an amount not to exceed:
    (a)&#160;$25&#160;million if the Definitive Agreement has been
    terminated by the Purchaser or BCE because the Arrangement
    Resolution fails to receive the requisite vote of Shareholders
    for approval at the Meeting in accordance with the Interim
    Order; and (b)&#160;$50&#160;million if the Definitive Agreement
    has been terminated by the Purchaser because of a breach of any
    representation or warranty or failure to perform any covenant or
    agreement on the part of BCE set forth in the Definitive
    Agreement that would cause the conditions described under
    &#147;Summary of Definitive Agreement&#160;&#151; Mutual
    Conditions Precedent&#148; or &#147;Summary of Definitive
    Agreement&#160;&#151; Additional Conditions Precedent to the
    Obligations of the Purchaser&#148; not to be satisfied, and such
    conditions are incapable of being satisfied by the Outside Date.
</DIV>
<A name='148'>


<!-- link1 "AMENDMENT, EXTENSION AND WAIVER" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;AMENDMENT,
    EXTENSION AND WAIVER
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of the Interim Order and Final Order
    and applicable law, the parties may amend or waive any provision
    of the Definitive Agreement prior to the Effective Time, but
    only if such amendment or waiver is in writing.
</DIV>
<A name='149'>


<!-- link1 "SUMMARY OF GUARANTY" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;SUMMARY
    OF GUARANTY
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the execution of the Definitive Agreement,
    the Guarantors entered into the Guaranty pursuant to which they
    agreed, severally and not jointly, to unconditionally guarantee
    the due and punctual payment, performance and
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;44&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    discharge, solely in circumstances when the
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    is payable under the terms of the Definitive Agreement, of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the <FONT style="white-space: nowrap">Break-Up</FONT>
    Fee; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    if all or any part of the
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    shall be, or any Guarantor shall assert in any litigation or
    proceeding that all or any part of the
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    is, unenforceable or unrecoverable under applicable law, all
    payment obligations of the Purchaser, or any of its successors
    or assigns, that arise under the Definitive Agreement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the Guaranty, the maximum aggregate liability
    of the Guarantors is $1,000,000,000, and each Guarantor is
    severally liable in a maximum amount of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    with respect to Teachers&#146;: $587,000,000;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    with respect to PEP VI: $322,000,000;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    with respect to MDPVA: $71,340,087;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    with respect to MDPVC: $18,929,001; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    with respect to MDPVEA: $730,912.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has agreed that its remedies against the Guarantors under
    the Guaranty are the sole and exclusive direct or indirect
    remedies available to BCE against the Guarantors in respect of
    any liabilities or obligations arising under, related to or in
    connection with, the Definitive Agreement or the transactions
    contemplated thereby, including in the event the Purchaser
    breaches its obligations under the Definitive Agreement or in
    the event a Guarantor breaches a covenant, representation or
    warranty under the Guaranty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Guaranty terminates and each Guarantor will have no further
    obligation under the Guaranty as of the earlier of (a)&#160;the
    occurrence of the Effective Time and payment of all obligations
    due by the Purchaser under the Definitive Agreement at such
    time, including the aggregate Consideration, (b)&#160;the
    one-year anniversary of the date of termination of the
    Definitive Agreement, unless a claim under the Guaranty has been
    made prior to such date, (c)&#160;the termination of the
    Definitive Agreement in circumstances where the
    <FONT style="white-space: nowrap">Break-Up</FONT> Fee
    is not payable pursuant to the terms of the Definitive
    Agreement, or (d)&#160;satisfaction in full by the Guarantors of
    their obligations under the Guaranty.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;45&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='150'><B><FONT style="font-size: 15pt">

<!-- link1 "CERTAIN LEGAL AND REGULATORY MATTERS" -->
 <BR>
    <BR>
    CERTAIN LEGAL AND REGULATORY MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='151'>


<!-- link1 "STEPS TO IMPLEMENTING THE ARRANGEMENT AND TIMING" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;STEPS
    TO IMPLEMENTING THE ARRANGEMENT AND TIMING
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser has received the Debt Commitment Letter from the
    Lenders pursuant to which they have agreed severally, and not
    jointly, to provide debt financing in connection with the
    Arrangement. The Purchaser has covenanted pursuant to the
    Definitive Agreement to use its reasonable best efforts to
    arrange the financing described in the Debt Commitment Letter
    and to use its reasonable best efforts to arrange or obtain
    alternative debt financing on terms that are not materially less
    favourable to the Purchaser if any portion of such financing
    becomes unavailable. The Definitive Agreement is not subject to
    a financing condition, and if financing is not obtained by the
    Purchaser, regardless of the reasons why financing is not
    obtained or whether such reasons are within or beyond the
    control of the Purchaser, the Purchaser continues to be
    obligated to consummate the Arrangement, subject to and on the
    terms contemplated by the Definitive Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Completion of the Arrangement is subject to the conditions
    precedent contained in the Definitive Agreement having been
    satisfied (other than those which by their terms are to be
    satisfied at the Effective Time) and the Marketing Period
    occurring. The Marketing Period commences once certain
    conditions have been satisfied, including the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    receipt of the required approval of the Arrangement Resolution
    by Shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    receipt of the Final Order;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    receipt of the Key Regulatory Approvals; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    delivery of the Required Information to the Purchaser.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Definitive Agreement provides that the filing of the
    Articles of Arrangement shall be on the later of (a)&#160;the
    second Business Day following the last day of the Marketing
    Period and (b)&#160;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 under
    &#147;Summary of Definitive Agreement&#160;&#151; Mutual
    Conditions Precedent&#148;, &#147;Summary of Definitive
    Agreement&#160;&#151; &#147;Additional Conditions Precedent to
    the Obligations of the Purchaser&#148; and &#147;Summary of
    Definitive Agreement&#160;&#151; Additional Conditions Precedent
    to the Obligations of BCE&#148;, unless another time or date is
    agreed to in writing by BCE and the Purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement is expected to become effective in the first
    quarter of 2008. Completion of the Arrangement is dependent on
    many factors and it is not possible at this time to determine
    precisely when or if the Arrangement will become effective. As
    provided under the Definitive Agreement, the Arrangement cannot
    be completed later than June&#160;30, 2008 unless the Outside
    Date is extended in accordance with the terms of the Definitive
    Agreement. Either the Purchaser or BCE may terminate the
    Definitive Agreement if the Arrangement has not been completed
    by June&#160;30, 2008 (or, if the Outside Date is extended in
    accordance with the terms of the Definitive Agreement, such
    extended date). See &#147;Summary of Definitive
    Agreement&#160;&#151; Termination of the Definitive
    Agreement&#148;.
</DIV>
<A name='152'>


<!-- link1 "COURT APPROVAL AND COMPLETION OF THE ARRANGEMENT" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;COURT
    APPROVAL AND COMPLETION OF THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An arrangement under the CBCA requires Court approval. Prior to
    the mailing of this information circular, BCE obtained the
    Interim Order, which provides for the calling and holding of the
    Meeting, the Dissent Rights and other procedural matters. A copy
    of the Interim Order is attached at Appendix&#160;&#147;I&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is expected that, subject to the approval of the Arrangement
    Resolution by Shareholders at the Meeting and the receipt of the
    Key Regulatory Approvals, an application will be made to the
    Court for the hearing on the Final Order. At the hearing on the
    Final Order, the Court will determine whether to approve the
    Arrangement in accordance with the legal requirements and the
    evidence before the Court. Participation in the hearing on the
    Final Order, including who may participate and present evidence
    or argument and the procedure for doing so is subject to the
    terms of the Interim Order and any subsequent direction of the
    Court. We will announce by news release the time and place of
    the hearing with respect to the Final Order.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming the Final Order is granted and the other conditions to
    closing contained in the Definitive Agreement are satisfied or
    waived to the extent legally permissible, then Articles of
    Arrangement will be filed with the Director to give effect to
    the Arrangement.
</DIV>
<A name='153'>


<!-- link1 "REGULATORY MATTERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;REGULATORY
    MATTERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligations of BCE and the Purchaser to complete the
    Arrangement are subject to the Key Regulatory Approvals being
    obtained prior to the Outside Date, as briefly described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">CANADIAN
    COMPETITION ACT COMPLIANCE<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Competition Act requires that parties to certain proposed
    transactions that exceed specified financial and shareholding
    thresholds provide to the Commissioner of Competition appointed
    under the Competition Act prior notice of, and information
    relating to, the proposed transaction. A proposed transaction is
    exempt from the foregoing notification requirements if the
    Commissioner issues an advance ruling certificate in respect of
    the proposed transaction. The Commissioner may also waive the
    notification requirements if substantially similar information
    was previously supplied in relation to a request for an advance
    ruling certificate. Under the Competition Act, a notifiable
    transaction may not be completed until the expiry, waiver or
    termination of the applicable statutory waiting period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Commissioner&#146;s review of a notifiable transaction for
    substantive competition law considerations may take longer than
    the statutory waiting period. Upon completion of the
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;46&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Commissioner&#146;s review, the Commissioner may decide to
    (i)&#160;issue an advance ruling certificate with respect to the
    proposed transaction; or (ii)&#160;issue a &#147;no action&#148;
    letter stating that the Commissioner does not intend to
    challenge the transaction at that time but retains the authority
    to do so for three years after completion of the transaction; or
    (iii)&#160;challenge the transaction before the Competition
    Tribunal established under the <I>Competition Tribunal Act,</I>
    if the Commissioner concludes that it is likely to substantially
    lessen or prevent competition. Where the Commissioner issues an
    advance ruling certificate and the parties substantially
    complete the transaction within one year after the advanced
    ruling certificate is issued, the Commissioner cannot challenge
    the transaction before the Competition Tribunal solely on the
    basis of information that is the same or substantially the same
    as the information on the basis of which the advance ruling
    certificate was issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement is a notifiable transaction for the purposes of
    the Competition Act. On July&#160;27, 2007, BCE and the
    Purchaser filed their respective short-form notifications with
    the Commissioner and submitted a request that the Commissioner
    issue an advance ruling certificate in respect of the
    Arrangement. The applicable statutory waiting period in the case
    of a transaction notified under the Competition Act by way of a
    short-form notification is 14&#160;days. Both BCE&#146;s and the
    Purchaser&#146;s respective short-form notifications have been
    certified as complete, and the
    <FONT style="white-space: nowrap">14-day</FONT>
    statutory waiting period will expire on
    August&#160;10,&#160;2007. The Commissioner may, in his or her
    discretion, require the parties to file a long-form notification
    form, in which case the applicable statutory waiting period is
    42&#160;days from the date on which the long-form notifications
    are filed by the parties and certified as complete.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is a condition to the completion of the Arrangement that the
    applicable waiting period under the Competition Act has expired
    or been waived or terminated and that there be no order in place
    issued by the Competition Tribunal which would preclude
    completion of the transactions contemplated by the Definitive
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">U.S.
    HSR APPROVAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the HSR Act, parties to certain proposed
    transactions that exceed specified financial and shareholding
    thresholds are required to provide prior notification to the
    Antitrust Division of the U.S. Department of Justice and the
    Federal Trade Commission with regard to such proposed
    transactions. Transactions that must be notified pursuant to the
    HSR Act cannot be completed until the expiry or early
    termination of a
    <FONT style="white-space: nowrap">30-day</FONT>
    waiting period following the notification. The waiting period
    can be extended if, prior to its expiry, the Antitrust Division
    or the Federal Trade Commission issues a request for further
    information. Where a further request is issued with respect to a
    proposed transaction, the parties cannot complete the
    transaction until the expiry or early termination of a further
    waiting period of 30&#160;days after the parties have
    substantially complied with the further request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement is a notifiable transaction for the purposes of
    the HSR Act. As of July&#160;31, 2007, BCE and the Purchaser
    submitted their respective filings under the HSR Act to the
    Antitrust Division and the Federal Trade Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Completion of the Arrangement is subject to the condition that
    the applicable waiting period under the HSR Act has expired or
    been earlier terminated in respect of the Arrangement and the
    other transactions contemplated by the Definitive Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">CRTC
    APPROVALS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A change in the effective control of a licensed broadcasting
    undertaking, or the acquisition of 30% or more of the voting
    interests of such an undertaking or of a Person who has
    effective control of the undertaking, requires prior approval of
    the CRTC pursuant to various service-specific regulations made
    under the Broadcasting Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement triggers the obligation to obtain the prior
    approval of the CRTC for a change of control of the licenses
    issued to BCE and its affiliates under the Broadcasting Act.
    BCE, its relevant affiliates and Purchaser made the appropriate
    applications with the CRTC in that respect on August&#160;1,
    2007. Completion of the Arrangement is subject to the condition
    that the CRTC approve the change of control applications.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">INDUSTRY
    CANADA APPROVAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Radiocommunication Act, Industry Canada
    regulates the use of certain radio apparatus and radio spectrum
    through the issuance of licenses to eligible carriers and
    service providers. Several BCE affiliates hold numerous radio
    and spectrum licenses authorizing them to provide a wide variety
    of services including space station, fixed wireless, and mobile
    telephone services. Holders of radio or spectrum licenses are
    subject to conditions of license which vary depending on the
    nature and extent of the radiocommunication service to be
    deployed and specific spectrum licensed. In order to monitor
    compliance with Canada&#146;s foreign ownership and control
    restrictions, Industry Canada sometimes includes, as a condition
    of a license, the requirement to seek the prior approval of
    Industry Canada for a material change of ownership or control of
    the licensee or to notify Industry Canada of such a change. The
    Arrangement triggers the above license conditions which impose
    such requirements for certain of the licenses held by BCE
    affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The relevant BCE licensees made the appropriate filings for
    Industry Canada&#146;s prior approval for a material change in
    ownership and control on August&#160;1, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">FCC
    APPROVAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain Subsidiaries of BCE will be required to obtain a
    clearance from the FCC prior to completion of the Arrangement in
    connection with the transfer of control of their authorizations
    to provide terrestrial as well as satellite international
    telecommunications services in the United States. Applications
    for FCC consent to the transfer of control of such
    authorizations were filed with the FCC on August&#160;1, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">INVESTMENT
    CANADA ACT APPROVAL<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser has represented that it is a Canadian, and is not
    controlled in fact by one or more non-Canadians, all within the
    meaning of the Investment Canada Act. However, the Minister of
    Canadian Heritage or officials of The Department of Canadian
    Heritage, or the Minister of Industry in his capacity as the
    Minister responsible for the administration of the Investment
    Canada Act, may request information or evidence in order to
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;47&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    determine whether the Purchaser is indeed a Canadian and not
    controlled in fact by one or more non-Canadians (all within the
    meaning of the Investment Canada Act). If the Minister of
    Canadian Heritage, officials of the Department of Canadian
    Heritage or the Minister of Industry determine that the
    Purchaser is a
    <FONT style="white-space: nowrap">non-Canadian</FONT>
    or is controlled in fact by one or more non-Canadians (all
    within the meaning of the Investment Canada Act), then
    Investment Canada Act Approval shall become a condition of
    closing. Investment Canada Act Approval, if necessary, requires
    a determination that the Minister designated for the purposes of
    the Investment Canada Act shall have confirmed to the Purchaser
    that the transactions contemplated by the Definitive Agreement
    are of &#147;net benefit&#148; to Canada.
</DIV>
<A name='154'>


<!-- link1 "STOCK EXCHANGE DELISTING AND REPORTING ISSUER STATUS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;STOCK
    EXCHANGE DELISTING AND REPORTING ISSUER STATUS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE expects that the Shares will be delisted from the TSX and
    the NYSE immediately following the acquisition of the Shares by
    the Purchaser pursuant to the Plan of Arrangement. BCE may also
    seek to be deemed to have ceased to be a reporting issuer under
    the securities legislation of each of the provinces in Canada
    under which it is currently a reporting issuer (or equivalent)
    and to have the Common Shares de-registered under the United
    States <I>Securities Exchange Act of 1934</I>, as amended, and
    to terminate or suspend BCE&#146;s reporting obligations
    thereunder.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;48&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='155'><B><FONT style="font-size: 15pt">

<!-- link1 "DISSENTING SHAREHOLDERS&#146; RIGHTS" -->
 <BR>
    <BR>
    DISSENTING SHAREHOLDERS&#146; RIGHTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a registered Shareholder, you are entitled to dissent
    from the Arrangement Resolution in the manner provided in
    section&#160;190 of the CBCA, as modified by the Interim Order
    and the Plan of Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section summarizes the provisions of section&#160;190 of
    the CBCA, as modified by the Interim Order and the Plan of
    Arrangement. If you are a registered Shareholder and wish to
    dissent, you should obtain your own legal advice and carefully
    read the provisions of the Plan of Arrangement, the provisions
    of section&#160;190 of the CBCA and the Interim Order, which are
    attached at Appendix&#160;&#147;B&#148;,
    Appendix&#160;&#147;H&#148; and Appendix&#160;&#147;I&#148;,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Anyone who is a beneficial owner of Shares registered in the
    name of an Intermediary and who wishes to dissent should be
    aware that only registered Shareholders are entitled to exercise
    Dissent Rights. A registered holder who holds securities as
    nominee for one or more beneficial owners, one or more of whom
    wish to exercise Dissent Rights, must exercise such Dissent
    Rights on behalf of such holder(s). In such case, the Dissent
    Notice should specify the number and class of securities covered
    by it. A Dissenting Shareholder may only dissent with respect to
    all the Shares held on behalf of any one beneficial owner and
    registered in the name of the Dissenting Shareholder.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Dissenting Shareholder will be entitled, in the event that
    the Arrangement becomes effective, to be paid the fair value of
    the Dissent Shares held by such Dissenting Shareholder
    determined as at the close of business on the Business Day
    immediately preceding the Meeting and will not be entitled to
    any other payment or consideration. There can be no assurance
    that a Dissenting Shareholder will receive consideration for its
    Dissent Shares of equal value to the Consideration that such
    Dissenting Shareholder would have received upon completion of
    the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A registered Shareholder who wishes to dissent must ensure
    that a Dissent Notice is received by the Corporate Secretary of
    BCE at its registered office located at 1000 de La
    Gaucheti&#232;re Street West, Suite&#160;4100, Montr&#233;al,
    Qu&#233;bec, H3B&#160;5H8, Canada on or prior to 5:00&#160;p.m.
    (Montr&#233;al time) on the Business Day immediately preceding
    the date of the Meeting (as it may be adjourned or postponed
    from time to time).</B> It is important that Shareholders
    strictly comply with this requirement, which is different from
    the statutory dissent provisions of the CBCA which would permit
    a Dissent Notice to be provided at or prior to the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The filing of a Dissent Notice does not deprive a registered
    Shareholder of the right to vote; however, a registered
    Shareholder who has submitted a Dissent Notice and who votes in
    favour of the Arrangement Resolution will no longer be
    considered a Dissenting Shareholder with respect to Shares voted
    in favour of the Arrangement Resolution. If such Dissenting
    Shareholder votes in favour of the Arrangement Resolution in
    respect of a portion of the Shares of a certain class registered
    in his, her or its name and held by same on behalf of any one
    beneficial owner, such vote approving the Arrangement Resolution
    will be deemed to apply to the entirety of Shares of that class
    held by such Dissenting Shareholder in the name of that
    beneficial owner, given that section&#160;190 of the CBCA
    provides there is no right of partial dissent. <B>The CBCA does
    not provide and a vote against the Arrangement Resolution will
    not constitute a Dissent Notice.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within 10&#160;days after the approval of the Arrangement
    Resolution, BCE is required to notify each Dissenting
    Shareholder that the Arrangement Resolution has been approved.
    Such notice is however not required to be sent to a registered
    Shareholder who voted for the Arrangement Resolution or who has
    withdrawn a Dissent Notice previously filed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Dissenting Shareholder must, within 20&#160;days after the
    Dissenting Shareholder receives notice that the Arrangement
    Resolution has been approved or, if the Dissenting Shareholder
    does not receive such notice, within 20&#160;days after the
    Dissenting Shareholder learns that the Arrangement Resolution
    has been approved, send a Demand for Payment containing the
    Dissenting Shareholder&#146;s name and address, the number of
    Dissent Shares held by the Dissenting Shareholder, and a Demand
    for Payment of the fair value of such Dissent Shares. Within
    30&#160;days after sending a Demand for Payment, the Dissenting
    Shareholder must send to the Corporate Secretary of BCE at its
    registered office located at 1000 de La Gaucheti&#232;re Street
    West, Suite&#160;4100, Montr&#233;al, Qu&#233;bec, H3B 5H8,
    Canada, or to Computershare Trust&#160;Company of Canada, the
    registrar and transfer agent of BCE, located at 100 University
    Avenue, 9th Floor, Toronto, Ontario, M5J 2YI, the certificates
    representing the Dissent Shares. A Dissenting Shareholder who
    fails to send the certificates representing the Dissent Shares
    forfeits its right to make a claim under section&#160;190 of the
    CBCA. BCE or Computershare will endorse on Share certificates
    received from a Dissenting Shareholder a notice that the holder
    is a Dissenting Shareholder under section&#160;190 of the CBCA
    and will forthwith return the Share certificates to the
    Dissenting Shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the filing of a Demand for Payment (and&#160;in any event
    upon the Effective&#160;Date), a Dissenting Shareholder ceases
    to have any rights in respect of its Dissent Shares, other than
    the right to be paid the fair value of its Dissent Shares as
    determined pursuant to section&#160;190 of the CBCA and the
    Interim Order, except where, prior to the date at which the
    Arrangement becomes effective: (i)&#160;the Dissenting
    Shareholder withdraws its Demand for Payment before we make an
    Offer to Pay to the Dissenting Shareholder; (ii)&#160;an Offer
    to Pay is not made and the Dissenting Shareholder withdraws its
    Demand for Payment; or (iii)&#160;the Board revokes the
    Arrangement Resolution, in which case BCE will reinstate the
    Dissenting Shareholder&#146;s rights in respect of its Dissent
    Shares as of the date the Demand for Payment was sent, all
    subject to the terms of the Interim Order which provides that
    registered Shareholders who exercise the rights of dissent as
    set out in the CBCA as modified by the Interim Order will be
    deemed to have transferred their Dissent Shares to the
    Purchaser, free and clear of any Liens, as of the Effective
    Date, and if they (a)&#160;ultimately are entitled to be paid
    fair value for their Dissent Shares, will be entitled to be paid
    the fair value of such Dissent Shares and will not be entitled
    to any other payment or
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;49&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    consideration (including any payment that would be payable under
    the Arrangement had they not exercised their Dissent Rights), or
    (b)&#160;are ultimately not entitled, for any reason, to be paid
    fair value for their Dissent Shares, will be deemed to have
    participated in the Arrangement on the same basis as
    non-Dissenting Shareholders. Pursuant to the Plan of
    Arrangement, in no case will the Purchaser, BCE or any other
    Person be required to recognize any Dissenting Shareholder as a
    Shareholder after the Effective Date, and the names of such
    Shareholders will be deleted from the list of registered
    Shareholders at the Effective Date. In addition to any other
    restrictions under section&#160;190 of the CBCA, none of the
    following shall be entitled to exercise Dissent Rights:
    (i)&#160;holders of Options or ECP Interests and
    (ii)&#160;holders of Shares who vote or have instructed a
    proxyholder to vote such Shares in favour of the Arrangement
    Resolution (but only in respect of such Shares).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No later than 7&#160;days after the later of the Effective Date
    and the date on which, as applicable, a Demand for Payment of a
    Dissenting Shareholder is received, each Dissenting Shareholder
    who has sent a Demand for Payment must be sent a written Offer
    to Pay for its Dissent Shares in an amount considered by the
    board of directors to be the fair value thereof, accompanied by
    a statement showing how the fair value was determined. Every
    Offer to Pay in respect of Shares of the same class or series
    must be on the same terms as every other offer to pay in respect
    of Shares of that class or series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment for the Dissent Shares of a Dissenting Shareholder must
    be made within 10&#160;days after an Offer to Pay has been
    accepted by a Dissenting Shareholder, but any such Offer to Pay
    lapses if an acceptance thereof is not received within
    30&#160;days after the Offer to Pay has been made. If an Offer
    to Pay for the Dissent Shares of a Dissenting Shareholder is not
    made, or if a Dissenting Shareholder fails to accept an Offer to
    Pay that has been made, an application to a court to fix a fair
    value for the Dissent Shares of Dissenting Shareholders may be
    made within 50&#160;days after the Effective Date or within such
    further period as a court may allow.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If no such application is made, a Dissenting Shareholder may
    apply to the Court for the same purpose within a further period
    of 20&#160;days or within such further period as a court may
    allow. A Dissenting Shareholder is not required to give security
    for costs in such an application.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon an application to the Court, all Dissenting Shareholders
    whose Dissent Shares have not been purchased will be joined as
    parties and bound by the decision of the court, and each
    affected Dissenting Shareholder shall be notified of the date,
    place and consequences of the application and of their right to
    appear and be heard in person or by counsel. Upon any such
    application to the Court, the Court may determine whether any
    other Person is a Dissenting Shareholder who should be joined as
    a party, and the court will then fix a fair value for the
    Dissent Shares of all such Dissenting Shareholders. The final
    order of the Court will be rendered against us in favour of each
    Dissenting Shareholder joined as a party and for the amount of
    the Dissent Shares as fixed by the Court. The Court may, in its
    discretion, allow a reasonable rate of interest on the amount
    payable to each such Dissenting Shareholder from the Effective
    Date until the date of payment. Registered Shareholders who are
    considering exercising Dissent Rights should be aware that there
    can be no assurance that the fair value of their Shares as
    determined under the applicable provisions of the CBCA (as
    modified by the Plan of Arrangement and the Interim Order) will
    be more than or equal to the Consideration under the
    Arrangement. In addition, any judicial determination of fair
    value will result in delay of receipt by a Dissenting
    Shareholder of consideration for such Dissenting
    Shareholder&#146;s Dissent Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The above is only a summary of the provisions of the CBCA
    pertaining to Dissent Rights, as modified by the Interim Order
    and the Plan of Arrangement, which are technical and complex. If
    you are a registered Shareholder and wish to exercise Dissent
    Rights, you should seek your own legal advice as failure to
    strictly comply with the provisions of the CBCA, as modified by
    the Interim Order and the Plan of Arrangement, may prejudice
    your Dissent Rights.</B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;50&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='156'><B><FONT style="font-size: 15pt">

<!-- link1 "INFORMATION CONCERNING BCE" -->
 <BR>
    <BR>
    INFORMATION CONCERNING BCE</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='157'>


<!-- link1 "BCE" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;BCE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE was incorporated in 1970 and continued under the CBCA in
    1979. It is governed by a Certificate and Articles of
    Amalgamation dated August&#160;1, 2004, by a Certificate and
    Articles of Arrangement dated July&#160;10, 2006 and by a
    Certificate and Articles of Amendment dated January&#160;25,
    2007. BCE has its principal and registered offices at 1000 de La
    Gaucheti&#232;re Street West, Suite&#160;3700, Montr&#233;al,
    Qu&#233;bec, H3B 4Y7. BCE is Canada&#146;s largest
    communications company. Through Bell Canada&#146;s
    28&#160;million customer connections, BCE provides a
    comprehensive and innovative suite of communication services to
    residential and business customers in Canada. Other BCE holdings
    include Telesat, a pioneer and world leader in satellite
    operations and systems management, and an interest in
    CTVglobemedia Inc., Canada&#146;s premier media company.
    BCE&#146;s Common Shares are listed on the TSX and the NYSE
    under the trading symbol BCE. BCE&#146;s Preferred Shares are
    listed on the TSX under the trading symbols BCE.PR.R
    (Series&#160;R Preferred Shares), BCE.PR.S (Series&#160;S
    Preferred Shares), BCE.PR.T (Series&#160;T Preferred Shares),
    BCE.PR.Y (Series&#160;Y Preferred Shares), BCE.PR.Z
    (Series&#160;Z Preferred Shares), BCE.PR.A (Series&#160;AA
    Preferred Shares), BCE.PR.C (Series&#160;AC Preferred Shares),
    BCE.PR.E (Series&#160;AE Preferred Shares), BCE.PR.F
    (Series&#160;AF Preferred Shares), BCE.PR.G (Series&#160;AG
    Preferred Shares), BCE.PR.H (Series&#160;AH Preferred Shares)
    and BCE.PR.I (Series&#160;AI Preferred Shares).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No Series&#160;AB Preferred Shares and Series&#160;AD Preferred
    Shares are currently issued and outstanding. The Series&#160;AA
    Preferred Shares and Series&#160;AC Preferred Shares are
    convertible at the option of the holders thereof into
    Series&#160;AB Preferred Shares and Series&#160;AD Preferred
    Shares on September&#160;1, 2007 and March&#160;1, 2008,
    respectively. As a result of these conversion rights, some
    Series&#160;AB Preferred Shares and Series&#160;AD Preferred
    Shares may be outstanding as of the Effective Date. The
    Series&#160;AB Preferred Shares and Series&#160;AD Preferred
    Shares will be listed on the TSX if and when issued.
</DIV>
<A name='158'>


<!-- link1 "MARKET PRICE AND TRADING VOLUME DATA" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;MARKET
    PRICE AND TRADING VOLUME DATA
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<A name='159'>


<!-- link1 "COMMON SHARES" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">COMMON
    SHARES<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Shares are listed and posted for trading on the TSX
    and the NYSE under the symbol &#147;BCE&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Common Shares on the TSX for
    each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    41.80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    39.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    178,339,672
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.14
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    408,351,643
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.95
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162,048,156
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.79
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    269,120,844
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.32
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173,341,947
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.53
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.91
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    128,823,288
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.04
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.56
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173,994,169
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.81
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.45
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    164,258,555
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.83
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149,332,321
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.46
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.33
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,083,166
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.71
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,829,526
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Common Shares on the NYSE for
    each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="27%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    39.88
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    37.36
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,779,750
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.41
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,284,466
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.51
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,296,858
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=243 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.02
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,238,700
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.84
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.23
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,329,400
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,396,200
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.70
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,467,400
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=243 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.28
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.38
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,389,600
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.27
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.22
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,801,800
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.97
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.36
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,284,100
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.03
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,401,500
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=243 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the NYSE and the
    TSX prior to the announcement of the execution of the Definitive
    Agreement, the closing price of the Common Shares on the NYSE
    was U.S.$37.79 and on the TSX was $40.34 per Common Share. On
    April&#160;16, 2007, the last trading day on the NYSE and the
    TSX prior to the announcement of BCE&#146;s decision to proceed
    with a strategic alternatives review process, the closing price
    of the Common Shares on the NYSE was U.S.$32.07 and on the TSX
    was $36.26 per Common Share.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;51&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->
<A name='160'>


<!-- link1 "PREFERRED SHARES" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">PREFERRED
    SHARES<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;R
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;R Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.R&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;R Preferred Shares
    on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.81
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.51
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,128
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.47
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,604,856
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    815,359
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.87
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,585,461
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.59
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    219,017
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.19
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141,780
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.20
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    735,555
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.04
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,066,971
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.84
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    622,525
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.76
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,480,320
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.28
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,798
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;R Preferred Shares on the
    TSX was $20.80 per Series&#160;R Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;R Preferred Shares on the TSX was $24.80 per
    Series&#160;R Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;S
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;S Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.S&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;S Preferred Shares
    on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.59
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,360
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.43
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.26
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,151
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.81
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    311,195
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.35
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.51
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    586,940
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    134,305
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197,668
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.39
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.04
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    442,145
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    196,821
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.45
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.96
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    380,640
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    524,817
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    553,995
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;S Preferred Shares on the
    TSX was $22.40 per Series&#160;S Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;S Preferred Shares on the TSX was $24.99 per
    Series&#160;S Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;T
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;T Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.T&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;T Preferred Shares
    on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,347
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180,630
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    315,893
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    614,968
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;T Preferred Shares on the
    TSX was $20.80 per Series&#160;T Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;T Preferred Shares on the TSX was $25.00 per
    Series&#160;T Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;Y
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;Y Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.Y&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;Y Preferred Shares
    on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.70
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,027
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.06
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,574
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.49
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,625
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.48
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.41
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,026
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.20
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,666
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.44
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.95
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,725
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,626
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.49
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,555
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.52
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,980
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,695
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.84
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.02
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,310
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;Y Preferred Shares on the
    TSX was $21.51 per Series&#160;Y Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;Y Preferred Shares on the TSX was $25.05 per
    Series&#160;Y Preferred Share.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;52&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;Z
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;Z Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.Z&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;Z Preferred Shares
    on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.98
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,965
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.59
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    800,111
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.96
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    520,965
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.72
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    871,284
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,258
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.74
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    669,901
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.55
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    223,375
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.99
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    185,993
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.99
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    288,495
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    454,644
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    414,573
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;Z Preferred Shares on the
    TSX was $22.25 per Series&#160;Z Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;Z Preferred Shares on the TSX was $25.47 per
    Series&#160;Z Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AA
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AA Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.A&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AA Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.88
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.61
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    290,366
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.16
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,119,404
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.70
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.07
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    877,861
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.61
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.96
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,548,854
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.73
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.02
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,249
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    909,829
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.44
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    717,217
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.88
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,599,427
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    465,913
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.90
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    604,329
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.20
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,197,263
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AA Preferred Shares on the
    TSX was $22.00 per Series&#160;AA Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AA Preferred Shares on the TSX was $24.83 per
    Series&#160;AA Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AB
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No historical trading data is available with respect to the
    Series&#160;AB Preferred Shares. Series&#160;AB Preferred Shares
    may be issued on September&#160;1, 2007 as a result of the
    exercise by holders of Series&#160;AA Preferred Shares of their
    conversion rights, as described above under &#147;Information
    Concerning BCE&#160;&#151; BCE&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AC
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AC Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.C&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AC Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220,926
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.48
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,590,251
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.36
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,314,172
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,387,504
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.53
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    207,611
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    847,705
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    780,352
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.99
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    216,326
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    470,860
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    587,423
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.49
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,129,426
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AC Preferred Shares on the
    TSX was $22.66 per Series&#160;AC Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AC Preferred Shares on the TSX was $25.05 per
    Series&#160;AC Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AD
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No historical trading data is available with respect to the
    Series&#160;AD Preferred Shares. Series&#160;AD Preferred Shares
    may be issued on March&#160;1, 2008 as a result of the exercise
    by holders of Series&#160;AD Preferred Shares of their
    conversion rights, as described above under &#147;Information
    Concerning BCE&#160;&#151; BCE&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AE
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AE Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.E&#148;.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;53&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AE Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,030
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.21
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    151,026
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.55
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    245,977
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.68
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,242
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.41
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,921
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.90
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.72
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    91,776
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,338
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.60
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,406
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.45
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,514
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,230
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.55
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    520,676
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AE Preferred Shares on the
    TSX was $22.65 per Series&#160;AE Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AE Preferred Shares on the TSX was $24.85 per
    Series&#160;AE Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AF
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AF Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.F&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AF Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92,414
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.49
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.51
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    520,222
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.90
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,827,002
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.67
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305,802
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.51
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.90
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    328,253
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,595
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.43
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,557
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,023
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.03
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.95
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    229,257
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.74
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58,786
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    969,239
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AF Preferred Shares on the
    TSX was $20.70 per Series&#160;AF Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AF Preferred Shares on the TSX was $25.20 per
    Series&#160;AF Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AG
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AG Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.G&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AG Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.45
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    214,293
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.33
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    368,822
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.70
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,712,406
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.73
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    325,313
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.45
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.21
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240,638
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.81
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,036,824
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.90
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    153,424
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.03
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,413
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    168,260
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95,579
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    443,654
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AG Preferred Shares on the
    TSX was $19.95 per Series&#160;AG Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AG Preferred Shares on the TSX was $24.50 per
    Series&#160;AG Preferred Share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AH
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AH Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.H&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AH Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August&#160;3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.77
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.50
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,320
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.23
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141,580
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.10
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,607,475
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.55
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    154,500
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.20
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,106,879
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.30
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.05
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    347,325
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AH Preferred Shares on the
    TSX was $23.50 per Series&#160;AH Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AH Preferred Shares on the TSX was $25.04 per
    Series&#160;AH Preferred Share.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;54&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Series&#160;AI
    Preferred Shares<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;AI Preferred Shares are listed and posted for
    trading on the TSX under the symbol &#147;BCE.PR.I&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the high and low closing market
    prices and trading volumes of the Series&#160;AI Preferred
    Shares on the TSX for each of the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="right" valign="bottom">
    <B>Price Range</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    High
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Low
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Volume
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="16" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=16 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">July&#160;1 to August 3
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    24.74
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    23.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    345,242
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.79
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    586,469
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.69
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,668,763
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.49
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.01
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    751,187
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.80
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,255,153
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.59
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.52
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    459,968
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    506,218
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Fourth Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.35
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.27
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    192,254
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Third Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.49
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.21
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188,457
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Second Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.41
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240,983
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">First Quarter
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.36
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    505,446
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=242 length=0 -->
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;29, 2007, the last trading day on the TSX prior to
    the announcement of the execution of the Definitive Agreement,
    the closing price of the Series&#160;AI Preferred Shares on the
    TSX was $20.21 per Series&#160;AI Preferred Share. On
    April&#160;16, 2007, the last trading day on the TSX prior to
    the announcement of BCE&#146;s decision to proceed with a
    strategic alternatives review process, the closing price of the
    Series&#160;AI Preferred Shares on the TSX was $24.93 per
    Series&#160;AI Preferred Share.
</DIV>
<A name='161'>


<!-- link1 "INTERESTS OF INSIDERS IN MATERIAL TRANSACTIONS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;INTERESTS
    OF INSIDERS IN MATERIAL TRANSACTIONS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the knowledge of BCE, other than as disclosed elsewhere in
    this information circular, as at August&#160;7, 2007, no
    director or officer of BCE, any Subsidiary or any insider, any
    nominee director, or any associate or affiliate of any of the
    foregoing, has had any interest in any transaction since the
    commencement of BCE&#146;s last financial year or in any
    proposed transaction which has materially affected or would
    materially affect BCE or any of its Subsidiaries.
</DIV>
<A name='162'>


<!-- link1 "AUDITORS AND AUDIT COMMITTEE" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;AUDITORS
    AND AUDIT COMMITTEE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deloitte&#160;&#038; Touche LLP has served as the auditors of
    BCE since 1983. BCE is required to have an audit committee. The
    directors who are members of the audit committee are Andr&#233;
    B&#233;rard, Anthony S. Fell, Judith Maxwell, Thomas C.
    O&#146;Neill (Chair) and Victor L. Young.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;55&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='163'><B><FONT style="font-size: 15pt">

<!-- link1 "INFORMATION CONCERNING THE PURCHASER, TEACHERS&#146;, PROVIDENCE AND MADISON DEARBORN PARTNERS" -->

    <BR>
    <BR>
    INFORMATION CONCERNING THE PURCHASER, TEACHERS&#146;,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">PROVIDENCE AND MADISON DEARBORN
    PARTNERS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following information regarding the Purchaser,
    Teachers&#146;, Providence and Madison Dearborn Partners is a
    general summary only and is not intended to be comprehensive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders should be aware that the Purchaser Parties have a
    right to syndicate equity in the Purchaser. See &#147;Summary of
    Definitive Agreement&#160;&#151; Equity Syndication&#148;.
</DIV>
<A name='164'>


<!-- link1 "PURCHASER" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;PURCHASER
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser is a company existing under the laws of Canada.
    The Purchaser was organized by Teachers&#146;, Providence and
    Madison Dearborn Partners solely for the purpose of entering
    into the Definitive Agreement and consummating the Arrangement.
    The Purchaser has not carried on any activities to date other
    than activities incident to its formation and in connection with
    the Arrangement.
</DIV>
<A name='165'>


<!-- link1 "TEACHERS&#146;" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;TEACHERS&#146;
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Teachers&#146; is one of the largest pension plans in Canada
    with over $100&#160;billion in managed assets and with
    significant experience investing in Canadian and foreign
    communications companies. Teachers&#146; is one of Canada&#146;s
    largest active pools of capital, having participated as a
    long-term investor in many buyouts in Canada, the United States
    and Europe, including Maple Leafs Sports and Entertainment
    (owner of the Toronto Maple Leafs, Toronto Raptors, Toronto FC
    Major League Soccer team and Air Canada Centre), Shoppers Drug
    Mart (Canada&#146;s largest retail drug store chain), Yellow
    Pages Group (Canada&#146;s largest directory publisher),
    CTVglobemedia Inc., Easton-Bell Sports (sporting goods
    manufacturer), Alliance Laundry Systems (premium laundry
    equipment manufacturer), Samsonite Corporation (luggage
    products), and National Bedding Company (Serta) (mattress
    manufacturer). Current and former portfolio companies in the
    telecommunications industry include MetroNet, Kabel Deutschland
    (Europe&#146;s largest cable television operator), TDC A/S
    (incumbent telco in Denmark with a $17.5&#160;billion enterprise
    value), Grupo Corporation Ono (telecommunications, broadband
    internet and pay television services in Spain), and Idea
    Cellular (India&#146;s leading GSM Mobile Services operator).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Teachers&#146; currently is the largest shareholder of BCE and
    has advised BCE that, as of August&#160;7, 2007, it beneficially
    owns or controls 50,802,638 Common Shares, representing
    approximately 6.3% of the outstanding Common Shares.
</DIV>
<A name='166'>


<!-- link1 "PROVIDENCE" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;PROVIDENCE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Providence is the largest private equity firm dedicated solely
    to the media and entertainment, communications, education, and
    information services industries. Providence currently manages
    approximately U.S.$21&#160;billion of committed capital for its
    institutional partners (including one of its largest investors,
    Teachers&#146;) and has been active in its sectors for almost
    20&#160;years. Recently announced or closed investments in
    market-leading media, communications and information services
    businesses include: eircom (incumbent fixed line operator in
    Ireland with a $4.4&#160;billion enterprise value); TDC A/S
    (incumbent telco in Denmark with a $17.5&#160;billion enterprise
    value); Univision Communications (the leading Spanish language
    broadcaster in the United States, with a $13.8&#160;billion
    enterprise value); Kabel Deutschland (Europe&#146;s largest
    cable television operator, with a $4.0&#160;billion enterprise
    value); SunGard Data Systems Inc. (global leader in software and
    processing solutions and information availability services, with
    a $12.8&#160;billion enterprise value); VoiceStream (U.S.
    national GSM operator, with a $42.5&#160;billion enterprise
    value);
    <FONT style="white-space: nowrap">Metro-Goldwyn-Mayer</FONT>
    Inc. (owner of the world&#146;s largest library of modern films,
    with a $5.5&#160;billion enterprise value); Freedom
    Communications (a leading newspaper and broadcast television
    business, with a $1.8&#160;billion enterprise value); and Warner
    Music (global leader in recorded music and music publishing,
    with a $2.8&#160;billion enterprise value).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Providence has advised BCE that, as of August&#160;7, 2007, it
    does not beneficially own or control any Shares.
</DIV>
<A name='167'>


<!-- link1 "MADISON DEARBORN PARTNERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;MADISON
    DEARBORN PARTNERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Madison Dearborn Partners, based in Chicago, is one of the most
    experienced and successful private equity investment firms in
    the United States. Madison Dearborn Partners has more than
    U.S.$14&#160;billion of capital under management and makes new
    investments through its most recent fund, Madison Dearborn
    Partners Capital Partners V, a U.S.$6.5&#160;billion investment
    fund formed in 2006. Since its inception in 1992, Madison
    Dearborn Partners has invested in more than 100 companies, and
    over the past 20&#160;years, Madison Dearborn Partners
    principals have completed over 200 investments. Madison Dearborn
    Partners focuses on private equity transactions across a broad
    spectrum of industries, including basic industries,
    communications, consumer, energy and power, financial services,
    real estate and health care. Over the last decade, Madison
    Dearborn Partners has been an active investor in the
    communications sector, with investments in such wireless
    communications industry leaders as Nextel Communications, Nextel
    Partners, Clearnet Communications, MetroPCS, Omnipoint
    Corporation and other wireless and wireline telecom companies.
    Madison Dearborn Partners has also been an active investor in
    the media business, with investments in such companies as
    Telemundo Communications Group, Intelsat, Ltd., Univision
    Communications and XM Satellite Radio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Madison Dearborn Partners has advised BCE that, as of
    August&#160;7, 2007, it does not beneficially own or control any
    Shares.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;56&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='168'><B><FONT style="font-size: 15pt">

<!-- link1 "CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS" -->

    <BR>
    <BR>
    CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the opinion of Stikeman Elliott LLP and Davies Ward
    Phillips&#160;&#038; Vineberg LLP, Canadian counsel to BCE, the
    following summary describes the principal Canadian federal
    income tax considerations generally applicable to a Shareholder
    who, for the purposes of the Tax Act and at all relevant times,
    holds its Shares as capital property, deals at arm&#146;s length
    with BCE and the Purchaser, and is not affiliated with BCE or
    the Purchaser. Generally, the Shares will be capital property to
    a Shareholder unless the Shares are held or were acquired in the
    course of carrying on a business or as part of an adventure or
    concern in the nature of trade. Certain Shareholders who are
    residents of Canada for purposes of the Tax Act and whose Shares
    might not otherwise be capital property may, in some
    circumstances, be entitled to make an irrevocable election in
    accordance with subsection 39(4) of the Tax Act to have such
    Shares and every other &#147;Canadian security&#148; (as defined
    in the Tax Act) owned by them deemed to be capital property in
    the taxation year of the election and in all subsequent taxation
    years. Such Shareholders should consult their own tax advisors
    for advice with respect to whether an election under subsection
    39(4) of the Tax Act is available or advisable in their
    particular circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is based upon the current provisions of the Tax
    Act, the regulations thereunder (the &#147;Regulations&#148;)
    and counsel&#146;s understanding of the current administrative
    policies and assessing practices published in writing by the CRA
    prior to the date hereof. This summary also takes into account
    all specific proposals to amend the Tax Act and the Regulations
    publicly announced by or on behalf of the Minister of Finance
    (Canada) prior to the date hereof (the &#147;Proposed
    Amendments&#148;) and assumes that all Proposed Amendments will
    be enacted in the form proposed. However, no assurances can be
    given that the Proposed Amendments will be enacted as proposed,
    or at all. This summary does not otherwise take into account or
    anticipate any changes in law or administrative policies or
    assessing practices, whether by legislative, regulatory,
    administrative or judicial action or decision, nor does it take
    into account provincial, territorial or foreign tax legislation
    or considerations, which may be different from those discussed
    in this summary. This summary assumes that the Common Shares and
    Preferred Shares will be listed on the TSX and the Common Shares
    will be listed on the NYSE at the time that the Shares are
    acquired by the Purchaser pursuant to the Arrangement (the
    &#147;Acquisition Time&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This summary is not applicable to a Shareholder (a)&#160;that
    is, for the purposes of certain rules in the Tax Act applicable
    to securities held by financial institutions, a &#147;financial
    institution&#148; (as defined in the Tax Act), or (b)&#160;an
    interest in which is a &#147;tax shelter investment&#148; (as
    defined in the Tax Act). Such Shareholders should consult their
    own tax advisors with respect to their particular
    circumstances.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This summary does not describe the tax consequences to
    holders of Options, RSUs or DSUs in respect of any payment made
    pursuant to the Arrangement in respect of such Options, RSUs or
    DSUs, and does not describe all of the tax consequences relevant
    to a Shareholder who acquired Shares on the exercise of
    Options.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This summary is not, and is not intended to be, legal or tax
    advice to any particular Shareholder. This summary is not
    exhaustive of all Canadian federal income tax considerations.
    Accordingly, Shareholders should consult their own tax advisors
    with respect to the Canadian federal income tax consequences of
    the Arrangement having regard to their own particular
    circumstances.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">CURRENCY
    TRANSLATION<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, amounts relevant to the computation of income under
    the Tax Act are reported in Canadian dollars. Any amount that is
    expressed or denominated in a currency other than Canadian
    dollars, including adjusted cost base and proceeds of
    disposition, must be converted into Canadian dollars based on
    the exchange rate prevailing on the date each such amount arises.
</DIV>
<A name='169'>


<!-- link1 "SHAREHOLDERS RESIDENT IN CANADA" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;SHAREHOLDERS
    RESIDENT IN CANADA
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following portion of this summary is generally applicable to
    a Resident Shareholder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISPOSITION
    OF SHARES<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, a Resident Shareholder who disposes of Shares under
    the Arrangement will realize a capital gain (or capital loss)
    equal to the amount by which the cash received by the Resident
    Shareholder under the Arrangement exceeds (or is less than) the
    aggregate of the adjusted cost base of the Shares to the
    Resident Shareholder and any reasonable costs of disposition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, a Resident Shareholder is required to include in
    computing its income for a taxation year one-half of the amount
    of any capital gain (a &#147;taxable capital gain&#148;)
    realized by the Resident Shareholder in the year. A Resident
    Shareholder is required to deduct one-half of the amount of any
    capital loss (an &#147;allowable capital loss&#148;) realized in
    a taxation year from taxable capital gains realized in the year.
    Allowable capital losses in excess of taxable capital gains may
    be carried back and deducted in any of the 3 preceding taxation
    years or carried forward and deducted in any subsequent taxation
    year against net taxable capital gains realized by the Resident
    Shareholder in such years, to the extent and in the
    circumstances described in the Tax Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of any capital loss realized by a Resident
    Shareholder that is a corporation on the disposition of a Share
    may be reduced by the amount of any dividends received (or
    deemed to be received) by it on such Share to the extent and
    under the circumstances described in the Tax Act. Similar rules
    may apply where a Share is owned by a partnership or trust of
    which a corporation, trust or partnership is a member or
    beneficiary. Resident Shareholders to whom these rules may apply
    should consult their own tax advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Resident Shareholder that is throughout the year a
    &#147;Canadian-controlled private corporation&#148; (as defined
    in the Tax Act) may be liable for a refundable tax of 6 and 2/3%
    on its &#147;aggregate investment income&#148;, which is defined
    to include an amount in respect of taxable capital gains.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;57&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capital gains realized by an individual or a trust, other than
    certain trusts, may give rise to alternative minimum tax under
    the Tax Act. Resident Shareholders should consult their own
    advisors with respect to the potential application of
    alternative minimum tax.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISSENTING
    SHAREHOLDERS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Resident Shareholder who validly exercises Dissent Rights (a
    &#147;Resident Dissenting Shareholder&#148;) will be deemed to
    transfer such holder&#146;s Shares to the Purchaser in exchange
    for payment of the fair value of such Shares. In general, a
    Resident Dissenting Shareholder will realize a capital gain (or
    capital loss) equal to the amount by which the cash received in
    respect of the fair value of the holder&#146;s Shares (other
    than in respect of interest awarded by a court) exceeds (or is
    less than) the adjusted cost base of such Shares and any
    reasonable costs of disposition. See &#147;Certain Canadian
    Federal Income Tax Considerations&#160;&#151; Shareholders
    Resident in Canada&#160;&#151; Disposition of Shares&#148;
    above. Interest awarded by a court to a Resident Dissenting
    Shareholder is required to be included in the holder&#146;s
    income for the purposes of the Tax Act.
</DIV>
<A name='170'>


<!-- link1 "SHAREHOLDERS NOT RESIDENT IN CANADA" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;SHAREHOLDERS
    NOT RESIDENT IN CANADA
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following portion of this summary is applicable to a
    Non-Resident Shareholder. Special rules, which are not discussed
    in this summary, may apply to a Non-Resident Shareholder that is
    either an insurer carrying on business in Canada and elsewhere
    or an &#147;authorized foreign bank&#148; (as defined in the Tax
    Act). Such&#160;Non-Resident Shareholders should consult their
    own tax&#160;advisors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISPOSITION
    OF SHARES<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Non-Resident Shareholder will not be subject to tax under the
    Tax Act on any capital gain realized on the disposition of
    Shares under the Arrangement unless the Shares are &#147;taxable
    Canadian property&#148; (within the meaning of the Tax Act) to
    the Non-Resident Shareholder at the Acquisition Time and such
    gain is not otherwise exempt from tax under the Tax Act pursuant
    to the provisions of an applicable income tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, Shares will not be taxable Canadian property to a
    Non-Resident Shareholder at the Acquisition Time provided that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Shares are listed on a prescribed stock exchange (which
    currently includes the TSX and the NYSE) at that time, and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the Non-Resident Shareholder, Persons with whom the Non-Resident
    Shareholder does not deal at arm&#146;s length, or the
    Non-Resident Shareholder together with all such Persons, has not
    owned 25% or more of the issued shares of any class or series of
    the capital stock of BCE at any time during the 60&#160;month
    period that ends at the Acquisition Time.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, Shares may be deemed to be
    taxable Canadian property in certain circumstances specified in
    the Tax Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Even if Shares are considered to be taxable Canadian property of
    a Non-Resident Shareholder, the Non-Resident Shareholder may be
    exempt from tax under the Tax Act on any gain on the disposition
    of Shares pursuant to the terms of an applicable income tax
    treaty. Non-Resident Shareholders whose Shares may be taxable
    Canadian property should consult their own tax advisors with
    respect to the availability of any relief under the terms of any
    applicable income tax treaty in their particular circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the Shares constitute taxable Canadian
    property to a Non-Resident Shareholder and any capital gain
    realized by the Non-Resident Shareholder on the disposition of
    Shares under the Arrangement is not exempt from tax under the
    Tax Act by virtue of an applicable income tax treaty, then the
    tax consequences described above under &#147;Certain Canadian
    Federal Income Tax Considerations&#160;&#151; Shareholders
    Resident in Canada&#160;&#151; Disposition of Shares&#148; will
    generally apply. Non-Resident Shareholders should consult their
    own tax advisors regarding any Canadian reporting requirement
    arising from this&#160;transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISSENTING
    SHAREHOLDERS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Non-Resident Shareholder who validly exercises Dissent Rights
    (a &#147;Non-Resident Dissenting Shareholder&#148;) will be
    deemed to transfer such Shareholder&#146;s Shares to the
    Purchaser in exchange for payment of the fair value of such
    Shares. A Non-Resident Dissenting Shareholder will realize a
    capital gain (or capital loss) equal to the amount by which the
    cash received in respect of the fair value of the holder&#146;s
    Shares (other than in respect of interest awarded by a court)
    exceeds (or is less than) the aggregate of the adjusted cost
    base and any reasonable cost of disposition. The taxation of
    capital gains and losses is described above under &#147;Certain
    Canadian Federal Income Tax Considerations&#160;&#151;
    Shareholders Not Resident in Canada&#160;&#151; Disposition of
    Shares&#148;. The amount of any interest awarded by a court to a
    Non-Resident Dissenting Shareholder will be subject to Canadian
    withholding tax at a rate of 25% unless the rate is reduced
    under the provisions of an applicable income tax treaty.
    Non-Resident Dissenting Shareholders should consult their own
    tax advisors with respect to the availability of any relief
    under the terms of an applicable income tax treaty in their
    particular circumstances.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;58&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='171'><B><FONT style="font-size: 15pt">

<!-- link1 "CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS" -->

    <BR>
    <BR>
    CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>IRS Circular 230 Disclosure: To ensure compliance with
    requirements imposed by the Internal Revenue Service (the
    &#147;IRS&#148;), we inform you that (i)&#160;any discussion of
    U.S. tax issues contained or referred to in this communication
    (including any attachments) is not intended or written to be
    used, and cannot be used, for the purpose of avoiding penalties
    under the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;); (ii)&#160;any such discussion is written in
    connection with the promotion or marketing of the matters
    addressed herein; and (iii)&#160;you should seek advice based on
    your particular circumstances from an independent advisor.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of certain of the material U.S.
    federal income tax considerations applicable to U.S. Holders and
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders (as defined below) arising from and relating to the
    Arrangement. This summary is based on the provisions of the
    Code, existing, temporary and proposed regulations promulgated
    under the Code and administrative and judicial interpretations
    of the Code, all as of the date of this information circular and
    all of which are subject to change, possibly with retroactive
    effect. No advance income tax ruling has been sought or obtained
    from the IRS nor an opinion of counsel sought or obtained
    regarding the U.S. federal income tax consequences of the
    transactions described in this information circular.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary does not discuss all U.S. federal income tax
    considerations that may be relevant to Shareholders in light of
    their particular circumstances or to certain Shareholders that
    may be subject to special treatment under U.S. federal income
    tax laws (for example, insurance companies, tax-exempt
    organizations, financial institutions, dealers in securities or
    currencies, traders in securities that elect to use a mark to
    market method of accounting, persons that hold Shares as part of
    a straddle, hedge, constructive sale or conversion transaction,
    U.S.&#160;Holders whose functional currency is not the U.S.
    dollar, persons that own or have owned, actually or
    constructively, 10% or more of the Shares, Shareholders subject
    to the alternative minimum tax, regulated investment companies,
    real estate investment trusts, controlled foreign corporations,
    passive foreign investment companies, retirement plans, former
    citizens or long-term residents of the United States,
    partnerships, S corporations or other pass-through entities for
    U.S. federal income tax purposes and investors in pass-through
    entities). This summary is limited to Shareholders that hold
    their Shares as capital assets as defined in section&#160;1221
    of the Code and does not consider the tax treatment of
    Shareholders that hold Shares through a partnership or other
    pass through entity. Furthermore, this summary does not discuss
    aspects of U.S. federal income taxation that may be applicable
    to holders of Options or any other interests in BCE that were
    acquired in connection with the performance of services,
    <FONT style="white-space: nowrap">non-U.S.,</FONT>
    state, local or other tax laws, alternative minimum tax
    considerations, or estate or gift tax considerations for U.S.
    Holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not sought any rulings from the IRS nor an opinion of
    counsel with respect to the U.S. federal income tax
    considerations discussed below. The discussion below is not
    binding on the IRS or the courts. Accordingly, there can be no
    assurance that the IRS will not take a different position
    concerning the tax consequences of the Arrangement or that any
    such position would not be sustained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Shareholders are advised to consult their own tax advisors
    with respect to the application of the U.S. federal income tax
    laws to their particular situations, as well as the tax
    consequences arising under the laws of any
    <FONT style="white-space: nowrap">non-U.S.,</FONT>
    state or local taxing jurisdiction or under any applicable tax
    treaty.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, &#147;U.S. Holders&#148; means a beneficial
    owner of Shares that for U.S. federal income tax purposes is
    (i)&#160;a citizen or resident of the United States, (ii)&#160;a
    corporation (or other entity taxable as a corporation) created
    or organized in or under the laws of the United States, any
    state of the United States or the District of Columbia,
    (iii)&#160;an estate whose income is subject to U.S. federal
    income tax regardless of its source or (iv) a trust, if a U.S.
    court can exercise primary supervision over the trust&#146;s
    administration and one or more U.S. persons are authorized to
    control all substantial decisions of the trust. If a partnership
    or other pass-through entity holds Shares, the U.S. federal
    income tax treatment of a partner or other owner generally will
    depend on the status of the partner or other owner and the
    activities of the partnership or other pass-through entity. A
    Shareholder that is a partner of the partnership or an owner of
    another pass-through entity holding Shares should consult its
    own tax advisor. As used herein, the term
    <FONT style="white-space: nowrap">&#147;Non-U.S.</FONT>
    Holder&#148; means a beneficial owner of Shares that is not a
    U.S. person for U.S. federal income tax purposes.
</DIV>
<A name='172'>


<!-- link1 "U.S. HOLDERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;U.S.
    HOLDERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISPOSITION
    OF SHARES&#160;PURSUANT TO THE ARRANGEMENT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange by a U.S. Holder of Shares for cash pursuant to the
    Arrangement will be treated as a taxable sale for U.S. federal
    income tax purposes. Consequently, a U.S. Holder will recognize
    a gain or loss in an amount equal to the difference, if any,
    between (a)&#160;the amount of cash received (at its U.S. dollar
    equivalent determined by reference to the spot rate of exchange
    on the date of disposition and including the amount of any
    Canadian withholding tax) in exchange for the U.S. Holder&#146;s
    Shares in the Arrangement and (b)&#160;the U.S. Holder&#146;s
    adjusted tax basis in such Shares. In the case of a U.S. Holder
    (that is a Shareholder) that exercises the rights of dissent,
    the gain or loss will be equal to the difference between the
    amount of cash received (at its U.S. dollar equivalent
    determined by reference to the spot rate of exchange on the date
    of disposition, if the amount received is denominated in
    Canadian dollars and including the amount of any Canadian
    withholding tax) and the U.S. Holder&#146;s adjusted tax basis
    in its Shares surrendered in the exchange. Assuming BCE was not
    at any relevant time classified as a PFIC, as defined below
    under &#147;Passive Foreign Investment Company
    Considerations&#148;, a gain or loss on the exchange of Shares
    will be a capital gain or loss if such Shares were held by a
    U.S. Holder as a capital asset. Further, the gain or loss will
    generally be a long-term capital gain or loss if the U.S. Holder
    has held its Shares for more than one year at the time of the
    exchange. Any such gain or loss will generally be gain or loss
    from sources within the U.S. for foreign tax credit purposes
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;59&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    unless the gain is attributable to an office or other fixed
    place of business maintained by the U.S. Holder outside the U.S.
    and certain other conditions are met. Preferential U.S. federal
    income tax rates apply to long-term capital gains of individual
    U.S.&#160;Holders. The current maximum tax rate is 15%. The
    deductibility of capital losses is subject to limitations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">PASSIVE
    FOREIGN INVESTMENT COMPANY CONSIDERATIONS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For U.S. federal income tax purposes, a corporation is
    classified as a passive foreign investment company
    (&#147;PFIC&#148;) for each taxable year in which either
    (i)&#160;75% or more of its gross income is passive income (as
    defined for U.S. federal income tax purposes), or (ii)&#160;on
    average for such taxable year, 50% or more in value of its
    assets produce passive income or are held for the production of
    passive income. In determining whether it is a PFIC, a foreign
    corporation is required to take into account a pro rata portion
    of the income and assets of each corporation in which it owns,
    directly or indirectly, at least a 25% interest. While there can
    be no assurance with respect to the classification of BCE as a
    PFIC, BCE does not believe that it is currently, or has been, a
    PFIC or that it is likely to become a PFIC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>U.S. Holders are urged to consult their tax advisors
    regarding the potential application of the PFIC rules.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">FOREIGN
    TAX CREDITS FOR CANADIAN TAXES PAID OR WITHHELD<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S. Holder that pays (whether directly or through
    withholding) Canadian income tax in connection with the
    Arrangement may be entitled, at the election of such
    U.S.&#160;Holder, to receive either a deduction or a credit for
    U.S. federal income tax purposes. Generally, a credit will
    reduce a U.S.&#160;Holder&#146;s U.S.&#160;federal income tax
    liability on a
    <FONT style="white-space: nowrap">dollar-for-dollar</FONT>
    basis, whereas a deduction will reduce a U.S.&#160;Holder&#146;s
    income subject to U.S.&#160;federal income tax. A credit is only
    available to offset U.S.&#160;tax imposed on foreign source
    income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foreign tax credit rules are complex, and each U.S. Holder
    should consult its own tax advisor regarding the foreign tax
    credit rules and the application of the foreign tax credit rules
    to the Arrangement, including the application of the
    <FONT style="white-space: nowrap">U.S.-Canada</FONT>
    Income Tax Treaty to the U.S. Holder&#146;s particular
    circumstances.
</DIV>
<A name='173'>


<!-- link1 "NON-U.S. HOLDERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">&#160;NON-U.S.</FONT>
    HOLDERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">DISPOSITION
    OF SHARES&#160;PURSUANT TO THE ARRANGEMENT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders will not be subject to U.S. federal income tax on gain
    realized as a result of the exchange by such Shareholder of
    Shares for cash pursuant to the Arrangement, unless the gain or
    income, if any, is effectively connected with a U.S. trade or
    business of the
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holder or, in the case of gain realized by an individual
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holder, the individual is present in the United States for
    183&#160;days or more during the taxable year of disposition and
    certain other conditions are satisfied.
</DIV>
<A name='174'>


<!-- link1 "BACK-UP WITHHOLDING AND INFORMATION REPORTING" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">&#160;BACK-UP</FONT>
    WITHHOLDING AND INFORMATION REPORTING
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">Back-up</FONT>
    withholding tax is not a separate tax. Any amounts withheld
    under the
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding rules are generally allowable as a credit against a
    Shareholder&#146;s U.S. federal income tax liability (if any),
    which may entitle the Shareholder to a refund, provided that the
    required information is furnished to the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">U
    S. HOLDERS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments of cash received by a U.S. Holder in exchange for
    Shares (including Common Shares received by U.S. Holders who
    acquired Common Shares on the exercise of Options) pursuant to
    the Arrangement generally may be subject to the information
    reporting requirements of the Code and may be subject to
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding tax, at the rate of 28%, unless the U.S.&#160;Holder
    (i)&#160;establishes that it is a corporation or other exempt
    holder, or (ii)&#160;provides an accurate taxpayer
    identification number on a properly completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    and certifies that no loss of exemption from
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding has occurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096"><FONT style="white-space: nowrap">NON-U.S.</FONT>
    HOLDER<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, a
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holder will not be subject to
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding and information reporting with respect to payments
    of cash received by such
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holder in exchange for Shares if such
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holder provides a properly completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or such other applicable certification in order to establish its
    exemption from information reporting and
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders should consult their own financial advisor, legal
    counsel or accountant regarding the information reporting and
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding tax rules, and the application of the information
    reporting and
    <FONT style="white-space: nowrap">back-up</FONT>
    withholding tax rules to the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The discussion of U.S. federal income tax consequences set
    forth above is for general information only and does not purport
    to be a complete analysis or listing of all potential tax
    effects that may apply to a Shareholder. Each Shareholder is
    strongly encouraged to consult its own tax advisor to determine
    the particular tax consequences to it of the Arrangement,
    including the application and effect of U.S.&#160;federal,
    state, local and
    <FONT style="white-space: nowrap">non-U.S.</FONT> tax
    laws.</B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;60&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='175'><B><FONT style="font-size: 15pt">

<!-- link1 "RISK FACTORS" -->
 <BR>
    <BR>
    RISK FACTORS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following risk factors should be carefully considered by
    Shareholders in evaluating whether to approve the Arrangement
    Resolution.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='176'>


<!-- link1 "RISKS RELATING TO THE ARRANGEMENT" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;RISKS
    RELATING TO THE ARRANGEMENT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The completion of the Arrangement is subject to a number of
    conditions precedent, some of which are outside BCE&#146;s
    control, including receipt of the Final Order. At the hearing on
    the Final Order, the Court will consider whether to approve the
    Arrangement based on the applicable legal requirements and the
    evidence before the Court. Other conditions precedent which are
    outside of BCE&#146;s control include the receipt of the Key
    Regulatory Approvals and Shareholder approval. There can be no
    certainty, nor can BCE provide any assurance, that all
    conditions precedent to the Arrangement will be satisfied or
    waived, or, if satisfied or waived, when they will be satisfied
    or waived.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the Purchaser and BCE has the right, in certain
    circumstances, to terminate the Definitive Agreement.
    Accordingly, there can be no certainty, nor can BCE provide any
    assurance, that the Definitive Agreement will not be terminated
    by either of the Purchaser or BCE prior to the completion of the
    Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, for any reason, the Arrangement is not completed or its
    completion is materially delayed and/or the Definitive Agreement
    is terminated, the market price of the Shares may be materially
    adversely affected. BCE&#146;s business, financial condition or
    results of operations could also be subject to various material
    adverse consequences, including that we would remain liable for
    significant costs relating to the Arrangement including, among
    others, legal, accounting and printing expenses. In addition,
    depending on the circumstances in which termination of the
    Definitive Agreement occurs, we may have to pay the Termination
    Fee or reimburse certain expenses of the Purchaser Parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See also &#147;The Arrangement&#160;&#151; Reasons for the
    Arrangement&#148; for a discussion of certain risks and other
    potentially negative factors concerning the Arrangement.
</DIV>
<A name='177'>


<!-- link1 "RISKS RELATING TO BCE" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;RISKS
    RELATING TO BCE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whether or not the Arrangement is completed, BCE will continue
    to face many of the risks that it currently faces with respect
    to its business and affairs. Certain of these risk factors have
    been disclosed in the Management&#146;s Discussion and Analysis
    of BCE for the year ended December&#160;31, 2006 included in the
    Bell Canada Enterprises 2006 Annual Report (the &#147;BCE 2006
    MD&#038;A&#148;) on pages 48 to 55 under the heading &#147;Risks
    That Could Affect Our Business and Results&#148;, on pages 39 to
    41 under the heading &#147;Competitive Environment&#148; and on
    pages 41 to 47 under the heading &#147;Regulatory
    Environment&#148;, as updated in the Management&#146;s
    Discussion and Analysis of BCE for the three-month period ended
    March&#160;31, 2007 included in the BCE 2007 First Quarter
    Shareholder Report, dated May&#160;1, 2007 (the &#147;BCE 2007
    First Quarter MD&#038;A&#148;) under the headings &#147;Updates
    to the Description of Risks&#148; and &#147;Updates to
    Regulatory Environment&#148; at pages 24 and 25 and 21 and 22,
    respectively, and the Management&#146;s Discussion and Analysis
    of BCE for the three-month period ended June&#160;30, 2007
    included in the BCE 2007 Second Quarter Shareholder Report,
    dated July&#160;31, 2007 (the &#147;BCE 2007 Second Quarter
    MD&#038;A&#148;) under the headings &#147;Updates to the
    Description of Risks&#148; and &#147;Updates to Regulatory
    Environment&#148; at page&#160;31 and pages 25 to 28,
    respectively, which sections of the BCE 2006 MD&#038;A, BCE 2007
    First Quarter MD&#038;A and BCE 2007 Second Quarter MD&#038;A
    are specifically incorporated by reference into this information
    circular. The BCE 2006 MD&#038;A, BCE 2007 First Quarter
    MD&#038;A and BCE 2007 Second Quarter MD&#038;A have been filed
    on SEDAR at www.sedar.com and, as part of BCE&#146;s
    <FONT style="white-space: nowrap">Form&#160;40-F</FONT>
    and
    <FONT style="white-space: nowrap">Forms&#160;6-K,</FONT>
    on EDGAR at www.sec.gov and, upon request to BCE&#146;s
    Corporate Secretary, a Shareholder will be provided with a copy
    of these documents free of charge.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;61&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='178'><B><FONT style="font-size: 15pt">

<!-- link1 "GENERAL PROXY MATTERS" -->
 <BR>
    <BR>
    GENERAL PROXY MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>YOUR VOTE IS IMPORTANT&#160;&#151; AS A SHAREHOLDER, IT IS
    VERY IMPORTANT THAT YOU READ THIS INFORMATION CAREFULLY AND THEN
    VOTE YOUR SHARES, EITHER BY PROXY OR IN PERSON AT
    THE&#160;MEETING.</B>
</DIV>
<A name='179'>


<!-- link1 "VOTING BY PROXY" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;VOTING
    BY PROXY
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is the easiest way to vote. Voting by proxy means that you
    are giving the person or people named on your proxy form
    (proxyholder) the authority to vote your Shares for you at the
    Meeting or any adjournment. A proxy form is included in this
    package.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You can choose from five different ways to vote your Shares by
    proxy:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    1.&#160;
</TD>
    <TD align="left">    by telephone
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    2.&#160;
</TD>
    <TD align="left">    on the Internet
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    3.&#160;
</TD>
    <TD align="left">    by mail
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    4.&#160;
</TD>
    <TD align="left">    by fax
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    5.&#160;
</TD>
    <TD align="left">    by appointing another person to go to the Meeting and vote your
    Shares for you.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The directors who are named on the proxy form will vote your
    Shares for you, unless you appoint someone else to be your
    proxyholder. If you appoint someone else, he or she must be
    present at the Meeting to vote your Shares.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are voting your Shares by proxy, our transfer agent,
    Computershare, or other agents we appoint, <B>must receive your
    completed proxy form by 4:45&#160;p.m. (Montr&#233;al time) on
    September&#160;20, 2007</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please follow the instructions below based on whether you are a
    registered or Non-Registered Shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You are a registered Shareholder</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If your name appears on your Share certificate. Your proxy form
    tells you whether you are a registered Shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You are a Non-Registered (or beneficial) Shareholder</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If your bank, trust company, securities broker, investment
    dealer or other Intermediary holds your Shares for you (your
    nominee). For most of you, your proxy form tells you whether you
    are a Non-Registered (or beneficial) Shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you are not sure whether you are a registered or
    Non-Registered Shareholder, please contact Computershare</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPUTERSHARE TRUST&#160;COMPANY OF CANADA</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    100 University Avenue
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9th Floor
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Toronto, Ontario, Canada M5J 2YI
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>TELEPHONE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">1-800-561-0934</FONT>
    (toll-free in Canada and the United States)
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">514-982-7555</FONT>
    (in the Montr&#233;al area or from outside Canada and the United
    States)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>FAX</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1-888-453-0330 (toll-free in Canada and the United States)
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">416-263-9394</FONT>
    (outside Canada and the United States)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">E-MAIL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    bce@computershare.com
</DIV>
<A name='180'>


<!-- link1 "HOW TO VOTE &#151; REGISTERED SHAREHOLDERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;HOW TO
    VOTE&#160;&#151; REGISTERED SHAREHOLDERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A.&#160;BY PROXY</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1&#160;&#160;BY TELEPHONE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Call 1-866-732-8683 (toll free in Canada and the United States)
    or
    <FONT style="white-space: nowrap">312-588-4290</FONT>
    (International Direct Dial) from a touch-tone phone and follow
    the instructions.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    You will need your (i)&#160;control number, (ii)&#160;holder
    account number and (iii)&#160;proxy access number. You will find
    these three numbers on the information sheet attached to your
    proxy form.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you vote by telephone, you cannot appoint anyone other
    than the directors named on your proxy form as your
    proxyholder.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>2&#160;&#160;<FONT style="font-variant: SMALL-CAPS">ON THE
    INTERNET</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Go to Computershare&#146;s website at www.investorvote.com and
    follow the instructions on screen.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    You will need your (i)&#160;control number, (ii)&#160;holder
    account number and (iii)&#160;proxy access number. You will find
    these three numbers on the information sheet attached to your
    proxy form.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;62&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>3&#160;&#160;BY MAIL</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Detach the proxy form from the information sheet, complete, sign
    and date your proxy form, and return it in the envelope we have
    provided.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Please see &#147;General Proxy Matters&#160;&#151; Completing
    the Proxy Form&#148; for more information.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>4&#160;&#160;BY FAX</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Detach the proxy form from the information sheet, complete, sign
    and date your proxy form, and send by fax to 1-866-249-7775
    (toll free in Canada and the United States) or
    <FONT style="white-space: nowrap">416-263-9524</FONT>
    (outside Canada and the United States).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Please see below &#147;General Proxy Matters&#160;&#151;
    Completing the Proxy Form&#148; for more information.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>5&#160;&#160;</B></TD>
    <TD align="left">
    <B>BY APPOINTING ANOTHER PERSON TO GO TO THE MEETING AND VOTE
    YOUR SHARES FOR YOU</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    This person does not have to be a Shareholder.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    <B>Strike out the four names that are printed on the proxy form
    and write the name of the person you are appointing in the space
    provided. Complete your voting instructions, date and sign the
    form, and return it to Computershare as instructed.</B>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Make sure that the person you appoint is aware that he or she
    has been appointed and attends the Meeting.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    At the Meeting, he or she should see a Computershare
    representative at the table marked &#147;Alternate
    attorneys/External proxyholders.&#148;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Please see &#147;General Proxy Matters &#151; Completing the
    Proxy Form&#148; for more information.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B.&#160;In Person at the Meeting</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You do not need to complete or return your proxy form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should see a Computershare representative before entering
    the meeting to register your attendance at the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Voting in person at the Meeting will automatically cancel any
    proxy you completed and submitted earlier.
</DIV>
<A name='181'>


<!-- link1 "HOW TO VOTE &#151; NON-REGISTERED SHAREHOLDERS" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;HOW TO
    VOTE&#160;&#151; NON-REGISTERED SHAREHOLDERS
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1.&#160;&#160;BY PROXY</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Your Intermediary is required to ask for your voting
    instructions before the Meeting. Please contact your
    Intermediary if you did not receive a request for voting
    instructions or a proxy form in this package.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    In most cases, you will receive a voting instruction form that
    allows you to provide your voting instructions by telephone, on
    the Internet, by mail or by fax. If you want to provide your
    voting instructions on the Internet, go to Broadridge&#146;s
    website at www.proxyvote.com and follow the instructions on
    screen. You will need your
    <FONT style="white-space: nowrap">12-digit</FONT>
    control number, which you will find on your voting instruction
    form.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Alternatively, you may be a Non-Registered Shareholder who will
    receive from your Intermediary a voting instruction form which:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    is to be completed and returned, as directed in the instructions
    provided OR
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    has been pre-authorized by your nominee indicating the number of
    Shares to be voted, which is to be completed, dated, signed and
    returned to Computershare, by mail or fax.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>2.&#160;IN PERSON AT THE MEETING</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    We do not have access to the names or holdings of our
    Non-Registered Shareholders. That means you can only vote your
    Shares in person at the Meeting if you have previously appointed
    yourself as the proxyholder for your Shares by printing your
    name in the space provided on the voting instruction form and
    submitting it as directed on the form. <B>Your voting
    instructions must be received in sufficient time to allow your
    voting instruction form to be received by Computershare by 4:45
    p.m. (Montr&#233;al time) on September&#160;20, 2007.</B>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Your vote will be taken and counted at the Meeting.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;
</TD>
    <TD align="left">
    Prior to the Meeting, you should see a representative of
    Computershare at the table marked &#147;Alternate
    attorneys/External proxyholders.&#148;
</TD>
</TR>

</TABLE>
<A name='182'>


<!-- link1 "COMPLETING THE PROXY FORM" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;COMPLETING
    THE PROXY FORM
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You can choose to vote &#147;For&#148; or &#147;Against&#148;
    the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When you sign the proxy form, you authorize Richard J. Currie,
    Michael J. Sabia, Donna Soble Kaufman and Andr&#233; B&#233;rard
    who are all directors of BCE, to vote your Shares for you at the
    Meeting according to your instructions. <B>If you return your
    proxy form and do not tell us how you want to vote your Shares,
    your vote will be cast FOR the approval of the Arrangement
    Resolution.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Your proxyholder will also vote your Shares as he sees fit on
    any other matter that may properly come before the Meeting and
    in respect of which you are entitled to vote</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are appointing someone else to vote your Shares for you
    at the Meeting, strike out the four names of the directors and
    write the name of the Person voting for you in the space
    provided<B>.</B> If you are completing your proxy on the
    internet, follow the instructions on the website on how to
    appoint someone else. <B>If you do not specify how you want your
    Shares voted, your proxyholder will vote your Shares as he or
    she sees fit on each item and on any other matter that may
    properly come before the Meeting and in respect of which you are
    entitled to vote.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are an individual Shareholder, you or your authorized
    attorney must sign the form. If you are a corporation or other
    legal entity, an authorized officer or attorney must sign the
    form.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;63&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you need help completing your proxy form, please contact
    Georgeson Shareholder Communications Canada Inc. (if you are a
    Shareholder residing in Canada) or Innisfree M&#038;A
    Incorporated (if you are a Shareholder residing in the United
    States) or BCE Investor Relations for service in English or in
    French:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Georgeson Shareholder Communications Canada Inc.:</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Toll-free in Canada: 1-888-605-7634
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Innisfree M&#038;A Incorporated:</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Toll-free in the United States: 1-877-687-1875
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Banks, brokers and persons calling from other locations:
    <FONT style="white-space: nowrap">1-212-750-5833</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BCE Investor Relations:</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Toll-free in Canada and the United States:
    <FONT style="white-space: nowrap">1-800-339-6353</FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax 1-514-786-3970
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">E-mail:</FONT>
    investor.relations@bce.ca
</DIV>
<A name='183'>


<!-- link1 "CHANGING YOUR VOTE" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CHANGING
    YOUR VOTE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You can revoke a vote you made by proxy by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    voting again by telephone or on the Internet before 4:45 p.m.
    (Montr&#233;al time) on September 20, 2007;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    completing a proxy form that is dated later than the proxy form
    you are changing and mailing it or faxing it to Computershare so
    that it is received before 4:45 p.m. (Montr&#233;al time) on
    September 20, 2007;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    sending a notice in writing from you or your authorized attorney
    to our Corporate Secretary so that it is received before 4:45
    p.m. (Montr&#233;al time) on September&#160;20, 2007; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    giving a notice in writing from you or your authorized attorney
    to the Chair of the Meeting, at the Meeting or any adjournment.
</TD>
</TR>

</TABLE>
<A name='184'>


<!-- link1 "HOW THE VOTES ARE COUNTED" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;HOW
    THE VOTES ARE COUNTED
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Common Shareholder and Preferred Shareholder is entitled to
    one vote for each Share he or she holds on the Record Date. As
    of the Record Date, an aggregate of 804,824,883&#160;Common
    Shares and 110,000,000 Preferred Shares were entitled to be
    voted at the Meeting. Quorum for the Meeting was fixed by the
    Interim Order at 20% of the votes attached to all outstanding
    Shares, in each case present at the Meeting in person or by
    proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As at August&#160;7, 2007, to the knowledge of the directors and
    executive officers of BCE, no Shareholder beneficially owns,
    directly or indirectly, or exercises control or direction over,
    Common Shares or Preferred Shares carrying more than 10% of the
    voting rights attached to either the Common Shares or Preferred
    Shares, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Arrangement Resolution must be approved by not less than
    two-thirds of the votes cast by the holders of the Common Shares
    and Preferred Shares, voting as a single class, at the Meeting
    in person or by proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Computershare counts and tabulates the votes. It does this
    independently of us to make sure that the votes of individual
    Shareholders are confidential. Computershare refers proxy forms
    to us only when:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    it is clear that a Shareholder wants to communicate with
    management;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the validity of the proxy is in question; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the law requires it.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;64&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='185'><B><FONT style="font-size: 15pt">

<!-- link1 "LEGAL MATTERS" -->
 <BR>
    <BR>
    LEGAL MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters relating to the Arrangement are to be
    passed upon by Davies Ward Phillips&#160;&#038; Vineberg LLP and
    Stikeman Elliott LLP (regarding Canadian laws), and
    Sullivan&#160;&#038; Cromwell LLP (regarding U.S. laws), on our
    behalf and by Goodmans LLP (regarding Canadian laws) and Weil,
    Gotshal&#160;&#038; Manges LLP and Paul, Hastings,
    Janofsky&#160;&#038; Walker&#160;LLP (regarding U.S. laws) on
    the Purchaser&#146;s behalf.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='186'><B><FONT style="font-size: 15pt">

<!-- link1 "ADDITIONAL INFORMATION" -->
 <BR>
    <BR>
    ADDITIONAL INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You can ask us for a copy of the following documents of BCE, as
    applicable, at no charge:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    most recent business update and annual report, which includes
    audited comparative annual financial statements and
    management&#146;s discussion and analysis for the most recently
    completed financial year together with the accompanying
    auditor&#146;s report;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    any interim financial statements that were filed after the
    annual financial statements for the most recently completed
    financial year;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    management&#146;s discussion and analysis for the interim
    financial statements;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    the management proxy circular for BCE&#146;s most recent annual
    shareholder meeting; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;
</TD>
    <TD align="left">    most recent AIF, together with any document, or the relevant
    pages of any document, incorporated by reference into it.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please write to our Corporate Secretary Office or our Investor
    Relations Group at 1000 de La Gaucheti&#232;re Street West,
    Suite&#160;4100, Montr&#233;al, Qu&#233;bec, H3B 5H8, Canada or
    call
    <FONT style="white-space: nowrap">1-800-339-6353.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The annual and interim financial statements along with the
    accompanying management&#146;s discussion and analysis referred
    to above provide financial information concerning BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These documents and additional information with respect to us
    are also available on our website at www.bce.ca, on SEDAR at
    www.sedar.com and on EDGAR at www.sec.gov. All of our news
    releases are also available on our website.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;65&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='187'><B><FONT style="font-size: 15pt">

<!-- link1 "GLOSSARY" -->
 <BR>
    <BR>
    GLOSSARY</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this information circular, unless the context otherwise
    requires, &#147;you&#148; and &#147;your&#148; refer to the
    Shareholders, as applicable, and &#147;we&#148;, &#147;us&#148;
    and &#147;our&#148; refer to BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a glossary of certain terms used in this
    information circular:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<B>1933 Act&#148;</B> means the United States
    <I>Securities Act of 1933</I>, as amended;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<B>76 Indenture&#148;</B> means the Trust Indenture dated
    as of July&#160;1, 1976 between Bell Canada and CIBC Mellon
    Trust Company (the successor to the former trustee Royal Trust
    Company);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<B>97 Indenture&#148;</B> means the Trust Indenture dated
    November&#160;28, 1997 between Bell Canada and CIBC Mellon Trust
    Company (the&#160;&#147;97&#160;Indenture&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Acquisition Proposal&#148;</B> means, other than the
    transactions contemplated by the Definitive Agreement
    (including, for greater certainty, the Telesat Transaction) and
    other than any transaction involving only BCE 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)&#160;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 BCE and
    its Subsidiaries or 20% or more of the voting or equity
    securities of BCE 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
    BCE, (ii)&#160;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 BCE 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 BCE or (iii)&#160;a plan of arrangement, merger,
    amalgamation, consolidation, share exchange, business
    combination, reorganization, recapitalization, liquidation,
    dissolution or other similar transaction involving BCE or any of
    its Subsidiaries whose assets or revenues, individually or in
    the aggregate, constitute 20% or more of the consolidated assets
    or revenue, as applicable, of BCE, 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 BCE or its Subsidiaries as permitted by the
    terms of the Definitive Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Additional Regulatory Approvals&#148;</B> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (i)&#160;
</TD>
    <TD align="left">    all approvals relating to a change in control of BCE required by
    the States of California, Georgia, Minnesota, New York, Ohio,
    Pennsylvania and Texas and necessary for one or more
    Subsidiaries of BCE to provide certain intra state
    communications services in the relevant State;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (ii)&#160;
</TD>
    <TD align="left">    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;
    and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (iii)&#160;
</TD>
    <TD align="left">    any approvals required by CTVglobemedia Inc. in connection with
    or as a result of the transactions contemplated by the
    Definitive Agreement;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Arrangement&#148;</B> means an arrangement under
    section&#160;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 the
    Definitive Agreement and the Plan of Arrangement, or made at the
    direction of the Court in the Final Order (with the consent of
    both BCE and the Purchaser, each acting&#160;reasonably);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Arrangement Resolution&#148;</B> means the special
    resolution approving the Plan of Arrangement in substantially
    the form attached at Appendix &#147;A&#148; to be voted upon by
    the Shareholders at the Meeting;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Articles of Arrangement&#148;</B> means the articles of
    arrangement of BCE 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 BCE and the
    Purchaser, each acting&#160;reasonably;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Auction Process&#148;</B> has the meaning ascribed
    thereto under &#147;The Arrangement&#160;&#151; Background to
    the Arrangement&#160;&#151; The Board forms the Strategic
    Oversight Committee.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BCE&#148;</B> means BCE Inc., a corporation existing
    under the laws of Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BCE Amalco&#148;</B> means the corporation continuing
    upon the amalgamation of Subco and BCE pursuant to the Plan of
    Arrangement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BCE Disclosure Letter&#148;</B> means the disclosure
    letter dated June&#160;29, 2007 relating to the Definitive
    Agreement that has been provided by BCE to the Purchaser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BCE Employees&#148;</B> means the employees of BCE and
    its Subsidiaries;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;66&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BCE Filings&#148;</B> means all documents publicly
    filed under the profile of BCE on the System for Electronic
    Document Analysis Retrieval (SEDAR) since December&#160;31, 2005;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Bell Aliant Entities&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BMO&#148;</B> means BMO Nesbitt Burns Inc.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BMO Fairness Opinions&#148;</B> means (i)&#160;the
    opinion letter delivered by BMO to the Board and the Strategic
    Oversight Committee dated June&#160;29, 2007 stating that, as at
    the date thereof, the Consideration payable under the
    Arrangement is fair, from a financial point of view, to the
    Common Shareholders, other than the Purchaser Parties, TD and
    their respective affiliates and insiders; (ii)&#160;the opinion
    letter delivered by BMO to the Board and the Strategic Oversight
    Committee dated June&#160;29, 2007 stating that, as at the date
    thereof, the Consideration payable under the Arrangement is, in
    respect of each series of Preferred Shares then issued, fair,
    from a financial point of view, to the Preferred Shareholders,
    other than the Purchaser Parties, TD and their respective
    affiliates and insiders; and (iii)&#160;the supplemental opinion
    letter delivered by BMO to the Board and the Strategic Oversight
    Committee dated July&#160;12, 2007 stating that, as at the date
    thereof, the Consideration payable under the Arrangement to the
    holders of each series of the Series&#160;AB Preferred Shares
    and the Series&#160;AD Preferred Shares, if and when issued upon
    conversion of the Series&#160;AA Preferred Shares and the
    Series&#160;AC Preferred Shares, respectively, is fair, from a
    financial point of view, to the Preferred Shareholders, other
    than the Purchaser Parties, TD and their respective affiliates
    and insiders, copies of which are attached at Appendix
    &#147;C&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Board&#148;</B> means the board of directors of BCE as
    the same is constituted from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">&#147;Break-Up</FONT>
    Fee&#148;</B> means an amount equal to $1&#160;billion;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Broadcasting Act&#148;</B> means the <I>Broadcasting
    Act</I> (Canada);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Business Day&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CBCA&#148;</B> means the <I>Canada Business
    Corporations Act,</I> as amended, and the regulations thereunder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Certificate of Arrangement&#148;</B> means the
    certificate of arrangement to be issued by the Director,
    pursuant to section&#160;192(7) of the CBCA, in respect of the
    Articles of the Arrangement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Change in Recommendation&#148;</B> has the meaning
    ascribed thereto under &#147;Summary of Definitive Agreement
    &#151;Termination of the Definitive Agreement&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CIBC&#148;</B> means CIBC World Markets Inc.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CIBC Fairness Opinions&#148;</B> means the opinion
    letter delivered by CIBC to the Board and the Strategic
    Oversight Committee dated June&#160;29, 2007, in respect of the
    Consideration offered to the Common Shareholders (other than the
    Purchaser Parties and TD) and the holders of each series of
    Preferred Shares (other than the Purchaser Parties and TD and
    except in respect of the Series&#160;AB Preferred Shares and the
    Series&#160;AD Preferred Shares) under the Arrangement, as
    supplemented by the opinion letter of CIBC dated July&#160;12,
    2007, in respect of the Consideration to be received by the
    holders of each series of the Series&#160;AB Preferred Shares
    and Series&#160;AD Preferred Shares under the Arrangement,
    copies of which opinion letters are attached at Appendix
    &#147;D&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Common Shareholders&#148;</B> means the registered or
    beneficial holders of Common Shares, as the context requires;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Common Shares&#148;</B> means the common shares in the
    capital of BCE as currently constituted;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Competition Act&#148;</B> means the <I>Competition
    Act</I> (Canada);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Competition Act Compliance&#148;</B> means that the
    applicable waiting period under Part&#160;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 the Definitive Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Computershare&#148;</B> means Computershare
    Trust&#160;Company of Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Consideration&#148;</B> means an amount in cash equal
    to $42.75 per Common Share, and (i)&#160;$25.65 per
    Series&#160;R Preferred Share; (ii)&#160;$25.50 per
    Series&#160;S Preferred Share; (iii)&#160;$25.77 per
    Series&#160;T Preferred Share; (iv)&#160;$25.50 per
    Series&#160;Y Preferred Share; (v)&#160;$25.25 per Series&#160;Z
    Preferred Share; (vi)&#160;$25.76 per Series&#160;AA Preferred
    Share; (vii)&#160;$25.50 per Series&#160;AB Preferred Share;
    (viii)&#160;$25.76 per Series&#160;AC Preferred Share;
    (ix)&#160;$25.50 per Series&#160;AD Preferred Shares
    (x)&#160;$25.50 per Series&#160;AE Preferred Share;
    (xi)&#160;$25.41 per Series&#160;AF Preferred Share;
    (xii)&#160;$25.56 per Series&#160;AG Preferred Share;
    (xiii)&#160;$25.50 per Series&#160;AH Preferred Share; and
    (xiv)&#160;$25.87 per Series&#160;AI Preferred Share; together
    with all accrued but unpaid dividends to the Effective Date on
    each such series of Preferred Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<B>Corporate Governance Committee&#148;</B> means the
    corporate governance committee of the Board which is comprised
    of Andr&#233; B&#233;rard, Donna Soble Kaufman (Chair), Edward
    C. Lumley, John H. McArthur and James A. Pattison;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Court&#148;</B> means the Qu&#233;bec Superior Court;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CRA&#148;</B> means the Canada Revenue Agency;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;67&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CRTC&#148;</B> means the Canadian Radio-television and
    Telecommunications Commission, and includes any successor
    thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CRTC Applications&#148;</B> 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 BCE);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CRTC Approval&#148;</B> means that all required
    approvals by the CRTC of the CRTC Applications shall have been
    received;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CRTC Licensees&#148;</B> means BCE and those affiliates
    of BCE that hold CRTC Licenses, treating for this purpose the
    Bell Aliant Entities as affiliates of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CRTC Licenses&#148;</B> means those licenses issued by
    the CRTC to BCE and affiliates of BCE under the Broadcasting Act
    and related regulations, treating for this purpose the Bell
    Aliant Entities as affiliates of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Debt Commitment Letter&#148;</B> means an executed
    commitment letter dated June&#160;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. in favour of the
    Purchaser evidencing the availability of committed credit
    facilities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Definitive Agreement&#148;</B> means the definitive
    agreement made as of June&#160;29, 2007 between the Purchaser
    and BCE (including the schedules thereto), as amended on
    July&#160;12, 2007 and as it may be further amended, modified or
    supplemented from time to time in accordance with its terms;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Demand for Payment&#148;</B> means a written notice
    containing a Dissenting Shareholder&#146;s name and address, the
    number and class of shares in respect of which that Dissenting
    Shareholder dissents, and a demand for payment of the fair value
    of such shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Depositary&#148;</B> means Computershare Investors
    Services Inc. or its U.S. affiliate at its offices referred to
    in the Letter of Transmittal;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Direction&#148;</B> means the <I>Direction to the CRTC
    (Ineligibility of Non-Canadians)</I>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Director&#148;</B> means the Director appointed under
    section&#160;260 of the CBCA;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissent Notice&#148;</B> means a written objection to
    the Arrangement Resolution provided by a Dissenting Shareholder
    in accordance with the Dissent Procedure;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissent Procedure&#148;</B> means the procedure under
    section&#160;190 of the CBCA (a copy of which is attached at
    Appendix &#147;H&#148;), as modified by the Interim Order and
    the Plan of Arrangement, by which a Dissenting Shareholder must
    exercise its Dissent Rights;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissent Rights&#148;</B> means the right of a
    registered Shareholder pursuant to section&#160;190 of the CBCA,
    as modified by the Interim Order and the Plan of Arrangement, to
    dissent from the Arrangement Resolution and to be paid the fair
    value of the Shares in respect of which the registered
    Shareholder dissents, all in accordance with section&#160;190 of
    the CBCA, as modified by the Interim Order and the Plan of
    Arrangement, as described under &#147;Dissenting
    Shareholders&#146; Rights&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissent Shares&#148;</B> means those Shares in respect
    of which Dissent Rights have validly been exercised by the
    registered holders thereof in accordance with the Dissent
    Procedure;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissenting Shareholders&#148;</B> means holders of
    Shares who have duly exercised their Dissent Rights and have not
    withdrawn or been deemed to have withdrawn such exercise of
    Dissent Rights, but only in respect of the Dissent Shares, and
    <B>&#147;Dissenting Shareholder&#148;</B> means any one of them;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dividend Reinvestment Plan&#148;</B> means the
    Shareholder Dividend Reinvestment and Stock Purchase Plan of
    BCE, as the same may be amended from time to time in compliance
    with the Definitive Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;DPSP&#148;</B> means a deferred profit sharing plan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;DSUs&#148;</B> means deferred share units issued under
    BCE&#146;s 1997 Share Unit Plan for Non-Employee Directors or
    BCE&#146;s 1997 Share Unit Plan for Senior Executives and Other
    Key Employees, in each case as amended from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;ECP Interests&#148;</B> means units (but, for greater
    certainty, not Options or any interests in RSUs held by
    individuals eligible to participate in BCE&#146;s retention
    policy) granted or issued under the Equity Compensation Plans;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Effective Date&#148;</B> means the date shown on the
    Certificate of Arrangement giving effect to the Arrangement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Effective Time&#148;</B> means 12:01&#160;a.m. (Toronto
    time), or such other time as may be specified in writing by BCE
    with the consent of the Purchaser, on the Effective Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Employee Plans&#148;</B> means 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 BCE or any of the
    Material Subsidiaries, BCE Employees or former BCE Employees,
    which are maintained by or binding upon BCE or any of the
    Material Subsidiaries or in respect of which BCE or any of the
    Material Subsidiaries has any actual or potential liability;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;68&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Employee Savings Plans&#148;</B> means the 1970
    Employees&#146; Savings Plan and the 2000 Employees&#146;
    Savings Plan (U.S.) of BCE, in each case as amended from time to
    time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<B>Equity Commitment Letters&#148;</B> means the equity
    commitment letters dated June&#160;29, 2007 with each of
    Teachers&#146; and affiliates of Providence, Madison Dearborn
    Partners, TD, Citi, DB and RBS;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Equity Compensation Plans&#148;</B> 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)&#160;and any other existing equity compensation plan of
    BCE, in each case as amended from time to&#160;time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Equity Sponsors&#148;</B> means Teachers&#146;,
    Providence and Madison Dearborn Partners;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Fairness Opinions&#148;</B> means the BMO Fairness
    Opinions, the CIBC Fairness Opinions, the Goldman Sachs Fairness
    Opinion, the Greenhill Fairness Opinion and the RBC Fairness
    Opinions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;FCC&#148;</B> means the United States Federal
    Communications Commission, and includes any successor thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;FCC Applications&#148;</B> means the applications and
    declaratory rulings to the FCC in relation to the FCC Licenses
    for approval of the change in control of BCE 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 BCE) on
    the completion of the transactions contemplated by the
    Definitive Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;FCC Approval&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;FCC Licenses&#148;</B> means the authorizations,
    licenses and declaratory rulings issued by the FCC to BCE 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
    BCE) for the provision of service in the United States or
    between the United States and any foreign points as disclosed in
    the BCE Disclosure Letter;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Final Order&#148;</B> means the final order of the
    Court in a form acceptable to BCE and the Purchaser, acting
    reasonably, approving the Arrangement as such order may be
    amended by the Court (with the consent of both BCE and the
    Purchaser, each acting reasonably) at&#160;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 BCE and the Purchaser,
    each acting reasonably) on appeal;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Financial Advisors&#148;</B> means, collectively, BMO,
    CIBC, Goldman Sachs, Greenhill and RBC;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Governmental Authority&#148;</B> means any
    (a)&#160;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)&#160;any subdivision, agent, commission, board, or
    authority of any of the foregoing, (c)&#160;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)&#160;any stock exchange;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Goldman Sachs&#148;</B> means Goldman,
    Sachs&#160;&#038; Co.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Goldman Sachs Fairness Opinion&#148;</B> means the
    opinion, dated June&#160;29, 2007, delivered by Goldman Sachs to
    the Board, stating that, as of such date, and based upon and
    subject to the factors and assumptions set forth in the opinion,
    the $42.75 per share to be received by holders of Common Shares
    (other than Teachers&#146; and its affiliates) pursuant to the
    Definitive Agreement is fair from a financial point of view to
    such holders, a copy of which is attached at Appendix
    &#147;E&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Greenhill&#148;</B> means Greenhill&#160;&#038; Co.
    Canada Ltd.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Greenhill Fairness Opinion&#148;</B> means the opinion
    dated June&#160;29, 2007, delivered by Greenhill to the
    Strategic Oversight Committee, stating that the $42.75 per
    Common Share to be received by the holders of Common Shares
    (other than the Purchaser Parties, their affiliates and their
    respective insiders), is fair, from a financial point of view,
    to such holders. A copy of such opinion is attached at Appendix
    &#147;F&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Guarantors&#148;</B> means Teachers&#146;, PEP VI,
    MDPVA, MDPVC and MDPVEA;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Guaranty&#148;</B> means the guarantee agreement dated
    June&#160;29, 2007 between the Guarantors and BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;HSR Act&#148;</B> means the <I>United States
    <FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT>
    Antitrust Improvements Act of 1976</I>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;HSR Approval&#148;</B> means the expiration or early
    termination of any waiting period, and any extension thereof,
    applicable to the completion of the transactions contemplated by
    the Definitive Agreement under the HSR Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Industry Canada&#148;</B> means the Minister of
    Industry acting in accordance with the powers and discretion
    accorded to the Minister under the Radiocommunication Act;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;69&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Industry Canada Applications&#148;</B> 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 in the Definitive Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Industry Canada Approval&#148;</B> means that all
    required approvals by Industry Canada of the Industry Canada
    Applications shall have been received;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Industry Canada Licensees&#148;</B> means those
    affiliates of BCE 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 BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Industry Canada Licenses&#148;</B> means only those
    radio or spectrum licenses issued by Industry Canada pursuant to
    the Radiocommunication Act to affiliates of BCE (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 BCE) 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 BCE
    Disclosure Letter;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Interim Order&#148;</B> means the interim order of the
    Court dated August 10, 2007 under subsection 192(4) of the CBCA
    containing declarations and directions with respect to the
    Arrangement and the Meeting and issued pursuant to the
    application of BCE, a copy of which is attached at Appendix
    &#147;I&#148;, providing for, among other things, the calling
    and holding of the Meeting, as the same may be amended by the
    Court with the consent of BCE and the Purchaser, each acting
    reasonably;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Intermediary&#148;</B> means an intermediary that a
    Non-Registered Shareholder deals with in respect of the Shares,
    including, among others, banks, trust companies, securities
    dealers or brokers and trustees or administrators of self
    administered RRSPs, RRIFs, RESPs and similar plans;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Investment Canada Act&#148;</B> means the <I>Investment
    Canada Act;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Investment Canada Act Approval&#148;</B> 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 the Definitive
    Agreement are of &#147;net benefit&#148; to Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Key Regulatory Approvals&#148;</B> means Competition
    Act Compliance, CRTC Approval, FCC Approval, HSR Approval,
    Industry Canada Approval and, if required, Investment Canada Act
    Approval;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Lenders&#148;</B> has the meaning ascribed thereto
    under &#147;The Arrangement&#160;&#151; Sources of Funds for the
    Arrangement&#160;&#151; Debt Financing&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Letter of Transmittal&#148;</B> means the letter of
    transmittal to be mailed by BCE to Common Shareholders or the
    letter of transmittal to be mailed by BCE to Preferred
    Shareholders, as applicable, together with the letter of
    instruction related therewith pursuant to which a Shareholder
    may surrender certificate(s) representing Shares and receive, on
    the completion of the Arrangement, the applicable Consideration;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Madison Dearborn Partners&#148;</B> means Madison
    Dearborn Partners, LLC, MDPVA, MDPVC, MDPVEA and its other
    affiliated funds;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Marketing Period&#148;</B> means, unless otherwise
    agreed to by BCE and the Purchaser, the first period of 20
    consecutive calendar days after the Required Information
    Schedule is delivered, during which (a)&#160;the Purchaser shall
    have the Required Information that BCE is required to provide to
    the Purchaser pursuant to the terms of the Definitive Agreement
    and (b)&#160;all mutual conditions precedent and all additional
    conditions precedent to the obligations of the Purchaser (other
    than those that by their nature will not be satisfied until the
    Effective Time or mutual conditions precedent with respect to
    which any Purchaser Party shall have failed to comply with its
    obligations under the Definitive Agreement) have been satisfied
    and no event has occurred and no conditions exist that would
    cause any of the mutual conditions precedent (other than the
    mutual conditions precedent that are not satisfied as a result
    of any Purchaser Party having failed to comply with its
    obligations under the Definitive Agreement) or additional
    conditions precedent to the obligations of the Purchaser to fail
    to be satisfied assuming the Effective Time were to be scheduled
    for any time during such 20&#160;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 Debt Commitment Letter is otherwise
    obtained; provided further that if the Marketing Period would
    not end on or prior to December&#160;19, 2007, the Marketing
    Period shall commence no earlier than January&#160;7, 2008, and
    if the Marketing Period would not end on or prior to
    August&#160;15, 2008, the Marketing Period shall commence no
    earlier than September&#160;8, 2008; provided further that the
    Marketing Period shall not be deemed to have commenced if,
    (i)&#160;after June&#160;29, 2007 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 BCE Filings or refuses to issue a
    customary comfort letter (in accordance with its normal
    practices) or (ii)&#160;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&#160;consecutive
    calendar day period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Matching Period&#148;</B> has the meaning ascribed
    thereto under &#147;Summary of Definitive Agreement&#160;&#151;
    Non-Solicitation Covenant and &#147;Fiduciary
    Out&#148;&#160;&#151; Matching Period&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Material Contract&#148;</B> has the meaning ascribed
    thereto in the Definitive Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Material Subsidiaries&#148;</B> means those
    Subsidiaries of BCE which are identified as such in the BCE
    Disclosure Letter;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;70&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;MDPVA&#148;</B> means Madison Dearborn Capital Partners
    V-A, L.P. (an affiliate of Madison Dearborn Partners, LLC);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;MDPVC&#148;</B> means Madison Dearborn Capital Partners
    V-C, L.P. (an affiliate of Madison Dearborn Partners, LLC);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;MDPVEA&#148;</B> means Madison Dearborn Capital
    Partners V Executive-A, L.P. (an affiliate of Madison Dearborn
    Partners, LLC);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Meeting&#148;</B> means the special meeting of
    Shareholders to be held on September 21, 2007, and any
    adjournment(s) or postponement(s) thereof, for the purposes of
    considering and, if thought fit, approving the Arrangement
    Resolution;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Non-Registered Shareholder&#148;</B> means a beneficial
    owner of Shares that are registered either in the name of an
    Intermediary or in the name of a depositary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Non-Resident Shareholder&#148;</B> means a Shareholder
    who, for the purposes of the Tax Act and at all relevant times,
    is not resident nor deemed to be resident in Canada, and does
    not use or hold, and is not deemed to use or hold, its Shares
    in, or in the course of, carrying on business in Canada
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Notice Date&#148;</B> has the meaning ascribed thereto
    under &#147;Summary of Definitive Agreement&#160;&#151;
    Non-Solicitation Covenant and &#147;Fiduciary
    Out&#148;&#160;&#151; Matching Period&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;NYSE&#148;</B> means the New York Stock Exchange;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Offer to Pay&#148;</B> means a written offer to a
    Dissenting Shareholder to pay the fair value for the number and
    class of securities in respect of which that Dissenting
    Shareholder dissents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Option&#148;</B> means an option to purchase Common
    Shares granted under any of the Equity Compensation Plans;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Outside Date&#148;</B> means June&#160;30, 2008, or
    such later date as the Purchaser and BCE 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 BCE 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 Definitive 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Parties&#148;</B> means, collectively, the Purchaser
    and BCE, and <B>&#147;Party&#148;</B> means any of them;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;PEP VI&#148;</B> means Providence Equity Partners VI
    International L.P. (an affiliate of Providence Equity Partners
    Inc.);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Person&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Plan of Arrangement&#148;</B> means the plan of
    arrangement attached at Appendix &#147;B&#148;, and any
    amendments or variations thereto made in accordance with the
    terms thereof and the Definitive Agreement or made at the
    direction of the Court in the Final Order with the consent of
    both BCE and the Purchaser, each acting reasonably;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Pre-Acquisition Reorganization&#148;</B> has the
    meaning ascribed thereto under &#147;Summary of Definitive
    Agreement&#160;&#151; Cooperation Regarding Reorganization&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Preferred Shareholders&#148;</B> means the registered
    or beneficial holders of Preferred Shares, as the context
    requires;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Preferred Shares&#148;</B> means the Series&#160;R
    Preferred Shares, the Series&#160;S Preferred Shares, the
    Series&#160;T Preferred Shares, the Series&#160;Y Preferred
    Shares, the Series&#160;Z Preferred Shares, the Series&#160;AA
    Preferred Shares, the Series&#160;AB Preferred Shares, the
    Series&#160;AC Preferred Shares, the Series&#160;AD Preferred
    Shares, the Series&#160;AE Preferred Shares, the Series&#160;AF
    Preferred Shares, the Series&#160;AG Preferred Shares, the
    Series&#160;AH Preferred Shares and the Series&#160;AI Preferred
    Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Purchaser&#148;</B> means 6796508 Canada Inc., a
    corporation incorporated under the laws of Canada and any
    successor corporations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Purchaser Parties&#148;</B> means the Purchaser and
    each of Teachers&#146;, PEP VI, MDPVA, MDPVC and MDPVEA;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Providence&#148;</B> means Providence Equity Partners
    Inc., PEP VI and its other affiliated funds;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Radiocommunication Act&#148;</B> means the
    <I>Radiocommunication Act</I> (Canada);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Radiocommunication Regulations&#148;</B> means the
    <I>Radiocommunication Regulations</I> made under the
    Radiocommunication Act, as amended or replaced from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;RBC&#148;</B> means RBC Dominion Securities Inc., a
    member company of RBC Capital Markets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;RBC Fairness Opinions&#148; </B>means (i)&#160;the
    opinion dated June&#160;29, 2007 delivered by RBC to the
    Strategic Oversight Committee and the Board, stating that,
    subject to the assumptions made, information reviewed, matters
    considered and limitations on the scope of review undertaken by
    RBC, as of the date of such opinion, (a)&#160;the Consideration
    offered to the Common Shareholders other than the
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;71&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Purchaser Parties, TD and their affiliates under the Arrangement
    is fair, from a financial point of view, to such Common
    Shareholders and (b)&#160;the Consideration offered to the
    holders of each series of Preferred Shares other than the
    Purchaser Parties, TD and their affiliates and except in respect
    of the Series&#160;AB Preferred Shares and Series&#160;AD
    Preferred Shares under the Arrangement is fair, from a financial
    point of view, to such holders and (ii)&#160;the opinion dated
    July&#160;12, 2007 delivered by RBC to the Strategic Oversight
    Committee and the Board, stating that, subject to the
    assumptions made, information reviewed, matters considered and
    limitations on the scope of review undertaken by RBC, as of the
    date of such opinion, the Consideration offered to the holders
    of each series of the Series&#160;AB Preferred Shares and
    Series&#160;AD Preferred Shares issuable, respectively, upon
    conversion of the Series&#160;AA Preferred Shares and
    Series&#160;AC Preferred Shares other than the Purchaser
    Parties, TD and their affiliates under the Arrangement is fair,
    from a financial point of view, to such holders, copies of which
    are attached at Appendix&#160;&#147;G&#148; to this Circular;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Record Date&#148;</B> means August 10, 2007;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Regulatory Approvals&#148;</B> means the Key Regulatory
    Approvals and the Additional Regulatory Approvals;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Representatives&#148;</B> has the meaning ascribed
    thereto under &#147;Summary of Definitive Agreement&#160;&#151;
    Non-Solicitation Covenant and &#147;Fiduciary
    Out&#148;&#160;&#151; Non-Solicitation Covenant&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Required Information&#148;</B> means financial and
    other pertinent information regarding BCE and its Subsidiaries
    as may be reasonably requested by the Purchaser pursuant to the
    terms of the Definitive Agreement, including Canadian generally
    accepted accounting principles financial statements together
    with a reconciliation to U.S. generally accepted accounting
    principles prepared substantially in accordance with
    Item&#160;17 of
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    of the type and form customarily included in offering documents
    used in private placements by foreign private issuers under
    Rule&#160;144A of the 1933 Act, to consummate the offerings of
    debt securities contemplated by the Debt Commitment Letters at
    the time during BCE&#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 BCE&#146;s regular quarterly
    reporting) and corresponding &#147;LTM&#148; (last twelve
    months) data and pro forma financial statements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Required Information Schedule&#148;</B> means the list
    of the form and types of financial and other information
    constituting the Required Information required to be provided by
    BCE to the Purchaser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Resident Shareholder&#148;</B> means a Shareholder who,
    for the purposes of the Tax Act and any applicable tax treaty
    and at all relevant times, is resident or deemed to be resident
    in Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;RESP&#148;</B> means a registered education savings
    plan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;RRIF&#148;</B> means a registered retirement income
    fund;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;RRSP&#148;</B> means a registered retirement savings
    plan;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;RSUs&#148;</B> means restricted share units issued
    under BCE&#146;s 2004 Restricted Share Unit Plan for Executives
    and Other Key Employees, as amended from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;SEC&#148;</B> has the meaning ascribed thereto under
    &#147;Notice to Shareholders in the United States&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;R Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;R in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;S Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;S in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;T Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;T in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;Y Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;Y in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;Z Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;Z in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AA Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AA in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AB Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AB in
    the capital of BCE, none of which are outstanding as at the date
    hereof but which would be issued upon conversion of the
    Series&#160;AA Preferred Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AC Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AC in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AD Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AD in
    the capital of BCE, none of which are outstanding as at the date
    hereof but which would be issued upon conversion of the
    Series&#160;AC Preferred Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AE Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AE in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AF Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AF in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AG Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AG in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AH Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AH in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Series&#160;AI Preferred Shares&#148;</B> means the
    cumulative redeemable first preferred shares, Series&#160;AI in
    the capital of BCE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Shareholders&#148;</B> means the Common Shareholders
    and the Preferred Shareholders;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;72&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Shares&#148;</B> means, collectively, the Common Shares
    and the Preferred Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Strategic Oversight Committee&#148;</B> means the
    strategic oversight committee of the Board which is comprised of
    Andr&#233; B&#233;rard, Thomas C. O&#146;Neill, James A.
    Pattison and Donna Soble Kaufman (Chair);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Strategic Review Process&#148;</B> has the meaning
    ascribed thereto under &#147;The Arrangement&#160;&#151;
    Background to the Arrangement&#160;&#151; The Board Forms the
    Strategic Oversight Committee&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Subco&#148;</B> has the meaning ascribed thereto under
    &#147;The Arrangement&#160;&#151; Arrangement Mechanics&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Subsidiary&#148;</B> has the meaning ascribed thereto
    in section&#160;1.1 of National Instrument
    <FONT style="white-space: nowrap">45-106&#160;&#151;</FONT>
    Prospectus and Registration Exemptions on the date of the
    Definitive Agreement, but with respect to BCE does not include
    Telesat (so long as the Telesat Purchase Agreement has not been
    terminated) or the Bell Aliant Entities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Superior Proposal&#148;</B> is any written Acquisition
    Proposal: (i)&#160;to acquire not less than 50.1% of the
    outstanding Common Shares or assets of BCE on a consolidated
    basis, (ii)&#160;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)&#160;in
    respect of which, where applicable, financing commitment letters
    reasonably satisfactory to BCE have been furnished to BCE,
    (iv)&#160;that is not subject to a due diligence condition, and
    (v)&#160;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 Shareholders than those contemplated by the Definitive
    Agreement after taking into account any modifications resulting
    from the matching process described under &#147;Summary of
    Definitive Agreement&#160;&#151; Non-Solicitation Covenant and
    &#147;Fiduciary Out&#148;&#160;&#151; Superior Proposal&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Tax Act&#148;</B> means the <I>Income Tax Act</I>
    (Canada), as amended;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Taxes&#148;</B> 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, <I>ad valorem,</I> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;TD&#148;</B> means TD Securities Inc.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Teachers&#146;</B>&#148; means Ontario Teachers&#146;
    Pension Plan Board;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Telecom Laws&#148;</B> means the Telecommunications
    Act, the Broadcasting Act and the Radiocommunication Act, and
    the respective regulations, rules, policies and directions 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Telecommunications Act&#148;</B> means the
    <I>Telecommunications Act</I> (Canada), as amended or replaced
    from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Telecommunications Regulations&#148;</B> means the
    <I>Canadian Telecommunications Common Carrier Ownership and
    Control Regulations</I> made under the Telecommunications Act,
    as amended or replaced from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Telesat&#148;</B> means Telesat Canada, a corporation
    continued under the laws of Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Telesat Purchase Agreement&#148;</B> means the share
    purchase agreement dated as of December&#160;16, 2006 among BCE,
    Telesat and 4363213 Canada Inc. as the same has been or may be
    amended from time to time in accordance with its terms and the
    Definitive Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Telesat Transaction&#148;</B> means the purchase and
    sale transaction, and related transactions, contemplated by the
    Telesat Purchase Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Termination Fee&#148;</B> means $800&#160;million, less
    the amount of any non-resident withholding required by
    applicable laws relating to Taxes which is concurrently remitted
    by BCE to the relevant Governmental Authority; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;TSX&#148;</B> means the Toronto Stock Exchange.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;73&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='188'><B><FONT style="font-size: 15pt">

<!-- link1 "CONSENTS OF LEGAL ADVISORS" -->
 <BR>
    <BR>
    CONSENTS OF LEGAL ADVISORS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF STIKEMAN ELLIOTT LLP
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To: The Board of Directors of BCE Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the references to our name and opinion
    contained under &#147;Certain Canadian Federal Income Tax
    Considerations&#148; and to our name under &#147;The
    Arrangement&#160;&#151; Background to the Arrangement&#148; and
    &#147;Legal Matters&#148; in the Notice of Special Shareholder
    Meeting and Management Proxy Circular of BCE Inc. dated August
    7, 2007 with respect to a plan of arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Montr&#233;al,
    Qu&#233;bec
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">(Signed)
    STIKEMAN ELLIOTT LLP
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August 7, 2007
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF DAVIES WARD PHILLIPS&#160;&#038; VINEBERG LLP
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To: The Board of Directors of BCE Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the references to our name and opinion
    contained under &#147;Certain Canadian Federal Income Tax
    Considerations&#148; and to our name under &#147;The
    Arrangement&#160;&#151; Background to the Arrangement&#148; and
    &#147;Legal Matters&#148; in the Notice of Special Shareholder
    Meeting and Management Proxy Circular of BCE Inc. dated August
    7, 2007 with respect to a plan of arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Toronto,
    Ontario
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">(Signed)
    DAVIES WARD PHILLIPS &#038; VINEBERG&#160;LLP
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August 7, 2007
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;74&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='189'><B><FONT style="font-size: 15pt">

<!-- link1 "CONSENTS OF FINANCIAL ADVISORS" -->
 <BR>
    <BR>
    CONSENTS OF FINANCIAL ADVISORS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF BMO NESBITT BURNS INC.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To: The Board of Directors of BCE Inc.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the reference to our fairness opinions
    contained under the headings &#147;Summary&#160;&#151; Fairness
    Opinions&#148;, &#147;Information Concerning the Meeting and
    Voting&#148;, &#147;The Arrangement&#160;&#151; Background to
    the Arrangement&#148;, &#147;The Arrangement&#160;&#151; Reasons
    for the Arrangement&#148;, &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148; and &#147;The Arrangement&#160;&#151;
    Interests of Senior Management and Others in the
    Arrangement&#148; and to the inclusion of the text of our
    opinions in Appendix&#160;&#147;C&#148; of the Notice of Special
    Shareholder Meeting and Management Proxy Circular of BCE Inc.
    dated August&#160;7, 2007 with respect to a plan of arrangement.
    In providing such consent, we do not intend that any person
    other than the board of directors of BCE Inc. and its strategic
    oversight committee rely upon our fairness opinions.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Montr&#233;al,
    Qu&#233;bec
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">(Signed) BMO
    NESBITT BURNS INC.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August 7, 2007
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF CIBC WORLD MARKETS INC.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To: The Board of Directors of BCE Inc.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the reference to our fairness opinions
    contained under the headings &#147;Summary&#160;&#151; Fairness
    Opinions&#148;, &#147;Information Concerning the Meeting and
    Voting&#148;, &#147;The Arrangement&#160;&#151; Background to
    the Arrangement&#148;, &#147;The Arrangement&#160;&#151; Reasons
    for the Arrangement&#148; and &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148; and to the inclusion of the text of our
    opinions in Appendix&#160;&#147;D&#148; of the Notice of Special
    Shareholder Meeting and Management Proxy Circular of BCE Inc.
    dated August&#160;7, 2007 with respect to a plan of arrangement.
    In providing such consent, we do not intend that any person
    other than the board of directors of BCE Inc. and its strategic
    oversight committee rely upon our fairness opinions.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Montr&#233;al,
    Qu&#233;bec
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">(Signed)
    CIBC WORLD MARKETS INC.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August 7, 2007
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF GOLDMAN, SACHS&#160;&#038; CO.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August&#160;7, 2007
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al (Qu&#233;bec) H3B 4Y7
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Canada
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Re: Notice of Special Shareholder Meeting and Management Proxy
    Circular of BCE Inc., dated August&#160;7, 2007
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference is made to our opinion letter, dated June&#160;29,
    2007 with respect to the fairness from a financial point of view
    to the holders (other than Ontario Teachers&#146; Pension Plan
    Board and its affiliates) of the outstanding common shares (the
    &#147;Shares&#148;) of BCE Inc. (&#147;BCE&#148;) of the
    Canadian Dollars $42.75 per Share in cash to be received by such
    holders pursuant to the Definitive Agreement, made as of
    June&#160;29, 2007, between 6796508 Canada Inc. and BCE.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing opinion letter is provided for the information and
    assistance of the board of directors of BCE in connection with
    its consideration of the transaction contemplated therein and is
    not to be used, circulated, quoted or otherwise referred to for
    any other purpose, nor is it to be filed with, included in or
    referred to in whole or in part in any registration statement,
    proxy statement, proxy circular or any other document, except in
    accordance with our prior written consent. We understand that
    BCE has determined to include our opinion in the
    above-referenced Notice of Special Shareholder Meeting and
    Management Proxy Circular.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In that regard, we hereby consent to the reference to our
    opinion under the captions &#147;Summary&#160;&#151; Fairness
    Opinions&#148;, &#147;Information Concerning the Meeting and
    Voting&#148;, &#147;The Arrangement&#160;&#151; Background to
    the Arrangement&#148;, &#147;The Arrangement&#160;&#151; Reasons
    for the Arrangement&#148; and &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148; and to the inclusion of the text of our
    opinion in Appendix&#160;&#147;E&#148; in the above-mentioned
    Notice of Special Shareholder Meeting and Management Proxy
    Circular. In providing such consent, we do not intend that any
    person other than the board of directors of BCE rely upon our
    opinion.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) GOLDMAN, SACHS &#038; CO.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, NY
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;75&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF GREENHILL&#160;&#038; CO. CANADA LTD.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To: The Board of Directors of BCE Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the reference to our fairness opinion
    contained under the headings &#147;Summary&#160;&#151; Fairness
    Opinions&#148;, &#147;Information Concerning the Meeting and
    Voting&#148;, &#147;The Arrangement&#160;&#151; Background to
    the Arrangement&#148;, &#147;The Arrangement&#160;&#151; Reasons
    for the Arrangement&#148; and &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148; and to the inclusion of the text of our
    opinion in Appendix&#160;&#147;F&#148; of the Notice of Special
    Shareholder Meeting and Management Proxy Circular of BCE Inc.
    dated August&#160;7, 2007 with respect to a plan of arrangement.
    In providing such consent, we do not intend that any person
    other than the strategic oversight committee of the board of
    directors of BCE Inc. rely upon our fairness opinion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Toronto,
    Ontario
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">(Signed)
    GREENHILL &#038; CO. CANADA LTD.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August&#160;7, 2007
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;CONSENT
    OF RBC DOMINION SECURITIES INC.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To: The Board of Directors of BCE Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the reference to our fairness opinions
    contained under the headings &#147;Summary&#160;&#151; Fairness
    Opinions&#148;, &#147;Information Concerning the Meeting and
    Voting&#148;, &#147;The Arrangement&#160;&#151; Background to
    the Arrangement&#148;, &#147;The Arrangement&#160;&#151; Reasons
    for the Arrangement&#148;, &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148; and &#147;The Arrangement&#160;&#151;
    Interests of Senior Management and Others in the
    Arrangement&#148; and to the inclusion of the text of our
    opinions in Appendix &#147;G&#148; of the Notice of Special
    Shareholder Meeting and Management Proxy Circular of BCE Inc.
    dated August&#160;7, 2007 with respect to a plan of arrangement.
    In providing such consent, we do not intend that any person
    other than the board of directors of BCE Inc. and its strategic
    oversight committee rely upon our fairness opinions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Toronto,
    Ontario
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">(Signed) RBC
    DOMINION SECURITIES INC.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August&#160;7, 2007
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;76&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='190'><B><FONT style="font-size: 15pt">

<!-- link1 "APPROVAL OF DIRECTORS AND CERTIFICATE" -->
 <BR>
    <BR>
    APPROVAL OF DIRECTORS AND CERTIFICATE</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The board of directors of BCE Inc. approved the contents of this
    Notice of Special Shareholder Meeting and Management Proxy
    Circular dated August&#160;7, 2007 and authorized it to be sent
    to each shareholder who is eligible to receive notice of and
    vote his or her shares at our special shareholder meeting, and
    to each director and to the auditors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DATED at Montr&#233;al, Qu&#233;bec as of the
    7<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&#160;day
    of August, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721209.gif" alt="Olah sign" >
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Patricia A. Olah
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Corporate Secretary and Lead Governance Counsel, BCE Inc.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">&#160;&#160;&#160;&#160;&#160;&#160;77&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='191'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;A&#148; ARRANGEMENT RESOLUTION" -->

    <BR>
    APPENDIX &#147;A&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">ARRANGEMENT
    RESOLUTION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following special resolution approving the Plan of
    Arrangement is being submitted for consideration at the meeting
    and, if thought appropriate, approval:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BE IT RESOLVED THAT:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">The arrangement (the
    <B>&#147;Arrangement&#148;</B>) under section 192 of the
    <I>Canada Business Corporations Act</I> (the
    <B>&#147;CBCA&#148;</B>) of BCE Inc. (the
    <B>&#147;Company&#148;</B>), as more particularly described and
    set forth in the management proxy circular (the
    <B>&#147;Circular&#148;</B>) dated August&#160;7, 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
    <B>&#147;Definitive Agreement&#148;</B>) made as of
    June&#160;29, 2007 between the Company and 6796508 Canada Inc.,
    as amended), is hereby authorized, approved and adopted.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">The plan of arrangement of the
    Company (as it has been or may be amended, modified or
    supplemented in accordance with the Definitive Agreement (the
    <B>&#147;Plan of Arrangement&#148;</B>)), the full text of which
    is set out in Appendix &#147;B&#148; to the Circular, is hereby
    authorized, approved and adopted.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">The (i)&#160;Definitive Agreement
    and related transactions, (ii)&#160;actions of the directors of
    the Company in approving the Definitive Agreement, and
    (iii)&#160;actions of the directors and officers of the Company
    in executing and delivering the Definitive Agreement, and any
    amendments, modifications or supplements thereto, are hereby
    ratified and approved.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">The Company be and hereby is
    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 Definitive Agreement and the Plan of Arrangement (as they
    may be amended, modified or supplemented and as described in the
    Circular).
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">5.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">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)&#160;amend, modify or supplement the Definitive Agreement or
    the Plan of Arrangement to the extent permitted by the
    Definitive Agreement and (ii)&#160;subject to the terms of the
    Definitive Agreement, not proceed with the Arrangement and
    related transactions.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">6.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">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 Definitive Agreement, such determination
    to be conclusively evidenced by the execution and delivery of
    such articles of arrangement and any such other documents.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">7.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">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 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.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">A1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='192'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;B&#148; PLAN OF ARRANGEMENT" -->

    <BR>
    APPENDIX &#147;B&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">PLAN OF ARRANGEMENT</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 15pt">SCHEDULE A</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">PLAN OF ARRANGEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;PLAN
    OF ARRANGEMENT UNDER SECTION&#160;192 OF THE CANADA BUSINESS
    CORPORATIONS ACT
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ARTICLE&#160;1<BR>
    INTERPRETATION<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.1&#160;&#160;&#160;Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Applicable Law&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Arrangement&#148;</B> means the arrangement under
    section 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
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Arrangement Resolution&#148;</B> means the special
    resolution approving the Plan of Arrangement presented to the
    Affected Shareholders at the Company Meeting;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Articles of Arrangement&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;BCE Amalco&#148;</B> means the corporation continuing
    upon the amalgamation of Subco and the Company pursuant to step
    g)&#160;of Exhibit&#160;II;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Business Day&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Cash Amount&#148;</B> means an amount in cash per
    Company Share as set out in Exhibit&#160;I;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;CBCA&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Common Shares&#148;</B> means the Common Shares in the
    capital of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Company&#148;</B> means BCE Inc., a corporation
    existing under the laws of Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Company Circular&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Company Meeting&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Company Shares&#148;</B> means, collectively, the
    Common Shares and the Preferred Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Court&#148;</B> means the Quebec Superior Court;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Definitive Agreement&#148;</B> means the definitive
    agreement made as of June&#160;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&#160;terms;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Depositary&#148;</B> means Computershare Investor
    Services Inc., as depositary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Director&#148;</B> means the Director appointed
    pursuant to section 260 of the CBCA;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissent Rights&#148;</B> has the meaning ascribed
    thereto in section 3.1 hereof;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Dissenting Shareholder&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;ECP Interests&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Effective Date&#148;</B> means the date shown on the
    Certificate of Arrangement giving effect to the Arrangement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Effective Time&#148;</B> means 12:01&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Equity Compensation Plans&#148;</B> means,
    collectively, the BCE Inc. Long Term Incentive (Stock Option)
    Program (1999), the BCE&#160;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)&#160;and any other existing equity compensation plan of
    the Company, in each case as amended from time to time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Final Order&#148;</B> means the final order of the
    Court in a form acceptable to the Company and the Purchaser,
    acting reasonably, as contemplated by section 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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Governmental Authority&#148;</B> means any
    (a)&#160;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)&#160;any subdivision, agent, commission, board, or
    authority of any of the foregoing, (c)&#160;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)&#160;any stock
    exchange;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;holders&#148;</B> means (a)&#160;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)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Interim Order&#148;</B> means the interim order of the
    Court in a form acceptable to the Company and the Purchaser,
    acting reasonably, as contemplated by section 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&#160;reasonably;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Liens&#148;</B> means any hypothecations, mortgages,
    liens, charges, security interests, pledges, claims,
    encumbrances and adverse rights or claims;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Letter of Transmittal&#148;</B> means the letter of
    transmittal sent to holders of Company Shares for use in
    connection with the Arrangement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Option&#148;</B> means an option to purchase Common
    Shares granted under any of the Equity Compensation Plans;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Person&#148;</B> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Plan of Arrangement&#148;</B> means this plan of
    arrangement proposed under section 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Preferred Shares&#148;</B> means the first preferred
    shares in the capital of the Company and includes all series
    thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Purchaser&#148;</B> means 6796508 Canada Inc., a
    corporation existing under the laws of Canada;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Subco&#148;</B> has the meaning ascribed thereto in
    step f)&#160;of Exhibit&#160;II;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Subsidiary&#148;</B> has the meaning ascribed thereto
    in the Definitive Agreement; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#147;Tax Act&#148;</B> means the <I>Income Tax Act</I>
    (Canada) and the regulations made thereunder.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.2&#160;&#160;&#160;Interpretation
    Not Affected by Headings, etc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.3&#160;&#160;&#160;Rules
    of Construction</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this Plan of Arrangement, unless the context otherwise
    requires, (a)&#160;words importing the singular number include
    the plural and vice versa, (b)&#160;words importing any gender
    include all genders, and (c)&#160;&#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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.4&#160;&#160;&#160;Currency</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.5&#160;&#160;&#160;Date
    for Any Action</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.6&#160;&#160;&#160;References
    to Dates, Statutes, etc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.7&#160;&#160;&#160;Time</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ARTICLE&#160;2<BR>
    THE ARRANGEMENT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.1&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Definitive
    Agreement</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Plan of Arrangement is made pursuant to the Definitive
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.2&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Binding
    Effect</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.3&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Effective
    Time</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Effective Time the steps set out in Exhibit&#160;II shall
    occur and shall be deemed to occur as set out in Exhibit&#160;II
    without any further authorization, act or formality.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ARTICLE&#160;3<BR>
    RIGHTS OF DISSENT<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.1&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Rights
    of Dissent</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Company Shares may exercise dissent rights
    (<B>&#147;Dissent Rights&#148;</B>) in connection with the
    Arrangement pursuant to and in the manner set forth in section
    190 of the CBCA as modified by the Interim Order and this
    section 3.1; provided that,
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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)&#160;of Exhibit&#160;II, and if they:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.2&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Recognition
    of Dissenting Shareholders</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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)&#160;of
    Exhibit&#160;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)&#160;of
    Exhibit&#160;II occurs. In addition to any other restrictions
    under section 190 of the CBCA, none of the following shall be
    entitled to exercise Dissent Rights: (i)&#160;holders of Options
    or ECP Interests and (ii)&#160;holders of Company Shares who
    vote or have instructed a proxyholder to vote such Company
    Shares in favor of the Arrangement Resolution (but only in
    respect of such Company Shares).
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ARTICLE&#160;4<BR>
    CERTIFICATES AND PAYMENTS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.1&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Payment
    of Consideration</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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)&#160;of Exhibit&#160;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 Shares, less any
    amounts withheld pursuant to section 4.3, and any certificate so
    surrendered shall forthwith be cancelled.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(c)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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)&#160;or e)&#160;of Exhibit&#160;II, less any amounts
    required to be withheld pursuant to section 4.3, and the Company
    shall deliver to each such holder a cheque in the amount of any
    applicable related special compensation payments.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(d)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Until surrendered as contemplated
    by this section 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 4.1, less any amounts withheld
    pursuant to section 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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(e)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B4&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(f)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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&#160;II and
    this section 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.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.2&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Lost
    Certificates</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;of
    Exhibit&#160;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 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: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.3&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Withholding
    Rights</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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 <I>Internal Revenue Code of 1986</I> 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ARTICLE&#160;5<BR>
    AMENDMENTS<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=682 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">5.1&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Amendments
    to Plan of Arrangement</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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)&#160;be
    set out in writing, (ii)&#160;be approved by the Purchaser,
    (iii)&#160;filed with the Court and, if made following the
    Company Meeting, approved by the Court, and
    (iv)&#160;communicated to holders of Company Shares if and as
    required by the Court.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(c)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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)&#160;it is consented to by each of the
    Company and the Purchaser (in each case, acting reasonably), and
    (ii)&#160;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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(d)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Any amendment, modification or
    supplement to this Plan of Arrangement may be made following the
    Effective Date unilaterally by the Purchaser, provided that it
    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.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">ARTICLE&#160;6<BR>
    FURTHER ASSURANCES<BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=109 iwidth=495 length=495 --></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">6.1&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Notwithstanding</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B5&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 15pt">EXHIBIT I</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">OUTSTANDING COMPANY
    SHARES</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=403 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Security
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    Consideration Per Share
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=403 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="font-size: 7pt">Common Shares</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=500 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="font-size: 7pt">First Preferred
    Shares</FONT></B><FONT style="font-size: 7pt">
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=500 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;R
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;S
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;T
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.77
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;Y
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;Z
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AA
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.76
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AB
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.76
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AD
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AF
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.41
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AG
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.56
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AH
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 7pt">Series&#160;AI
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.87
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="bottom">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=500 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    Together with accrued but unpaid dividends to the Effective Date.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B6&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 15pt">EXHIBIT II</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">ARRANGEMENT STEPS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">At the Effective Time, the articles
    of the Company shall be amended to create an unlimited number of
    Class&#160;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&#160;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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">c)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">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:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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
    3.1;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">d)&#160;</FONT></B></TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Concurrently with step c), each
    Company Share outstanding immediately prior to the Effective
    Time (other than Company Shares subject to step c)&#160;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:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">e)&#160;</FONT></B></TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Fifteen minutes after the Effective
    Time, all ECP Interests shall be cancelled and terminated
    without any further act or formality, and:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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)&#160;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)&#160;the Cash Amount per
    Common Share;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">each holder of such ECP Interests
    shall cease to be the holder of such ECP Interests;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">each such holder&#146;s name shall
    be removed from the register or account of ECP Interests; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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).
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">f)&#160;</FONT></B></TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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
    (<B>&#147;Subco&#148;</B>) in consideration for (i)&#160;the
    issuance of a non-interest bearing promissory note of Subco,
    (ii)&#160;the issuance of interest bearing promissory notes of
    Subco and (iii)&#160;the issuance of Class&#160;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&#160;B non-voting participating shares of Subco being in
    such number as may be so designated by the Purchaser .
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B7&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">g)&#160;</FONT></B></TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Following the completion of step
    f), Subco and the Company shall amalgamate under section 192 of
    the CBCA to form&#160;BCE Amalco. Upon the amalgamation:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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);
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">any existing cause of action, claim
    or liability to prosecution is unaffected;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">5.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">a conviction against, or ruling,
    order or judgement in favor of or against, the Company or Subco
    may be enforced by or against BCE Amalco;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">6.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">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
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">7.&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">each Class&#160;B non-voting
    participating share in the capital stock of Subco held by the
    Purchaser shall be converted into a Class B non-voting
    participating share in the capital stock of BCE Amalco, each
    Class&#160;A voting non-participating share in the capital stock
    of Subco owned by the Purchaser shall be converted into such
    number of Class&#160;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&#160;A voting
    non-participating share in the capital stock of the Company and
    each Class&#160;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&#160;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 the Plan of Arrangement
    shall be cancelled without any repayment of capital in respect
    thereof.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">B8&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='193'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;C&#148; OPINIONS OF BMO NESBITT BURNS INC." -->

    <BR>
    APPENDIX &#147;C&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">OPINIONS OF BMO NESBITT BURNS
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721200.gif" alt="(BMO LOGO)" ><B><FONT style="font-size: 15pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 60pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;Common
    Share Opinion
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">June&#160;29,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors and the Strategic Oversight Committee
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re West
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    38th Floor
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, QC
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Members of the Board of Directors and the Strategic Oversight
    Committee of BCE Inc.:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Nesbitt Burns Inc. (&#147;BMO Capital Markets&#148;)
    understands that BCE Inc. (&#147;BCE&#148;) intends to enter
    into a&#160;definitive agreement (the &#147;Definitive
    Agreement&#148;) with 6796508 Canada Inc. (the
    &#147;Purchaser&#148;), a newly formed corporation controlled by
    Ontario Teachers&#146; Pension Plan Board, Providence Equity
    Partners VI International L.P. and Madison Dearborn Capital
    Partners V Executive-A, L.P., Madison Dearborn Capital Partners
    V-C, L.P., Madison Dearborn Capital Partners V-A, L.P. and
    TD&#160;Securities Inc. (collectively, the &#147;Purchaser
    Shareholders&#148;) which provides for, among other things, the
    acquisition by the Purchaser of all of the issued and
    outstanding common shares (the&#160;&#147;Common Shares&#148;)
    and preferred shares of BCE pursuant to a plan of arrangement
    under the <I>Canada Business Corporations Act</I> (the
    &#147;Transaction&#148;). The consideration payable under the
    Transaction is $42.75 per Common Share (the
    &#147;Consideration&#148;). The terms and conditions of, and
    other matters relating to, the Transaction are described in the
    Definitive Agreement and will be more fully described in
    BCE&#146;s management information circular to be prepared in
    compliance with applicable laws in connection with the
    Transaction and delivered to shareholders of BCE (the
    &#147;Circular&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has retained BMO Capital Markets to act as co-financial
    advisor to the Board of Directors of BCE
    (the&#160;&#147;Board&#148;) and a committee of the Board (the
    &#147;Strategic Oversight Committee&#148;) in connection with
    the process followed by BCE in soliciting and reviewing
    proposals leading to a change of control transaction. The
    Strategic Oversight Committee and the Board have asked BMO
    Capital Markets to provide an opinion (the &#147;Common Share
    Opinion&#148;) as to the fairness of the Consideration, from a
    financial point of view, to the holders of Common Shares, other
    than the Purchaser, the Purchaser Shareholders and their
    respective affiliates and insiders (the &#147;Common
    Shareholders&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Engagement
    of BMO Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE initially contacted BMO Capital Markets regarding a
    potential advisory assignment in March 2007 and BMO&#160;Capital
    Markets was formally engaged by BCE through an agreement between
    BCE and BMO Capital Markets (the &#147;Engagement
    Agreement&#148;) dated as of April&#160;17, 2007. The Engagement
    Agreement provides the terms upon which BMO Capital Markets has
    agreed to act as BCE&#146;s
    <FONT style="white-space: nowrap">co-financial</FONT>
    advisor in connection with a&#160;change of control transaction
    involving BCE (including the sale or disposition of all or a
    substantial portion of the Common Shares). Pursuant to the
    Engagement Agreement, BMO Capital Markets agreed to provide
    financial analysis and advice on structuring, planning and
    negotiating a transaction and to deliver one or more opinions,
    including the Common Share Opinion. The terms of the Engagement
    Agreement provide that BMO Capital Markets is to be paid a fee
    for its services as co-financial advisor, including fees payable
    on delivery of an opinion and fees that are contingent on a
    change of control of BCE or certain other events. Such fees are
    also contingent on the quantum of the Consideration to be
    received by the Common Shareholders. In addition, BMO Capital
    Markets is to be reimbursed for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses and to be indemnified by BCE in certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Share Opinion is provided for the use of the
    Strategic Oversight Committee and the Board only and may not be
    relied upon by any other person. The Common Share Opinion does
    not constitute a recommendation to the Strategic Oversight
    Committee
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or the Board as to whether they should approve the Definitive
    Agreement, nor does it constitute a recommendation to any
    shareholder of BCE as to how such shareholders should vote or
    act with respect to the Transaction or any matter relating
    thereto. Except as contemplated herein, the Common Share Opinion
    is not to be reproduced, disseminated, quoted from or referred
    to (in whole or in part) without our prior written consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing paragraph, BMO Capital Markets
    consents to the inclusion of the Common Share Opinion in its
    entirety and a summary thereof in a form approved by BMO Capital
    Markets in the Circular, and to the filing thereof, as
    necessary, by BCE with the securities commissions and other
    regulatory authorities, and consents to references to the Common
    Share Opinion in press releases to be issued by BCE in
    connection with the Transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Relationships
    with Interested Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets is a wholly-owned subsidiary of the Bank of
    Montreal (&#147;BMO&#148;). Neither BMO Capital Markets, nor any
    of its affiliated entities, is an insider, associate or
    affiliate (as those terms are defined in the <I>Securities
    Act</I> (Ontario)) of BCE or the Purchaser or the Purchaser
    Shareholders, or any of their respective associates or
    affiliates. BMO provides and has provided banking services in
    the normal course of business to BCE. The fees received by BMO
    in connection with the above activities are not material to BMO.
    In addition to the services being provided under the Engagement
    Agreement, BMO Capital Markets has in the past provided and may
    in the future provide, financial advisory and investment banking
    services to BCE and/or the Purchaser and/or the Purchaser
    Shareholders, or any of their respective associates or
    affiliates. The fees received by BMO Capital Markets in
    connection with the above activities are not material to BMO
    Capital Markets. There are no understandings, agreements or
    commitments between BMO Capital Markets, or any of its
    affiliated entities, on the one hand, and BCE or the Purchaser
    or the Purchaser Shareholders, or any of their respective
    associates or affiliates, on the other hand, with respect to any
    future business dealings which are expected to result in fees
    that are material to either BMO or BMO Capital Markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets acts as a trader and dealer, both as
    principal and agent, in major financial markets and, as such,
    has, may have had, or may in the future have, positions in the
    securities of BCE and/or the Purchaser and/or the Purchaser
    Shareholders, or any of their respective associates or
    affiliates. As of June&#160;29, 2007, BMO Capital Markets or its
    affiliates owned approximately 3% of the outstanding preferred
    shares of BCE and a financial instrument put into place to
    partially hedge the preferred share ownership position. In
    addition, BMO Capital Markets, from time to time, may have
    executed or may execute transactions on behalf of BCE and/or the
    Purchaser and/or the Purchaser Shareholders, or any of their
    respective associates or affiliates or on behalf of other
    clients for which BMO Capital Markets received or may receive
    compensation. As an investment dealer, BMO&#160;Capital Markets
    conducts research on securities and may, in the ordinary course
    of its business, provide research reports and investment advice
    to its clients on investment matters, including with respect to
    BCE, the Purchaser, the Purchaser Shareholders or the
    Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the Transaction, BMO Capital Markets or any
    of its affiliated entities may act as a lender to the Purchaser.
    There are no understandings, agreements or commitments between
    BMO Capital Markets, or any of its affiliated entities, on the
    one hand, and the Purchaser or the Purchaser Shareholders or any
    of their respective associates or affiliates, on the other hand,
    with respect to any lending arrangements in connection with the
    Transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Credentials
    of BMO Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets is one of Canada&#146;s largest investment
    banking firms with operations in all facets of corporate and
    government finance, mergers and acquisitions, equity and fixed
    income sales and trading, investment research and investment
    management. The Common Share Opinion is the opinion of BMO
    Capital Markets, the form and content of which have been
    approved for release by a committee of the directors and
    officers of BMO Capital Markets, each of whom is experienced in
    mergers and acquisitions, divestitures and fairness opinions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Scope
    of Review</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with rendering the Common Share Opinion, we have
    reviewed and relied upon (without attempting to verify
    independently the completeness or accuracy thereof), or carried
    out, among other things, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the most recent draft of the
    Definitive Agreement dated June&#160;29, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual reports to shareholders
    of BCE for the three fiscal years ended December&#160;31, 2004,
    2005 and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">c)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the notice of annual shareholder
    meeting and management proxy circulars of BCE for the three
    fiscal years ended December&#160;31, 2004, 2005 and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">d)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual information forms of BCE
    for the three fiscal years ended December&#160;31, 2004, 2005
    and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">e)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the audited annual financial
    statements and accompanying management&#146;s discussion and
    analysis of BCE for the three fiscal years ended
    December&#160;31, 2004, 2005 and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">f)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">interim financial statements and
    accompanying management&#146;s discussion and analysis of BCE
    for the three months ended March&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">g)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">selected historical financial
    information of BCE segmented by business unit for the years
    ended December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">h)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the business plan of BCE dated
    December&#160;5, 2006 approved by the Board in respect of the
    year ending December&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">i)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts for
    BCE on a consolidated basis for the years ending
    December&#160;31, 2007 through December&#160;31, 2011 and
    unaudited financial forecasts for BCE segmented by business unit
    for the years ending December&#160;31, 2007 through
    December&#160;31, 2009;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">j)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information (including that
    prepared by industry research analysts) relating to the
    business, operations, financial performance and stock trading
    history of BCE and other public companies we considered relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">k)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information regarding the
    Canadian and U.S. telecommunications industry;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">l)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information with respect to
    precedent transactions we considered relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">m)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">representations contained in a
    certificate addressed to BMO Capital Markets dated as of the
    date hereof, from senior officers of BCE (the
    &#147;Certificate&#148;) as to, among other things, certain
    factual matters including the completeness, accuracy and fair
    presentation of the information upon which the Common Share
    Opinion is based; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">n)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">such other corporate, operating,
    industry and financial market information, investigations and
    analyses as BMO Capital Markets considered necessary or
    appropriate in the circumstances.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the written information described above, in
    preparing the Common Share Opinion, BMO Capital Markets has
    participated, and relied upon discussions with, members of the
    Strategic Oversight Committee, senior management of BCE, Davies
    Ward Phillips&#160;&#038; Vineberg&#160;LLP, BCE&#146;s external
    legal counsel, Stikeman Elliott&#160;LLP, BCE&#146;s and the
    Strategic Oversight Committee&#146;s external legal counsel, and
    with BCE&#146;s other financial advisors. BMO Capital Markets
    has been granted access to senior management of BCE and has not,
    to its knowledge, been denied any requested information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Assumptions
    and Limitations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Share Opinion is subject to the assumptions,
    explanations and limitations set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not been asked to prepare and have not prepared a formal
    valuation or appraisal of BCE or any of its securities or assets
    and the Common Share Opinion should not be construed as such. We
    have, however, conducted such analyses as we considered
    necessary in the circumstances. In addition, the Common Share
    Opinion is not, and should not be construed as, advice as to the
    price at which the Common Shares may trade at any future date.
    BMO&#160;Capital Markets was not engaged to review any legal,
    tax or accounting aspects of the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the Engagement Agreement, BMO Capital Markets
    has relied upon, and has assumed the completeness, accuracy and
    fair presentation of, all information, data, advice, opinions,
    representations and other material (financial or otherwise)
    (collectively, the &#147;Information&#148;) provided by or on
    behalf of BCE or any of its material subsidiaries or their
    respective directors, officers, consultants, advisors and
    representatives, whether orally or in writing, to BMO Capital
    Markets, its consultants, advisors and representatives in
    connection with its engagement and the preparation of the Common
    Share Opinion or obtained by BMO Capital Markets from SEDAR
    relating to BCE and its material subsidiaries or the
    Transaction. The Common Share Opinion is conditional upon the
    completeness, accuracy and fair presentation of the Information.
    Subject to the exercise of its professional judgment, BMO
    Capital Markets has not attempted to verify independently the
    completeness, accuracy or fair presentation of the Information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to any portions of the Information that constitute
    forecasts, projections, estimates or budgets, we have assumed
    that such forecasts, projections, estimates or budgets
    (i)&#160;were prepared using the probable courses of actions to
    be taken or events reasonably expected to occur during the
    period covered thereby, (ii)&#160;were prepared using the
    assumptions identified therein, which in the reasonable belief
    of the management of BCE, are (or were at the time of
    preparation and continue to be) reasonable in the circumstances,
    (iii)&#160;were reasonably prepared on a&#160;basis reflecting
    the best currently available estimates and judgements of the
    management of BCE as to matters covered thereby at the time
    thereof; (iv)&#160;reasonably present the views of such
    management of the financial prospects and forecasted performance
    of BCE and its subsidiaries and are consistent with historical
    operating experience of BCE and its subsidiaries; and
    (v)&#160;are not, in the reasonable belief of the management of
    BCE, misleading in any material respect in light of the
    assumptions used or in light of any developments since the time
    of their preparation. In rendering this Common Share Opinion,
    BMO Capital Markets expresses no view as to the reasonableness
    of such forecasts, projections, estimates or budgets or the
    assumptions on which they were based.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior officers of BCE have represented to BMO Capital Markets
    in the Certificate that, among other things: (i)&#160;the
    Information (other than forecasts, projections, estimates or
    budgets) is complete, true, fairly presented, accurate and
    correct in all material respects, and did not and does not
    contain any untrue statement of a material fact (as such term is
    defined in the <I>Securities Act</I> (Ontario)) in respect of
    BCE, its material subsidiaries or the Transaction and did not
    and does not omit to state a material fact in respect of BCE,
    its material subsidiaries or the Transaction necessary to make
    the Information or any statement contained therein not
    misleading in light of the circumstances under which such
    Information was provided or any statement was made; and
    (ii)&#160;since the dates on which the Information was provided
    to BMO Capital Markets, except as disclosed to BMO Capital
    Markets in connection with its engagement, there has been no
    material change, financial or otherwise, in the financial
    condition, assets, liabilities (contingent or otherwise),
    business, operations or prospects of BCE and its subsidiaries,
    taken as a whole, and no material change has occurred in the
    Information or any part thereof which would have or would
    reasonably be expected to have a material effect on the Common
    Share Opinion or any other fairness opinion provided by BMO
    Capital Markets.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparing the Common Share Opinion and solely for the purpose
    of rendering the Common Share Opinion, we have made several
    assumptions, including that all of the conditions required to
    implement the Transaction will be met. We also made numerous
    assumptions with respect to industry performance, general
    business, market and economic conditions and other matters, many
    of which are beyond the control of BMO Capital Markets and any
    party involved in the Transaction. Although BMO Capital Markets
    believes that the assumptions used in preparing the Common Share
    Opinion are appropriate in the circumstances, some or all of
    these assumptions may nevertheless prove to be incorrect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Share Opinion is rendered as of the date hereof and
    on the basis of securities markets, economic and general
    business and financial conditions prevailing as of the date
    hereof and the conditions and prospects, financial and
    otherwise, of BCE, its subsidiaries and other material interests
    as they are reflected in the Information reviewed by BMO Capital
    Markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets disclaims any undertaking or obligation to
    advise any person of any change in any fact or matter affecting
    the Common Share Opinion which may come or be brought to the
    attention of BMO Capital Markets after the date hereof. Without
    limiting the foregoing, BMO Capital Markets is entitled, in its
    sole discretion and at any time prior to the completion of the
    Transaction, upon consultation with BCE, to withdraw, change or
    modify the Common Share Opinion if BMO Capital Markets concludes
    that there has been a material change in the Transaction or in
    the business, affairs or financial condition of BCE, or there
    has been a material change in any fact or matter affecting the
    Common Share Opinion, or if BMO Capital Markets becomes aware of
    any information not previously known by BMO Capital Markets,
    regardless of the source, which in its opinion would make the
    Common Share Opinion misleading in any material respect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets believes that its analyses must be
    considered as a whole. Selecting portions of its analyses or the
    factors considered by BMO Capital Markets, without considering
    all factors and analyses together, could create a misleading
    view of the process underlying the Common Share Opinion. The
    preparation of the Common Share Opinion is a complex process and
    is not necessarily susceptible to partial analysis or summary
    description. Any attempt to do so could lead to undue emphasis
    on any particular factor or analysis. The Common Share Opinion
    should be read in its entirety.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we have reviewed the Consideration in the context of
    the Transaction or other proposed transactions affecting BCE as
    a whole, our opinion does not address any issues of relative
    fairness among classes or series of shares of BCE.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Common
    Share Opinion</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing and such other matters
    as we considered relevant, BMO Capital Markets is of the opinion
    that, as of June&#160;29, 2007, the Consideration is fair, from
    a financial point of view, to the Common Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) BMO NESBITT BURNS INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C4&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721200.gif" alt="(BMO LOGO)" ><FONT style="font-size: 7pt">
    </FONT>
</DIV>

<DIV style="margin-top: 60pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;Preferred
    Share Opinion
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">June&#160;29,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors and the Strategic Oversight Committee
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re West
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    38th Floor
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, QC
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    H3B 4Y7
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Members of the Board of Directors and the Strategic Oversight
    Committee of BCE Inc.:
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Nesbitt Burns Inc. (&#147;BMO Capital Markets&#148;)
    understands that BCE Inc. (&#147;BCE&#148;) intends to enter
    into a definitive agreement (the &#147;Definitive
    Agreement&#148;) with 6796508 Canada Inc. (the
    &#147;Purchaser&#148;), a newly formed corporation controlled by
    Ontario Teachers&#146; Pension Plan Board, Providence Equity
    Partners VI International L.P. and Madison Dearborn Capital
    Partners V Executive-A, L.P., Madison Dearborn Capital
    <FONT style="white-space: nowrap">Partners&#160;V-C,</FONT>
    L.P., Madison Dearborn Capital
    <FONT style="white-space: nowrap">Partners&#160;V-A,</FONT>
    L.P. and TD&#160;Securities Inc. (collectively, the
    &#147;Purchaser Shareholders&#148;) which provides for, among
    other things, the acquisition by the Purchaser of all of the
    issued and outstanding common shares and all of the issued and
    outstanding preferred shares of BCE, pursuant to a plan of
    arrangement under the <I>Canada Business Corporations Act</I>
    (the &#147;Transaction&#148;). The terms and conditions of, and
    other matters relating to, the Transaction are described in the
    Definitive Agreement and will be more fully described in
    BCE&#146;s management information circular to be prepared in
    compliance with applicable laws in connection with the
    Transaction and delivered to shareholders of BCE (the
    &#147;Circular&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cash consideration payable under the Transaction (the
    &#147;Consideration&#148;) to the holders of preferred shares of
    BCE (the &#147;Preferred Shares&#148;) is outlined in the
    following table:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="11%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="5" align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=48 length=0 -->
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Issuer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Series
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Offer Price
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="5" align="center" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=48 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series R (TSX:BCE.PR.R)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.65 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series S (TSX:BCE.PR.S)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.50 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series T (TSX:BCE.PR.T)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.77 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series Y (TSX:BCE.PR.Y)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.50 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series Z (TSX:BCE.PR.Z)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.25 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AA (TSX:BCE.PR.A)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.76 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AC (TSX:BCE.PR.C)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.76 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AE (TSX:BCE.PR.E)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.50 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AF (TSX:BCE.PR.F)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.41 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AG (TSX:BCE.PR.G)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.56 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AH (TSX:BCE.PR.H)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.50 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">BCE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Series AI (TSX:BCE.PR.I)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 7pt">C$25.87 / share
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=496 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has retained BMO Capital Markets to act as co-financial
    advisor to the Board of Directors of BCE (the &#147;Board&#148;)
    and a committee of the Board (the &#147;Strategic Oversight
    Committee&#148;) in connection with the process (the
    &#147;Transaction Process&#148;) followed by BCE in soliciting
    and reviewing proposals leading to a change of control
    transaction. The Strategic Oversight Committee and the Board
    have asked BMO Capital Markets to provide an opinion (the
    &#147;Preferred Share Opinion&#148;) as to the fairness of the
    Consideration, from a financial point of view, to the holders of
    Preferred Shares, other than the Purchaser, the Purchaser
    Shareholders and their respective affiliates and insiders (the
    &#147;Preferred Shareholders&#148;) in respect of each series of
    Preferred Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Engagement
    of BMO Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE initially contacted BMO Capital Markets regarding a
    potential advisory assignment in March 2007 and BMO Capital
    Markets was formally engaged by BCE through an agreement between
    BCE and BMO Capital Markets (the &#147;Engagement
    Agreement&#148;) dated as of April&#160;17, 2007. The Engagement
    Agreement provides the terms upon which BMO Capital Markets has
    agreed to act as BCE&#146;s
    <FONT style="white-space: nowrap">co-financial</FONT>
    advisor in connection with a change of control transaction
    involving BCE (including the sale or disposition of all or a
    substantial portion of the common shares of BCE). Pursuant to
    the Engagement Agreement, BMO Capital Markets agreed to provide
    financial analysis and advice on structuring, planning and
    negotiating a transaction and to deliver one or more opinions,
    including the
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C5&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Preferred Share Opinion. The terms of the Engagement Agreement
    provide that BMO Capital Markets is to be paid a fee for its
    services as co-financial advisor, including fees payable on
    delivery of an opinion and fees that are contingent on a change
    of control of BCE or certain other events. Such fees are also
    contingent on the quantum of the consideration to be received by
    the holders of common shares of BCE. In addition, BMO Capital
    Markets is to be reimbursed for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses and to be indemnified by BCE in certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Preferred Share Opinion is provided for the use of the
    Strategic Oversight Committee and the Board only and may not be
    relied upon by any other person. The Preferred Share Opinion
    does not constitute a recommendation to the Strategic Oversight
    Committee or the Board as to whether they should approve the
    Definitive Agreement, nor does it constitute a recommendation to
    any shareholder of BCE as to how such shareholders should vote
    or act with respect to the Transaction or any matter relating
    thereto. Except as contemplated herein, the Preferred Share
    Opinion is not to be reproduced, disseminated, quoted from or
    referred to (in whole or in part) without our prior written
    consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing paragraph, BMO Capital Markets
    consents to the inclusion of the Preferred Share Opinion in its
    entirety and a summary thereof in a form approved by BMO Capital
    Markets in the Circular, and to the filing thereof, as
    necessary, by BCE with the securities commissions and other
    regulatory authorities and consents to references to the
    Preferred Share Opinion in press releases to be issued by BCE in
    connection with the Transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Relationships
    with Interested Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets is a wholly-owned subsidiary of the Bank of
    Montreal (&#147;BMO&#148;). Neither BMO Capital Markets, nor any
    of its affiliated entities, is an insider, associate or
    affiliate (as those terms are defined in the <I>Securities
    Act</I> (Ontario)) of BCE or the Purchaser or the Purchaser
    Shareholders, or any of their respective associates or
    affiliates. BMO provides and has provided banking services in
    the normal course of business to BCE. The fees received by BMO
    in connection with the above activities are not material to BMO.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the services being provided under the Engagement
    Agreement, BMO Capital Markets has in the past provided and may
    in the future provide, financial advisory and investment banking
    services to BCE and/or the Purchaser and/or the Purchaser
    Shareholders, or any of their respective associates or
    affiliates. The fees received by BMO Capital Markets in
    connection with the above activities are not material to BMO
    Capital Markets. There are no understandings, agreements or
    commitments between BMO Capital Markets, or any of its
    affiliated entities, on the one hand, and BCE or the Purchaser
    or the Purchaser Shareholders, or any of their respective
    associates or affiliates, on the other hand, with respect to any
    future business dealings which are expected to result in fees
    that are material to either BMO or BMO Capital Markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets acts as a trader and dealer, both as
    principal and agent, in major financial markets and, as such,
    has, may have had, or may in the future have, positions in the
    securities of BCE and/or the Purchaser and/or the Purchaser
    Shareholders, or any of their respective associates or
    affiliates. As of June&#160;29, 2007, BMO Capital Markets or its
    affiliates owned approximately 3% of the outstanding Preferred
    Shares and a financial instrument put into place to partially
    hedge the Preferred Share ownership position. In addition, BMO
    Capital Markets, from time to time, may have executed or may
    execute transactions on behalf of BCE and/or the Purchaser
    and/or the Purchaser Shareholders, or any of their respective
    associates or affiliates or on behalf of other clients for which
    BMO Capital Markets received or may receive compensation. As an
    investment dealer, BMO Capital Markets conducts research on
    securities and may, in the ordinary course of its business,
    provide research reports and investment advice to its clients on
    investment matters, including with respect to BCE, the
    Purchaser, the Purchaser Shareholders or the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the Transaction, BMO Capital Markets or any
    of its affiliated entities may act as a lender to the Purchaser.
    There are no understandings, agreements or commitments between
    BMO Capital Markets, or any of its affiliated entities, on the
    one hand, and the Purchaser or the Purchaser Shareholders or any
    of their respective associates or affiliates, on the other hand,
    with respect to any lending arrangements in connection with the
    Transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Credentials
    of BMO Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets is one of Canada&#146;s largest investment
    banking firms with operations in all facets of corporate and
    government finance, mergers and acquisitions, equity and fixed
    income sales and trading, investment research and investment
    management. The Preferred Share Opinion is the opinion of BMO
    Capital Markets, the form and content of which have been
    approved for release by a committee of the directors and
    officers of BMO Capital Markets, each of whom is experienced in
    mergers and acquisitions, divestitures and fairness opinions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Scope
    of Review</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with rendering the Preferred Share Opinion, we
    have reviewed and relied upon (without attempting to verify
    independently the completeness or accuracy thereof), or carried
    out, among other things, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the most recent draft of the
    Definitive Agreement dated June&#160;29, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual reports to shareholders
    of BCE for the three fiscal years ended December&#160;31, 2004,
    2005 and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">c)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the notice of annual shareholder
    meeting and management proxy circulars of BCE for the three
    fiscal years ended December&#160;31, 2004, 2005 and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">d)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual information forms of BCE
    for the three fiscal years ended December&#160;31, 2004, 2005
    and 2006;
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C6&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">e)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the audited annual financial
    statements and accompanying management&#146;s discussion and
    analysis of BCE for the three fiscal years ended
    December&#160;31, 2004, 2005 and 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">f)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">interim financial statements and
    accompanying management&#146;s discussion and analysis of BCE
    for the three months ended March&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">g)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">selected historical financial
    information of BCE segmented by business unit for the years
    ended December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">h)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the business plan of BCE dated
    December&#160;5, 2006 approved by the Board in respect of the
    year ending December&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">i)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts for
    BCE on a consolidated basis for the years ending
    December&#160;31, 2007 through December&#160;31, 2011 and
    unaudited financial forecasts for BCE segmented by business unit
    for the years ending December&#160;31, 2007 through
    December&#160;31, 2009;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">j)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information regarding the
    Preferred Shares (including their attributes and trading
    history);
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">k)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information (including that
    prepared by industry research analysts) relating to the
    business, operations, financial performance and stock trading
    history of BCE and other public companies we considered relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">l)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information regarding the
    Canadian and U.S. telecommunications industry;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">m)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information with respect to
    precedent transactions we considered relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">n)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">representations contained in a
    certificate addressed to BMO Capital Markets dated as of the
    date hereof, from senior officers of BCE (the
    &#147;Certificate&#148;) as to, among other things, certain
    factual matters including the completeness, accuracy and fair
    presentation of the information upon which the Preferred Share
    Opinion is based; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">o)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">such other corporate, operating,
    industry and financial market information, investigations and
    analyses as BMO Capital Markets considered necessary or
    appropriate in the circumstances.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the written information described above, in
    preparing the Preferred Share Opinion, BMO Capital Markets has
    participated, and relied upon discussions with, members of the
    Strategic Oversight Committee, senior management of BCE, Davies
    Ward Phillips&#160;&#038; Vineberg LLP, BCE&#146;s external
    legal counsel, Stikeman Elliott LLP, BCE&#146;s and the
    Strategic Oversight Committee&#146;s external legal counsel, and
    with BCE&#146;s other financial advisors. BMO Capital Markets
    has been granted access to senior management of BCE and has not,
    to its knowledge, been denied any requested information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Assumptions
    and Limitations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Preferred Share Opinion is subject to the assumptions,
    explanations and limitations set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not been asked to prepare and have not prepared a formal
    valuation or appraisal of BCE or any of its securities or assets
    and the Preferred Share Opinion should not be construed as such.
    We have, however, conducted such analyses as we considered
    necessary in the circumstances. In addition, the Preferred Share
    Opinion is not, and should not be construed as, advice as to the
    price at which Preferred Shares may trade at any future date.
    BMO Capital Markets was not engaged to review any legal, tax or
    accounting aspects of the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the Engagement Agreement, BMO Capital Markets
    has relied upon, and has assumed the completeness, accuracy and
    fair presentation of, all information, data, advice, opinions,
    representations and other material (financial or otherwise)
    (collectively, the &#147;Information&#148;) provided by or on
    behalf of BCE or any of its material subsidiaries or their
    respective directors, officers, consultants, advisors and
    representatives, whether orally or in writing, to BMO Capital
    Markets, its consultants, advisors and representatives in
    connection with its engagement and the preparation of the
    Preferred Share Opinion or obtained by BMO Capital Markets from
    SEDAR relating to BCE and its material subsidiaries or the
    Transaction. The Preferred Share Opinion is conditional upon the
    completeness, accuracy and fair presentation of the Information.
    Subject to the exercise of its professional judgment, BMO
    Capital Markets has not attempted to verify independently the
    completeness, accuracy or fair presentation of the Information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to any portions of the Information that constitute
    forecasts, projections, estimates or budgets, we have assumed
    that such forecasts, projections, estimates or budgets
    (i)&#160;were prepared using the probable courses of actions to
    be taken or events reasonably expected to occur during the
    period covered thereby, (ii)&#160;were prepared using the
    assumptions identified therein, which in the reasonable belief
    of the management of BCE, are (or were at the time of
    preparation and continue to be) reasonable in the circumstances,
    (iii)&#160;were reasonably prepared on a basis reflecting the
    best currently available estimates and judgements of the
    management of BCE as to matters covered thereby at the time
    thereof; (iv)&#160;reasonably present the views of such
    management of the financial prospects and forecasted performance
    of BCE and its subsidiaries and are consistent with historical
    operating experience of BCE and its subsidiaries; and
    (v)&#160;are not, in the reasonable belief of the management of
    BCE, misleading in any material respect in light of the
    assumptions used or in light of any developments since the time
    of their preparation. In rendering this Preferred Share Opinion,
    BMO Capital Markets expresses no view as to the reasonableness
    of such forecasts, projections, estimates or budgets or the
    assumptions on which they were based.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior officers of BCE have represented to BMO Capital Markets
    in the Certificate that, among other things: (i)&#160;the
    Information (other than forecasts, projections, estimates or
    budgets) is complete, true, fairly presented, accurate and
    correct in all material respects, and did not and does not
    contain any untrue statement of a material fact (as such term is
    defined in the <I>Securities Act</I> (Ontario)) in respect
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C7&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of BCE, its material subsidiaries or the Transaction and did not
    and does not omit to state a material fact in respect of BCE,
    its material subsidiaries or the Transaction necessary to make
    the Information or any statement contained therein not
    misleading in light of the circumstances under which such
    Information was provided or any statement was made; and
    (ii)&#160;since the dates on which the Information was provided
    to BMO Capital Markets, except as disclosed to BMO Capital
    Markets in connection with its engagement, there has been no
    material change, financial or otherwise, in the financial
    condition, assets, liabilities (contingent or otherwise),
    business, operations or prospects of BCE and its subsidiaries,
    taken as a whole, and no material change has occurred in the
    Information or any part thereof which would have or would
    reasonably be expected to have a material effect on the
    Preferred Share Opinion or any other fairness opinion provided
    by BMO Capital Markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparing the Preferred Share Opinion and solely for the
    purpose of rendering the Preferred Share Opinion, we have made
    several assumptions, including that all of the conditions
    required to implement the Transaction will be met. We also made
    numerous assumptions with respect to industry performance,
    general business, market and economic conditions and other
    matters, many of which are beyond the control of BMO Capital
    Markets and any party involved in the Transaction. Although BMO
    Capital Markets believes that the assumptions used in preparing
    the Preferred Share Opinion are appropriate in the
    circumstances, some or all of these assumptions may nevertheless
    prove to be incorrect.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Preferred Share Opinion is rendered as of the date hereof
    and on the basis of securities markets, economic and general
    business and financial conditions prevailing as of the date
    hereof and the conditions and prospects, financial and
    otherwise, of BCE, its subsidiaries and other material interests
    as they are reflected in the Information reviewed by BMO Capital
    Markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets disclaims any undertaking or obligation to
    advise any person of any change in any fact or matter affecting
    the Preferred Share Opinion which may come or be brought to the
    attention of BMO Capital Markets after the date hereof. Without
    limiting the foregoing, BMO Capital Markets is entitled, in its
    sole discretion and at any time prior to the completion of the
    Transaction, upon consultation with BCE, to withdraw, change or
    modify the Preferred Share Opinion if BMO Capital Markets
    concludes that there has been a material change in the
    Transaction or in the business, affairs or financial condition
    of BCE, or there has been a material change in any fact or
    matter affecting the Preferred Share Opinion, or if BMO Capital
    Markets becomes aware of any information not previously known by
    BMO Capital Markets, regardless of the source, which in its
    opinion would make the Preferred Share Opinion misleading in any
    material respect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO Capital Markets believes that its analyses must be
    considered as a whole. Selecting portions of its analyses or the
    factors considered by BMO Capital Markets, without considering
    all factors and analyses together, could create a misleading
    view of the process underlying the Preferred Share Opinion. The
    preparation of the Preferred Share Opinion is a complex process
    and is not necessarily susceptible to partial analysis or
    summary description. Any attempt to do so could lead to undue
    emphasis on any particular factor or analysis. The Preferred
    Share Opinion should be read in its entirety.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In considering the fairness, from a financial point of view, of
    the Consideration to be received by the holders of each series
    of Preferred Shares, BMO Capital Markets considered the
    Consideration as compared to BMO Capital Markets&#146; estimate
    of the likely economic result of the following two alternatives:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the termination of the Transaction
    Process and (i)&#160;no change of control transaction occurring,
    (ii)&#160;BCE maintaining its existing capital structure, and
    (iii)&#160;current capital market conditions prevailing; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the termination of the Transaction
    Process and (i)&#160;no change of control transaction occurring,
    (ii)&#160;BCE undertaking a leveraged re-capitalization, and
    (iii)&#160;current capital market conditions prevailing.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we have reviewed the Consideration to be received by
    the holders of each series of Preferred Shares in the context of
    the Transaction or other proposed transactions affecting BCE as
    a whole, our opinion does not address any issues of relative
    fairness among classes or series of shares of BCE.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Preferred
    Share Opinion</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing and such other matters
    as we considered relevant, BMO Capital Markets is of the opinion
    that, as of June&#160;29, 2007, the Consideration is, in respect
    of each series of Preferred Shares, fair, from a financial point
    of view, to the Preferred Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) BMO NESBITT BURNS INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C8&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721200.gif" alt="(BMO LOGO)" >
</DIV>

<DIV style="margin-top: 60pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;Preferred
    Share Supplemental Opinion
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">July&#160;12,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors and the Strategic Oversight Committee
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re West
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    38th Floor
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, QC
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Members of the Board of Directors and the Strategic Oversight
    Committee of BCE Inc.:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As you know, BMO Nesbitt Burns Inc. (&#147;BMO Capital
    Markets&#148;) has provided an opinion dated June&#160;29, 2007
    (the &#147;Original Opinion&#148;) to the committee (the
    &#147;Strategic Oversight Committee&#148;) of the board of
    directors (the &#147;Board&#148;) of BCE Inc. (the
    &#147;Company&#148;) and the Board in connection with your
    respective consideration and approval of a definitive agreement
    dated June&#160;29, 2007 (the &#147;Definitive Agreement&#148;)
    made between the Company and 6796508 Canada Inc. (the
    &#147;Purchaser&#148;). Capitalised terms used in this letter
    without being defined herein have the meanings ascribed to them
    in the Original Opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that the Company proposes to enter into a letter
    agreement (the &#147;Amending Agreement&#148;) with the
    Purchaser providing for an amendment to Exhibit&#160;I to
    Schedule&#160;A of the Definitive Agreement. We also understand
    that, as amended by the Amending Agreement, the Definitive
    Agreement will provide for the acquisition by the Purchaser,
    pursuant to the Transaction, of all of the Company&#146;s:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">series&#160;AB floating rate
    preferred shares (if and when issued upon conversion of the
    Company&#146;s issued and outstanding series&#160;AA 5.45%
    preferred shares); and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">series&#160;AD floating rate
    preferred shares (if and when issued upon conversion of the
    Company&#146;s issued and outstanding series&#160;AC 5.54%
    preferred shares);
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (collectively, the &#147;Issuable Preferred Shares&#148;) in
    consideration for the payment of $25.50 in cash (together with
    accrued and unpaid dividends to the effective date of the
    Transaction) per Issuable Preferred Share (the
    &#147;Consideration&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also understand that each Issuable Preferred Share would be,
    in accordance with its terms, redeemable by the Company for
    consideration equal to the Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Engagement Agreement, the Company has requested
    BMO Capital Markets to provide an opinion to the Strategic
    Oversight Committee and the Board (the &#147;Supplemental
    Opinion&#148;) as to the fairness of the Consideration, from a
    financial point of view, to the holders of Issuable Preferred
    Shares, other than the Purchaser, the Purchaser Shareholders and
    their respective affiliates and insiders (the &#147;Preferred
    Shareholders&#148;) in respect of each series of Issuable
    Preferred Shares. This Supplemental Opinion is subject to the
    terms of engagement described under the heading &#147;Engagement
    of BMO Capital Markets&#148; and subject to the disclosure of
    BMO Capital Markets under the heading &#147;Relationships with
    Interested Parties&#148; in the Original Opinion. In connection
    with rendering this Supplemental Opinion, we have reviewed and
    relied upon, among other things, the information referred to in
    the Original Opinion under the heading &#147;Scope of
    Review&#148; and a draft of the Amending Agreement dated
    July&#160;12, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Supplemental Opinion is subject to the assumptions,
    explanations and limitations set forth herein and in the
    Original Opinion, which are incorporated by reference herein,
    <I>mutatis mutandis</I>. Without limiting the generality of the
    preceding sentence, this Supplemental Opinion has been provided
    for the use of the Strategic Oversight Committee and the Board
    and may not be published, used by any other person or relied
    upon by any other person other than the Strategic Oversight
    Committee and the Board without the express prior written
    consent of BMO Capital Markets. The Supplemental Opinion is
    given as of the date hereof and BMO Capital Markets disclaims
    any undertaking or obligation to advise any person of any change
    in any fact or matter affecting this Supplemental Opinion which
    may come or be brought to BMO Capital Market&#146;s attention
    after the date hereof. In providing this Supplemental Opinion,
    we are not providing an update of our conclusion in the Original
    Opinion. In the event that any material change in any fact or
    matter affecting this Supplemental Opinion is brought to our
    attention after the date hereof, BMO Capital Markets reserves
    the right
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C9&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">to change, modify or withdraw this
    Supplemental Opinion, subject to providing the Company with
    advance notice thereof and an opportunity to address the reasons
    for any proposed change, modification or withdrawal.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Supplemental Opinion is not intended to be and does not
    constitute a recommendation to the members of the Strategic
    Oversight Committee or the Board as to whether they should
    approve the Amending Agreement, nor does it constitute a
    recommendation to any holder of Issuable Preferred Shares, if
    and when issued, as to how such shareholder should vote or act
    with respect to the Transaction or any matter relating thereto.
    This Supplemental Opinion does not address any issues of
    relative fairness among classes or series of shares of the
    Company (including any series of Issuable Preferred Shares) of
    the aggregate consideration payable by the Purchaser pursuant to
    the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing and such other matters
    as we considered relevant, BMO Capital Markets is of the opinion
    that, as of July&#160;12, 2007, the Consideration is, in respect
    of each series of Issuable Preferred Shares, fair, from a
    financial point of view, to the Preferred Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) BMO NESBITT BURNS INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">C10&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='194'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;D&#148; OPINIONS OF CIBC WORLD MARKETS INC." -->

    <BR>
    APPENDIX &#147;D&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">OPINIONS OF CIBC WORLD MARKETS
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721204.gif" alt="(CIBC LETTERHEAD LOGO)" ><B><FONT style="font-size: 15pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 60pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">June&#160;29,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">The
    Strategic Oversight Committee of the Board of Directors
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and the Board of Directors of
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest, Bureau 3700
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, Qu&#233;bec H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Strategic Oversight Committee and the Board:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CIBC World Markets Inc. (&#147;CIBC World Markets&#148;)
    understands that BCE Inc. (the &#147;Company&#148;) proposes to
    enter into a definitive agreement (the &#147;Definitive
    Agreement&#148;) with 6796508 Canada Inc. (the
    &#147;Purchaser&#148;), a newly-formed corporation controlled by
    Ontario Teachers&#146; Pension Plan Board, Providence Equity
    Partners VI International LP, Madison Dearborn Capital Partners
    V-A, L.P, Madison Dearborn Capital Partners V-C, L.P., Madison
    Dearborn Capital Partners V Executive-A, L.P. and
    TD&#160;Securities Inc. (collectively, the &#147;Purchaser
    Shareholders&#148;), in respect of a transaction to be effected
    by way of a plan of arrangement under the&#160;<I>Canada
    Business Corporations Act</I> (the &#147;Transaction&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the Transaction, (a)&#160;the holders (other
    than the Purchaser Shareholders, the &#147;Public Common
    Shareholders&#148;) of common shares of the Company (the
    &#147;Common Shares&#148;) will receive consideration of $42.75,
    in cash, per Common Share and (b)&#160;the&#160;holders (other
    than the Purchaser Shareholders, the &#147;Public Preferred
    Shareholders&#148;) of the first preferred shares of
    the&#160;Company&#160;(the &#147;Preferred Shares&#148;) will
    receive consideration of between $25.25 and $25.87, in cash
    (plus accrued and unpaid dividends to the effective date of the
    Transaction), per Preferred Share, as set forth in
    Exhibit&#160;I to Schedule&#160;A of the Definitive Agreement.
    We understand that the terms of the Transaction will be more
    fully described in a management information circular of
    the&#160;Company (the&#160;&#147;Circular&#148;), which will be
    prepared by the Company and mailed to securityholders of the
    Company in connection with the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CIBC World Markets also understands that a committee (the
    &#147;Strategic Oversight Committee&#148;) of the board of
    directors (the &#147;Board&#148;) of the Company has been
    constituted to consider the Transaction and make recommendations
    thereon to the Board. The Company has retained CIBC World
    Markets to provide advice and assistance to the Strategic
    Oversight Committee and the Board in evaluating the Transaction,
    including the preparation and delivery to the Strategic
    Oversight Committee and the Board of its opinion (the
    &#147;Fairness Opinion&#148;) as to the fairness, from a
    financial point of view, of the consideration offered to the
    Public Common Shareholders and the Public Preferred Shareholders
    under the Transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Engagement
    of CIBC World Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CIBC World Markets was formally engaged by the Company through
    an agreement between the Company and CIBC World Markets (the
    &#147;Engagement Agreement&#148;) dated June&#160;12, 2007 and
    effective as of April&#160;17, 2007. The Engagement Agreement
    provides the terms upon which CIBC World Markets has agreed to
    act as the Company&#146;s agent and financial co-advisor in
    connection with the Board&#146;s consideration of potential
    strategic alternatives. CIBC World Markets&#146; services under
    the Engagement Agreement include providing financial analysis
    and advice on structuring, planning and negotiating a
    transaction and the provision of this Fairness Opinion.
    The&#160;terms of the Engagement Agreement provide that CIBC
    World Markets is to be paid a fee for its services as financial
    co-advisor, including fees payable upon delivery of this
    Fairness Opinion and additional fees that are contingent on any
    change of control of the&#160;Company or certain other events.
    The amount of completion fees payable to us under the Engagement
    letter is calculated with reference to the quantum of the
    consideration to be received by Public Common Shareholders
    pursuant to any such transaction.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">D1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In&#160;addition, CIBC World Markets is to be reimbursed for its
    reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses and to be indemnified by the Company in certain
    circumstances.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Relationships
    With Interested Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of CIBC World Markets or any of its affiliates is an
    insider, associate or affiliate (as those terms are defined in
    the <I>Securities Act</I> (Ontario)) of the Company, the
    Purchaser or any of the Purchaser Shareholders. Canadian
    Imperial Bank of Commerce, the sole shareholder of CIBC World
    Markets, is a lender to the Company and certain of the
    Company&#146;s affiliates. CIBC World Markets and certain of its
    affiliates own securities of the Company and certain of the
    Company&#146;s affiliates. CIBC World Markets or its affiliates
    have, from time to time, provided financial advisory services
    and participated in financings involving certain of the
    Purchaser Shareholders and their affiliates and associates and
    may participate as a lender or underwriter in any financing
    relating to the Transaction. However, none of CIBC World Markets
    nor any of its affiliates has been engaged to provide any
    financial advisory services to the Purchaser or any of the
    Purchaser Shareholders in connection with the Transaction and
    there are no current understandings, agreements or commitments
    between CIBC World Markets nor any of its affiliates and the
    Purchaser or any of the Purchaser Shareholders with respect to
    any future business dealings involving the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CIBC World Markets acts as a trader and dealer, both as
    principal and agent, in major financial markets and, as such,
    may have had and may in the future have positions in the
    securities of the Company or any of its affiliates and, from
    time to time, may have executed or may execute transactions on
    behalf of such companies or clients for which it received or may
    receive compensation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Credentials
    of CIBC World Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CIBC World Markets is one of Canada&#146;s largest investment
    banking firms, with operations in all facets of corporate and
    government finance, corporate banking, mergers and acquisitions,
    equity and fixed income sales and trading and investment
    research. The Fairness Opinion expressed herein represents the
    opinion of CIBC World Markets and the form and content herein
    have been approved for release by a committee of its managing
    directors and internal counsel, each of whom is experienced in
    merger, acquisition, divestiture and valuation matters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Scope
    of Review</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with rendering this Fairness Opinion, we have
    reviewed and relied upon, among other things, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">a draft dated the date hereof of
    the Definitive Agreement;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the audited financial statements
    and accompanying management&#146;s discussion and analysis of
    the Company for the fiscal years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(c)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the unaudited interim financial
    statements and accompanying management&#146;s discussion and
    analysis of the Company for the quarter ended March&#160;31,
    2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(d)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual reports of the Company
    for the fiscal years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(e)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the management proxy circulars of
    the Company for the fiscal years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(f)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual information forms of the
    Company for the fiscal years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31,&#160;2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(g)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">selected historical financial
    information of the Company, segmented by business unit, for the
    years ended December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(h)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the business plan of the Company
    dated December&#160;5, 2006 approved by the Board in respect of
    the year ending December&#160;31,&#160;2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(i)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts,
    prepared by management of the Company, on a consolidated basis
    for the years ending December&#160;31, 2007 through
    December&#160;31, 2011;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(j)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts,
    prepared by management of the Company, segmented by business
    unit for the years ending December&#160;31, 2007 through
    December&#160;31, 2009;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(k)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">certain public information
    regarding the Preferred Shares (including their material
    financial attributes and recent trading histories) and selected,
    publicly-traded preferred shares of other companies considered
    by us to be relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(l)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">certain other public information
    relating to the business, operations, financial performance and
    stock trading history of the Company and other selected public
    companies considered by us to be relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(m)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">certain other non-public
    information relating to the business, operations and financial
    performance of the Company prepared by management of the Company;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(n)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information with respect to
    other transactions of a comparable nature considered by us to be
    relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(o)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information regarding the
    Canadian and U.S. telecommunications industries;
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">D2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(p)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">representations contained in
    certificates addressed to us, dated as of the date hereof, from
    senior officers of the Company as to the completeness and
    accuracy of the information provided to us by the Company
    pursuant to the Engagement Letter; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(q)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">such other corporate, industry and
    financial market information, investigations and analyses as
    CIBC World Markets considered necessary or appropriate in the
    circumstances.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the written information described above, in
    preparing this Fairness Opinion we have participated, and relied
    upon discussions with senior management of the Company, Davies
    Ward Phillips&#160;&#038; Vineberg LLP, the Company&#146;s
    external legal counsel, Stikeman Elliott LLP, the Company&#146;s
    and the Strategic Oversight Committee&#146;s external legal
    counsel and with the Company&#146;s other financial co-advisors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Prior
    Valuations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has represented to CIBC World Markets that there
    have not been any prior valuations (as defined in Ontario
    Securities Commission
    <FONT style="white-space: nowrap">Rule&#160;61-501)</FONT>
    of the Company or its material assets or its securities in the
    past twenty-four month period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Assumptions
    and Limitations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Opinion is subject to the assumptions, explanations and
    limitations set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not been asked to prepare and have not prepared a formal
    valuation or appraisal of any of the assets or securities of the
    Company, the Purchaser or any of the Purchaser Shareholders and
    our Opinion should not be construed as such, nor have we been
    requested to solicit or develop any potential alternatives to
    the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With the approval of the Board and the Strategic Oversight
    Committee and as provided for in the Engagement Agreement, CIBC
    World Markets has relied upon the completeness, accuracy and
    fair presentation of all of the information, data and other
    material (financial and otherwise) (collectively, the
    &#147;Information&#148;) provided to CIBC World Markets by the
    Company or its material subsidiaries or its or their
    representatives in the presence of officers of the Company for
    the purpose of the engagement under the Engagement Letter.
    Subject to the exercise of professional judgment and except as
    expressly described herein, we have not attempted to verify
    independently the completeness, accuracy or fair presentation of
    any of the Information. Without limiting the foregoing, we have
    not met with the Company&#146;s independent auditors and we have
    relied upon and assumed the accuracy and fair presentation of
    the Company&#146;s audited financial statements and the reports
    of the auditors thereon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have also assumed that all of the representations and
    warranties contained in the Acquisition Agreement are correct in
    all material respects as of the date hereof, that the
    Transaction will be completed substantially in accordance with
    the requirements of the Definitive Agreement and all applicable
    laws and that the Circular will disclose all material facts
    relating to the Transaction and satisfy all applicable legal
    requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior officers of the Company have represented to CIBC World
    Markets in a certificate delivered as of the date hereof, among
    other things, that (i)&#160;the Information (as defined above)
    is complete, true and correct and does not contain any untrue
    statement of a material fact in respect of the Company and its
    material subsidiaries or the Transaction and does not omit to
    state a material fact in respect of the Company and its material
    subsidiaries or the Transaction necessary to make the
    Information not misleading in light of the circumstances under
    which the Information was presented; and that (ii)&#160;since
    the dates on which the Information was provided to CIBC World
    Markets, except as disclosed to CIBC World Markets, there has
    been no material change, financial or otherwise, in the
    financial condition, assets, liabilities (contingent or
    otherwise), business, operations or prospects of the Company and
    its material subsidiaries, taken as a whole, and no material
    change has occurred in the Information or any part thereof which
    would have or which would reasonably be expected to have a
    material effect on this Fairness Opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to projections, forecasts, budgets and other future
    oriented financial information concerning the Transaction, the
    Company and its material subsidiaries (collectively,
    &#147;FOFI&#148;), we have assumed that such FOFI was prepared
    using assumptions which were reasonable on the date such FOFI
    was prepared, having regard to the Company&#146;s industry,
    business, financial condition, plans and prospects, and does not
    contain any untrue statement of a material fact or omit to state
    any material fact necessary to make such FOFI (as of the date of
    the preparation thereof) not misleading in light of the
    circumstances in which such FOFI was provided to CIBC World
    Markets. In rendering this Fairness Opinion, CIBC World Markets
    expresses no view as to the reasonableness of such projections
    or budgets or the assumptions on which they were based.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparing this Fairness Opinion, CIBC World Markets has made
    several assumptions, including that all of the conditions
    required to implement the Transaction will be met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fairness Opinion is rendered on the basis of securities
    markets, economic, financial and general business conditions
    prevailing as at the date hereof and the condition and
    prospects, financial and otherwise, of the Company and its
    subsidiaries and affiliates, as they were reflected in the
    Information and as they have been represented to CIBC World
    Markets in discussions with management of the Company. In its
    analyses and in preparing this Fairness Opinion, CIBC World
    Markets made numerous assumptions with respect to industry
    performance, general business, capital markets and economic
    conditions and other matters, many of which are beyond the
    control of CIBC World Markets or any party involved in the
    Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fairness Opinion has been provided for the use of the
    Strategic Oversight Committee and the Board and may not be
    published, used by any other person or relied upon by any other
    person other than the Strategic Oversight Committee and the
    Board without the
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">D3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    express prior written consent of CIBC World Markets. The
    Fairness Opinion is given as of the date hereof and CIBC World
    Markets disclaims any undertaking or obligation to advise any
    person of any change in any fact or matter affecting this
    Fairness Opinion which may come or be brought to CIBC World
    Markets&#146; attention after the date hereof. Without limiting
    the foregoing, in the event that any material change in any fact
    or matter affecting this Fairness Opinion is brought to our
    attention after the date hereof, CIBC World Markets reserves the
    right to change, modify or withdraw this Fairness Opinion,
    subject to providing the Company with advance notice thereof and
    an opportunity to address the reasons for any proposed change,
    modification or withdrawal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Fairness Opinion is not intended to be and does not
    constitute a recommendation to the members of the Strategic
    Oversight Committee or the Board as to whether they should
    approve the Definitive Agreement, nor does it constitute a
    recommendation to any Common Shareholder or any Preferred
    Shareholder as to how such shareholder should vote or act with
    respect to the Transaction or any matter relating thereto. This
    Fairness Opinion is not to be construed as an opinion as to the
    fairness of the allocation, as between holders of the Common
    Shares and holders of any series of Preferred Shares, of the
    aggregate consideration payable by the Purchaser pursuant to the
    Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not legal, tax or accounting experts and we express no
    opinion concerning any legal, tax or accounting matters
    concerning the Transaction or the sufficiency of this letter for
    your purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CIBC World Markets believes that its analyses must be considered
    as a whole. Selecting portions of its analyses or the factors
    considered by CIBC World Markets, without considering all
    factors and analyses together, could create a&#160;misleading
    view of the process underlying this Fairness Opinion. The
    preparation of this Fairness Opinion is a&#160;complex process
    and is not necessarily susceptible to partial analysis or
    summary description. Any attempt to do so could lead to undue
    emphasis on any particular factor or analysis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Conclusions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing and such other matters
    as we considered relevant, CIBC World Markets is of the opinion
    that, as of the date hereof:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the consideration offered to the
    Public Common Shareholders pursuant to the Transaction is fair,
    from a&#160;financial point of view, to the Public Common
    Shareholders; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the consideration offered to the
    holders of each series of Preferred Shares pursuant to the
    Transaction is fair, from a financial point of view, to the
    Public Preferred Shareholders.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) CIBC WORLD MARKETS INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">D4&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721204.gif" alt="(CIBC LETTERHEAD LOGO)" >
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">July&#160;12,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Oversight Committee of the Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and the Board of Directors of
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest, Bureau 3700
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, Qu&#233;bec H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Strategic Oversight Committee and the Board:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As you know, CIBC World Markets Inc. (&#147;CIBC World
    Markets&#148;) has provided an opinion dated June&#160;29, 2007
    (the &#147;Original Opinion&#148;) to a committee (the
    &#147;Strategic Oversight Committee&#148;) of the board of
    directors (the &#147;Board&#148;) of BCE Inc. (the
    &#147;Company&#148;) and the Board in connection with their
    consideration and approval of a definitive agreement dated
    June&#160;29, 2007 (the &#147;Definitive Agreement&#148;) made
    between the Company and 6796508 Canada Inc. (the
    &#147;Purchaser&#148;). Capitalised terms used in this letter
    without being defined herein have the meanings ascribed to them
    in the Original Opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that the Company proposes to enter into a letter
    agreement (the &#147;Amending Letter&#148;) with the Purchaser
    providing for an amendment to Exhibit&#160;I to Schedule&#160;A
    of the Definitive Agreement. We also understand that, as amended
    by the Amending Agreement, the Definitive Agreement will provide
    for the acquisition by the Purchaser, pursuant to the
    Transaction, of all of the Company&#146;s:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">a)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">series&#160;AB floating rate
    preferred shares (if and when issued upon conversion of the
    Company&#146;s issued and outstanding series&#160;AA 5.45%
    preferred shares); and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">b)&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">series&#160;AD floating rate
    preferred shares (if and when issued upon conversion of the
    Company&#146;s issued and outstanding series&#160;AC 5.54%
    preferred shares);
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (collectively, the &#147;Issuable Preferred Shares&#148;) in
    consideration for the payment of $25.50 in cash (plus accrued
    and unpaid dividends to the effective date of the Transaction)
    per Issuable Preferred Share (the &#147;Consideration&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also understand that each Issuable Preferred Share would be,
    in accordance with its terms of issue, redeemable by the Company
    at any time for consideration equal to the Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Engagement Agreement, the Company has requested
    CIBC World Markets to provide this letter to the Strategic
    Oversight Committee and the Board of our opinion (the
    &#147;Supplemental Opinion&#148;) as to the fairness, from a
    financial point of view, of the consideration offered pursuant
    to the Transaction to the Public Preferred Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with rendering this Supplemental Opinion, we have
    reviewed and relied upon, among other things, the information
    referred to in the Original Opinion under the heading
    &#147;Scope of Review&#148; and a draft dated July&#160;12, 2007
    of the Amending Letter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Supplemental Opinion is subject to the assumptions,
    explanations and limitations set forth herein and in the
    Original Opinion, which are incorporated by reference herein,
    <I>mutatis mutandis</I>. Without limiting the generality of the
    preceding sentence, this Supplemental Opinion has been provided
    for the use of the Strategic Oversight Committee and the Board
    and may not be published, used by any other person or relied
    upon by any other person other than the Strategic Oversight
    Committee and the Board without the express prior written
    consent of CIBC World Markets. The Supplemental Opinion is given
    as of the date hereof and CIBC World Markets disclaims any
    undertaking or obligation to advise any person of any change in
    any fact or matter affecting this Supplemental Opinion which may
    come or be brought to CIBC World Markets&#146; attention after
    the date hereof. In providing this Supplemental Opinion, we are
    not providing an update of our conclusion in the Original
    Opinion. In the event that any material change in any fact or
    matter affecting this Supplemental Opinion is brought to our
    attention after the date hereof, CIBC World Markets reserves the
    right to change, modify or withdraw this Supplemental Opinion,
    subject to providing the Company with advance notice thereof and
    an opportunity to address the reasons for any proposed change,
    modification or withdrawal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Supplemental Opinion is not intended to be and does not
    constitute a recommendation to the members of the Strategic
    Oversight Committee or the Board as to whether they should
    approve the Amending Letter, nor does it constitute a
    recommendation to any holder of Issuable Preferred Shares, if
    and when issued, as to how such shareholder should vote or act
    with respect to the Transaction
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">D5&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or any matter relating thereto. This Supplemental Opinion is not
    to be construed as an opinion as to the fairness of the
    allocation, as between holders of the Common Shares and holders
    of any series of Preferred Shares (including any series of
    Issuable Preferred Shares) of the aggregate consideration
    payable by the Purchaser pursuant to the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not legal, tax or accounting experts and we express no
    opinion concerning any legal, tax or accounting matters
    concerning the Transaction or the sufficiency of this letter for
    your purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing and such other matters
    as we considered relevant, CIBC World Markets is of the opinion
    that, as of the date hereof, the Consideration to be received by
    the holders of each series of Issuable Preferred Shares pursuant
    to the Transaction is fair, from a financial point of view, to
    the Public Preferred Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) CIBC WORLD MARKETS INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">D6&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

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    <A name='195'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;E&#148; OPINION OF GOLDMAN, SACHS &#038; CO." -->

    <BR>
    APPENDIX &#147;E&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">OPINION OF GOLDMAN, SACHS
    &#038; CO.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721202.gif" alt="(GOLDMAN SACHS LETTERHEAD LOGO)" ><B><FONT style="font-size: 15pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">PERSONAL
    AND CONFIDENTIAL</FONT></U></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">June&#160;29,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al (Qu&#233;bec) H3B 4Y7
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Canada
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Ladies and
    Gentlemen:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You have requested our opinion as to the fairness from a
    financial point of view to the holders (other than Ontario
    Teachers&#146; Pension Plan Board (&#147;TPC&#148;) and its
    affiliates) of outstanding common shares (the
    &#147;Shares&#148;) of BCE Inc. (the &#147;Company&#148;) of the
    Canadian Dollars 42.75 per Share in cash to be received by such
    holders by way of a&#160;statutory plan of arrangement pursuant
    to the Definitive Agreement, made as of June&#160;29, 2007 (the
    &#147;Agreement&#148;), between 6796508 Canada Inc.
    (&#147;Purchaser&#148;) and the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, Sachs&#160;&#038; Co. and its affiliates, as part of
    their investment banking business, are continually engaged in
    performing financial analyses with respect to businesses and
    their securities in connection with mergers and acquisitions,
    negotiated underwritings, competitive biddings, secondary
    distributions of listed and unlisted securities, private
    placements and other transactions as well as for estate,
    corporate and other purposes. We have acted as financial advisor
    to the Company in connection with, and have participated in
    certain of the negotiations leading to, the transaction
    contemplated by the Agreement (the &#147;Transaction&#148;). We
    expect to receive fees for our services in connection with the
    Transaction, a portion of which became payable upon the public
    announcement of the Transaction and the principal portion of
    which is contingent upon consummation of the Transaction, and
    the Company has agreed to reimburse our expenses and indemnify
    us against certain liabilities arising out of our engagement. In
    addition, we have provided and are currently providing certain
    investment banking and other financial services to the Company
    and its affiliates, including having acted as financial advisor
    to the Company in connection with the creation of the Bell
    Aliant Regional Communications Income Fund in July 2006; and as
    financial advisor to the Company with regard to its potential
    conversion to an income trust in October 2006. We also have
    provided and currently are providing certain investment banking
    and other financial services to TPC, an affiliate of Purchaser,
    and its affiliates and portfolio companies, including having
    acted in various capacities in connection with bank and bond
    financings of General Nutrition Companies Inc., a portfolio
    company of TPC, in November 2006 and March 2007; joint lead
    arranger in connection with the $970,000,000 recapitalization of
    Workspan L.P. in December 2006; and as sole arranger in
    connection with a bank loan extended to ARES Management, LLC
    (aggregate principal amount of $500,000,000) in February 2007.
    We also have provided and currently are providing certain
    investment banking and other financial services to The
    Toronto-Dominion Bank (&#147;TD&#148;), an affiliate of
    Purchaser, and its affiliates, including having acted as
    financial advisor to TD in connection with its acquisition of
    Hudson United Bancorp in July 2005; and as financial advisor to
    TD in connection with the merger of TD Waterhouse Group, Inc., a
    former subsidiary of TD, in January 2006. We also have provided
    and currently are providing certain investment banking and other
    financial services to Providence Equity Partners Inc.
    (&#147;Providence&#148;), an affiliate of Purchaser, and its
    affiliates and portfolio companies, including having acted in
    various capacities in connection with bank and high yield
    financings of Kabel Deutschland GmbH, a portfolio company of
    Providence, throughout 2004 and in August 2006; as financial
    advisor to a consortium of investors that included Providence in
    connection with the acquisition of SunGard Data Systems Inc. in
    August 2005; as joint lead arranger of a bank loan extended to
    Education Management Corporation, a portfolio company of
    Providence, (aggregate principal amount of $1,185,000) in
    February 2007; as joint lead arranger of a bank loan extended to
    Com Hem, a portfolio company of Providence, (aggregate principal
    amount of $365,000,000) in April 2007; and as exclusive
    financial advisor to Providence in connection with the
    divestiture of Madison River Capital LLC, a former portfolio
    company of Providence, in May 2007. We also have provided and
    are providing certain investment banking and other financial
    services to Madison Dearborn Partners, LLC (&#147;MDP&#148;), an
    affiliate of Purchaser, and its affiliates and portfolio
    companies, including having acted as financial advisor to Boise
    Cascade LLC, a portfolio company of MDP, in connection
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">E1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with its sale of approximately 2.2&#160;million acres of
    timberlands to Forest Capital Partners LLC in February 2005; as
    lead manager with respect to the offering of
    15,500,000&#160;shares of common stock of Packaging Corporation
    of America, a portfolio company of MDP, in December 2005; as
    co-manager with respect to the offering by Intelsat Limited, a
    portfolio company of MDP, of its 9.25% Senior Notes due 2016,
    its LIBOR plus 600 basis points Floating Rate Notes due 2013 and
    its 11.25% Senior Notes due 2016 (aggregate principal amounts of
    $750,000,000, $260,000,000 and $1,330,000,000, respectively) in
    June 2006; and as financial advisor to Madison River Capital
    LLC, a former portfolio company of MDP, in connection with its
    sale to CenturyTel Inc. in May 2007. We also may provide
    investment banking and other financial services to the Company,
    TPC, TD, Providence, and MDP and their respective affiliates and
    portfolio companies in the future. In connection with the
    above-described investment banking and other financial services
    we have received, and may receive, compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, Sachs&#160;&#038; Co. is a full service securities firm
    engaged, either directly or through its affiliates, in
    securities trading, investment management, financial planning
    and benefits counseling, risk management, hedging, financing and
    brokerage activities for both companies and individuals. In the
    ordinary course of these activities, Goldman, Sachs&#160;&#038;
    Co. and its affiliates may provide such services to the Company,
    TPC, TD, Providence, MDP and their respective affiliates and
    portfolio companies, may actively trade the debt and equity
    securities (or related derivative securities and partnership
    interests) of the Company, TD and their respective affiliates
    and affiliates and portfolio companies of TPC, Providence and
    MDP for their own account and for the accounts of their
    customers and may at any time hold long and short positions of
    such securities. Affiliates of Goldman, Sachs&#160;&#038; Co.
    have co-invested with TPC, Providence, MDP and their respective
    affiliates from time to time and such affiliates of Goldman,
    Sachs&#160;&#038; Co. have invested and may invest in the future
    in limited partnership units of affiliates of TPC, Providence
    and MDP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this opinion, we have reviewed, among other
    things, the Agreement and the Plan of Arrangement included as a
    schedule thereto; Annual Information Forms and annual reports to
    stockholders and Annual Reports of the Company for the five
    years ended December&#160;31, 2006; certain interim reports to
    stockholders; Quarterly Reports for the Company; certain other
    communications from the Company to its stockholders; and certain
    internal financial analyses and forecasts for the Company
    prepared by its management (the &#147;Forecasts&#148;). We also
    have held discussions with members of senior management of the
    Company regarding their assessment of the past and current
    business operations, financial condition and future prospects of
    the Company. In addition, we have compared certain financial and
    stock market information for the Company with similar
    information for certain other companies the securities of which
    are publicly traded, reviewed the financial terms of certain
    recent business combinations in the telecommunications industry
    specifically and in other industries generally and performed
    such other studies and analyses, and considered such other
    factors, as we considered appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have relied upon the accuracy and completeness of all of the
    financial, accounting, legal, tax and other information provided
    to, discussed with or reviewed by us and have assumed such
    accuracy and completeness for purposes of rendering this
    opinion. In that regard, we have assumed with your consent that
    the Forecasts have been reasonably prepared on a basis
    reflecting the best currently available estimates and judgments
    of the management of the Company. In addition, we have not made
    an independent evaluation or appraisal of the assets and
    liabilities (including any contingent, derivative or
    off-balance-sheet assets and liabilities) of the Company or any
    of its subsidiaries and we have not been furnished with any such
    evaluation or appraisal. Senior management of the Company has
    provided to us, in a certificate delivered as of the date
    hereof, representations regarding, among other things, the
    accuracy of the information, data and other material (financial
    or otherwise) provided to us by or on behalf of the Company and
    the absence of changes thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our opinion does not address the underlying business decision of
    the Company to engage in the Transaction or the relative merits
    of the Transaction as compared to any strategic alternatives
    that may be available to the Company. We express no opinion as
    to the impact of the Transaction on the solvency or viability of
    the Company or Purchaser or the ability of either the Company or
    Purchaser to pay its obligations when they become due. Our
    opinion is necessarily based on economic, monetary, market and
    other conditions as in effect on, and the information made
    available to us as of, the date hereof and we assume no
    responsibility for updating, revising or reaffirming this
    opinion based on circumstances, developments or events occurring
    after the date hereof. Our advisory services and the opinion
    expressed herein are provided for the information and assistance
    of the Board of Directors of the Company in connection with its
    consideration of the Transaction and such opinion does not
    constitute a recommendation as to how any holder of Shares or
    other securities of the Company should vote with respect to such
    transaction or any other matter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing, it is our opinion that,
    as of the date hereof, the Canadian Dollars 42.75 per Share in
    cash to be received by the holders of Shares (other than TPC and
    its affiliates) by way of a statutory plan of arrangement
    pursuant to the Agreement is fair from a financial point of view
    to such holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) GOLDMAN, SACHS&#160;&#038; CO.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">E2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='196'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;F&#148; OPINION OF GREENHILL &#038; CO. CANADA LTD." -->

    <BR>
    APPENDIX &#147;F&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">OPINION OF GREENHILL &#038; CO.
    CANADA LTD.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721203.gif" alt="(GREENHILL LOGO)" ><B><FONT style="font-size: 15pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">June&#160;29,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 30pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">The
    Strategic Oversight Committee of the Board of Directors
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest, Bureau 3700
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, Qu&#233;bec H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Greenhill&#160;&#038; Co. Canada Ltd. (&#147;Greenhill&#148;)
    understands that BCE Inc. (the &#147;Company&#148;) intends to
    enter into a&#160;definitive agreement (the &#147;Definitive
    Agreement&#148;) with 6796508 Canada Inc., a&#160;newly formed
    corporation controlled by Ontario Teachers&#146; Pension Plan
    Board, Providence Equity Partners VI International, L.P.,
    Madison Dearborn Capital Partners V Executive-A, L.P., Madison
    Dearborn Capital Partners V-C L.P. and Madison Dearborn Capital
    Partners V-A, L.P. (collectively, the &#147;Purchaser&#148;)
    which provides for, among other things, the acquisition by the
    Purchaser of all of the issued and outstanding common shares of
    the Company for $42.75 per common share (the
    &#147;Consideration&#148;) and all of the issued and outstanding
    preferred shares of the Company, pursuant to a plan of
    arrangement under the <I>Canada Business Corporations Act</I>
    (the &#147;Transaction&#148;). The terms of the Transaction are
    more fully described in the Definitive Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You have asked for our opinion as to whether, as of the date
    hereof, the consideration to be received by the holders of
    common shares of the Company, other than Purchaser, its
    affiliates and their respective insiders (the &#147;Common
    Shareholders&#148;), in the Transaction is fair, from a
    financial point of view, to such holders. We have not been
    requested to opine as to, and our opinion does not in any manner
    address, the underlying business decision whether to proceed
    with or effect the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this opinion, we have reviewed and relied upon
    or carried out, among other things, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the draft of the Definitive
    Agreement provided to us on June&#160;26, 2007 and certain
    related documents;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the audited financial statements
    and accompanying management&#146;s discussion and analysis of
    the Company for the years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the unaudited interim financial
    statements and accompanying management&#146;s discussion and
    analysis of the Company for the quarter ended March&#160;31,
    2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual reports of the Company
    for the years ended December&#160;31, 2004, December&#160;31,
    2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">5.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the management proxy circulars of
    the Company for the years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31,&#160;2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">6.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the annual information forms of the
    Company for the fiscal years ended December&#160;31, 2004,
    December&#160;31, 2005 and December&#160;31,&#160;2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">7.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">selected historical financial
    information of the Company segmented by business unit for the
    years ended December&#160;31, 2005 and December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">8.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the business plan of the Company
    dated December&#160;5, 2006 approved by the board of directors
    (the &#147;Board&#148;) of the Company in respect of the year
    ending December&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">9.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts for
    the Company on a consolidated basis for the year ending
    December&#160;31, 2007 through December&#160;31, 2011 and
    unaudited financial forecasts for the Company segmented by
    business unit for the years ending December&#160;31, 2007
    through December&#160;31, 2009;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">10.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information relating to the
    business, operations, financial performance and stock trading
    history of the Company and other selected public companies
    considered by us to be relevant;
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">F1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">11.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information with respect to
    other transactions of a comparable nature considered by us to be
    relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">12.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">representations contained in
    certificates addressed to us, dated as of the date hereof, from
    senior officers of the Company as to the completeness and
    accuracy of the information upon which this opinion is based; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">13.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">such other corporate, industry and
    financial market information, investigations and analyses as
    Greenhill considered necessary or appropriate in the
    circumstances.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the written information described above, in
    preparing this opinion, we have participated, and relied upon
    discussions with senior management of the Company, Davies Ward
    Phillips&#160;&#038; Vineberg LLP, external legal counsel to the
    Company, Stikeman Elliott LLP, external legal counsel to the
    Company and the strategic oversight committee (the
    &#147;Strategic Oversight Committee&#148;) of the Board, and
    with the Company&#146;s other financial advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In giving this opinion, we have assumed and relied upon, without
    independent verification, the accuracy, completeness and fair
    presentation of all information, data, advice, opinions,
    representations and other material (financial and otherwise)
    publicly available or provided by or on behalf of the Company
    and its directors, officers, consultants, advisors and
    representatives, whether orally or in writing, to Greenhill, its
    consultants, advisors and representatives. With respect to the
    financial forecasts and other financial and operational data
    concerning the Company that have been prepared by the management
    of the Company and supplied to us, we have assumed such
    forecasts and data have been reasonably prepared on a basis
    reflecting the best currently available estimates and good faith
    judgments of the management of the Company as to such matters,
    and we relied upon such forecasts and data in arriving at our
    opinion. We express no opinion with respect to such forecasts or
    data or the assumptions upon which they are based. In addition,
    we have not undertaken an independent valuation or appraisal of
    the assets or liabilities of the Company, nor have any such
    valuations or appraisals been provided to us. We have assumed
    that the Transaction will be consummated in accordance with the
    terms set forth in the final, executed Definitive Agreement,
    which we have further assumed will be identical in all material
    respects to the draft thereof that we have reviewed and without
    any waiver or modification of any material terms or conditions
    set forth in the Definitive Agreement. We have further assumed
    that all governmental and third-party consents, approvals and
    agreements necessary for the consummation of the Transaction
    will be obtained without any adverse effect on the Company or
    the Transaction meaningful to our analysis. Our opinion is
    necessarily based on financial, economic, market and other
    conditions as in effect on, and the information made available
    to us as of, the date hereof. It should be understood that
    subsequent developments may affect this opinion, and we do not
    have any obligation to update, revise or reaffirm this opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have been retained to act as financial advisor to the
    Strategic Oversight Committee in connection with the Transaction
    and will receive a fee from the Company for our services, a
    portion of which is contingent upon the consummation of the
    Transaction. In addition, the Company has agreed to indemnify us
    for certain liabilities arising out of our engagement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is understood that this opinion is for the information of the
    Strategic Oversight Committee and may not be used by any other
    person or relied upon by any other person without the express
    prior written consent of Greenhill, except that Greenhill
    consents to the inclusion of this opinion in its entirety and a
    summary thereof in a form approved by Greenhill in the
    management information circular of the Company to be mailed to
    the securityholders of the Company and certain other
    governmental agencies in connection with the Transaction, and to
    the filing of this opinion, as necessary, by the Company with
    applicable securities commissions or similar regulatory
    authorities. We are not expressing an opinion as to any aspect
    of the Transaction or the Definitive Agreement other than the
    fairness to the Common Shareholders, from a financial point of
    view, of the Consideration to be received in the Transaction by
    such holders. This opinion is not intended to be and does not
    constitute a recommendation to the Strategic Oversight Committee
    as to whether it should recommend that the Board of Directors of
    the Company approve the Transaction or the Definitive Agreement,
    nor does it constitute a recommendation as to how any other
    member of the Board of Directors or Common Shareholder should
    vote or act with respect to the Transaction, the Definitive
    Agreement or any other matter related thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing, including the
    limitations and assumptions set forth herein, we are of the
    opinion that, as of the date hereof, the Consideration is fair,
    from a financial point of view, to the Common Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) GREENHILL&#160;&#038; CO. CANADA LTD.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">F2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='197'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;G&#148; OPINIONS OF RBC DOMINION SECURITIES INC." -->

    <BR>
    APPENDIX &#147;G&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">OPINIONS OF RBC DOMINION
    SECURITIES INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <IMG src="m37212orm3721205.gif" alt="RBC" ><FONT style="font-size: 8pt">
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">RBC Dominion Securities Inc.<BR>
    P.O. Box 50<BR>
    Royal Bank Plaza<BR>
    Toronto, Ontario M5J 2W7<BR>
    Telephone: (416) 842-2000
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD colspan="3" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="3" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">June&#160;29,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">The
    Strategic Oversight Committee of the Board of Directors
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest, Bureau 3700
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, Qu&#233;bec H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Strategic Oversight Committee and the Board:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC Dominion Securities Inc. (&#147;RBC&#148;), a member company
    of RBC Capital Markets, understands that BCE Inc.
    (&#147;BCE&#148;) and 6796508 Canada Inc. (the
    &#147;Purchaser&#148;), a corporation that (i)&#160;is
    controlled by Ontario Teachers&#146; Pension Plan Board
    (&#147;Teachers&#146;&#148;), Providence Equity Partners VI
    International L.P. (&#147;PEP&#160;VI&#148;) and Madison
    Dearborn Capital Partners V-A, L.P. (&#147;MDPVA&#148;), Madison
    Dearborn Capital Partners V-C, L.P. (&#147;MDPVC&#148;) and
    Madison Dearborn Capital Partners V Executive-A, L.P.
    (&#147;MDPVEA&#148; and together with MDPVA and MDPVC, the
    &#147;MDP&#160;Funds&#148;) (collectively, the
    &#147;Guarantors&#148; and together with the Purchaser, the
    &#147;Purchaser Parties&#148;) and (ii)&#160;has certain of its
    obligations guaranteed by the Guarantors, propose to enter into
    an agreement (the &#147;Definitive Agreement&#148;) in respect
    of a plan of arrangement under the <I>Canada Business
    Corporations Act</I> (the &#147;Arrangement&#148;). RBC further
    understands that TD Securities Inc. (&#147;TD&#148;), a
    subsidiary of The Toronto-Dominion Bank (&#147;TD Bank&#148;)
    has provided an equity bridge commitment to the Purchaser. Under
    the terms of the Arrangement, holders of common shares (the
    &#147;Common Shares&#148;) of BCE other than the Purchaser will
    receive consideration of $42.75 in cash per Common Share and the
    holders of the first preferred shares (the &#147;Preferred
    Shares&#148;) of BCE will receive consideration as set out in
    Table A below along with accrued and unpaid dividends to the
    effective date of the Arrangement. The terms of the Arrangement
    will be more fully described in a management information
    circular (the &#147;Circular&#148;), which will be mailed to
    shareholders of BCE in connection with the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=182 length=0 -->
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Table A<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Consideration per Preferred Share</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Preferred<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Consideration per<BR>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Share Series
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Preferred Share
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=182 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">R
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.65
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">S
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.50
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">T
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.77
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Y
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.50
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">Z
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.25
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AA
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.76
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.76
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AE
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.50
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AF
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.41
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AG
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.56
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AH
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.50
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AI
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.87
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=255 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC also understands that a committee (the &#147;Strategic
    Oversight Committee&#148;) of the board of directors (the
    &#147;Board&#148;) of BCE has been constituted to consider the
    Arrangement and make recommendations thereon to the Board. BCE
    has retained RBC to provide advice and assistance to the
    Strategic Oversight Committee and the Board in evaluating the
    Arrangement, including the preparation and delivery to the
    Strategic Oversight Committee and the Board of RBC&#146;s
    opinion as to the fairness of the consideration offered under
    the Arrangement from a financial point of view to holders of the
    Common Shares other than the Purchaser Parties, TD and their
    affiliates (the &#147;Public Common Shareholders&#148;) and the
    holders of Preferred Shares other than the Purchaser Parties, TD
    and their affiliates (the &#147;Public Preferred
    Shareholders&#148;) (the &#147;Fairness Opinion&#148;). The
    Fairness Opinion has been prepared in accordance with the
    guidelines of the Investment Dealers Association of Canada. RBC
    has not prepared a valuation of BCE or any of its securities or
    assets and the Fairness Opinion should not be construed as such.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Engagement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE initially contacted RBC regarding a potential advisory
    assignment in March 2007, and RBC was formally engaged by BCE
    through an agreement between BCE and RBC (the &#147;Engagement
    Agreement&#148;) dated as of April&#160;17, 2007. RBC&#146;s
    services under the Engagement Agreement include providing
    financial analysis and advice on structuring, planning and
    negotiating a transaction and the provision of
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Fairness Opinion. The terms of the Engagement Agreement
    provide that RBC is to be paid fees for its services as
    financial advisor, including fees payable on the delivery of the
    Fairness Opinion and fees that are contingent on a change of
    control of BCE or certain other events. In addition, RBC is to
    be reimbursed for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses and to be indemnified by BCE in certain circumstances.
    RBC consents to the inclusion of the Fairness Opinion in its
    entirety and a summary thereof in the Circular and to the filing
    thereof, as necessary, by BCE with the securities commissions or
    similar regulatory authorities in each province of Canada.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Relationship
    With Interested Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither RBC, nor any of its affiliates is an insider, associate
    or affiliate (as those terms are defined in the <I>Securities
    Act</I> (Ontario)) of BCE, any of the Purchaser Parties, TD or
    any of their respective associates or affiliates. RBC has not
    been engaged to provide any financial advisory services nor has
    it participated in any financing involving BCE, any of the
    Purchaser Parties, TD or any of their respective associates or
    affiliates, within the past two years, other than the services
    provided under the Engagement Agreement and as described herein.
    In the past two years, RBC has acted in the following capacities
    for BCE and its associates and affiliates: (i)&#160;advisor to
    identify and analyze various strategic alternatives in August
    2005, (ii)&#160;advisor on the formation of Bell Aliant Regional
    Communications Income Fund (&#147;BARC&#148;) in July 2006,
    (iii)&#160;advisor on the income trust conversion of BCE
    announced in October 2006, (iv)&#160;advisor on the sale of
    Telesat Canada announced in December 2006, (v)&#160;bookrunner
    of a $200&#160;million Bell Canada medium term note offering in
    September 2005, (vi)&#160;co-arranger of a $1,000&#160;million
    bridge loan for Aliant Telecom Inc. with respect to the BARC
    transaction in April 2006, (vii)&#160;co-manager of a
    $750&#160;million and a $500&#160;million Bell Aliant Regional
    Communication, LP medium term note offering in September 2006
    and (viii)&#160;joint-bookrunner of a $400&#160;million and two
    $300&#160;million Bell Aliant Regional Communication, LP medium
    term note offerings in February 2007. In the past two years, RBC
    has acted in the following capacities for Teachers&#146; and its
    affiliates: (i)&#160;joint-bookrunner of a $173&#160;million
    initial public offering of Royal Utilities Income Fund in June
    2006 and (ii)&#160;joint-lead arranger, joint-bookrunner and
    syndication agent of US$1,880&#160;million senior credit
    facilities to fund the acquisition of four marine container
    terminals from Orient Overseas International Ltd. in May 2007.
    In the past two years, RBC has acted in the following capacities
    for the MDP Funds and their affiliates: (i) co-manager of a
    US$269&#160;million initial public offering of Ruth&#146;s Chris
    Steak House, Inc. in August 2005 and (ii)&#160;co-manager of a
    US$143&#160;million initial public offering of Carrols
    Restaurant Group, Inc. in December 2006. In the past two years,
    RBC has acted in the following capacities for TD and its
    affiliates: (i)&#160;co-manager of an $800&#160;million, a
    $1,000&#160;million, a $500&#160;million and a
    $2,250&#160;million TD Bank medium term note offering in October
    2005, January 2006, April 2006 and December 2006, respectively
    and (ii)&#160;co-manager of a $425&#160;million TD Bank
    preferred share offering in September 2005. RBC has also
    provided financial advisory services and participated in
    financings involving certain associates of the Purchaser Parties
    and TD. There are no understandings, agreements or commitments
    between RBC and BCE, any of the Purchaser Parties, TD or any of
    their respective affiliates with respect to any future business
    dealings. RBC may, in the future, in the ordinary course of its
    business, perform financial advisory or investment banking
    services for BCE, any of the Purchaser Parties, TD or any of
    their respective associates or affiliates. Royal Bank of Canada,
    controlling shareholder of RBC, provides banking services to
    BCE, certain of the Purchaser Parties, TD and certain of their
    associates and affiliates in the normal course of business.
    Royal Bank of Canada and RBC may also participate as a lender or
    underwriter in financings related to the Arrangement.
    Additionally, Royal Bank of Canada owns 2.8&#160;million
    Series&#160;AA and 5.98&#160;million Series&#160;AC Preferred
    Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC acts as a trader and dealer, both as principal and agent, in
    major financial markets and, as such, may have had and may in
    the future have positions in the securities of BCE, any of the
    Purchaser Parties, TD or any of their respective associates or
    affiliates and, from time to time, may have executed or may
    execute transactions on behalf of such companies or clients for
    which it received or may receive compensation. As an investment
    dealer, RBC conducts research on securities and may, in the
    ordinary course of its business, provide research reports and
    investment advice to its clients on investment matters,
    including with respect to BCE, any of the Purchaser Parties, TD
    or any of their respective associates and affiliates or the
    Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Credentials
    of RBC Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC is one of Canada&#146;s largest investment banking firms,
    with operations in all facets of corporate and government
    finance, corporate banking, mergers and acquisitions, equity and
    fixed income sales and trading and investment research. RBC
    Capital Markets also has significant operations in the United
    States and internationally. The Fairness Opinion expressed
    herein represents the opinion of RBC and the form and content
    herein have been approved for release by a committee of its
    directors, each of whom is experienced in merger, acquisition,
    divestiture and fairness opinion matters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Scope
    of Review</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with our Fairness Opinion, we have reviewed and
    relied upon or carried out, among other things, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the most recent draft, dated
    June&#160;29, 2007, of the Definitive Agreement;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">annual reports to shareholders of
    BCE for each of the two years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the Notice of Annual Shareholder
    Meeting and Management Proxy Circulars of BCE for each of the
    two years ended December&#160;31,&#160;2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">annual information forms of BCE for
    each of the two years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">5.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">selected historical financial
    information of BCE segmented by business unit for each of the
    two years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">6.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the business plan of BCE dated
    December&#160;5, 2006, approved by the Board, in respect of the
    year ending December&#160;31, 2007;
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">7.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts for
    BCE on a consolidated basis prepared by management of BCE for
    the years ending December&#160;31, 2007 through 2011 and
    unaudited financial forecasts for BCE segmented by business unit
    prepared by management of BCE for the years ending
    December&#160;31, 2007 through 2009;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">8.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">audited annual financial statements
    of BCE for each of the five years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">9.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the unaudited interim financial
    statements of BCE for the quarter ended March&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">10.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">discussions with senior management
    of BCE;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">11.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">discussions with BCE&#146;s and the
    Strategic Oversight Committee&#146;s legal counsel;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">12.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information relating to the
    business, operations, financial performance and common and
    preferred stock trading history of BCE and other selected public
    companies considered by us to be relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">13.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">information regarding the Preferred
    Shares, including their financial terms and conditions;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">14.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information with respect to
    other transactions of a comparable nature considered by us to be
    relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">15.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information regarding the
    Canadian and U.S. telecommunications industries;
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">16.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">representations contained in
    certificates addressed to RBC, dated as of the date hereof, from
    senior officers of BCE as to the completeness and accuracy of
    the information upon which the Fairness Opinion is based; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">17.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">such other corporate, industry and
    financial market information, investigations and analyses as RBC
    considered necessary or appropriate in the circumstances.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC has not, to the best of its knowledge, been denied access by
    BCE to any information requested by RBC. As the auditors of BCE
    declined to meet with RBC as part of any due diligence review,
    RBC has assumed the accuracy and fair representation of and
    relied upon the audited consolidated financial statements of BCE
    and the reports of the auditors thereon.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Prior
    Valuations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has represented to RBC that there have not been any prior
    valuations (as defined in Ontario Securities Commission
    <FONT style="white-space: nowrap">Rule&#160;61-501)</FONT>
    of BCE or its material assets or its securities in the past
    twenty-four month period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Assumptions
    and Limitations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With the Board&#146;s approval and as provided for in the
    Engagement Agreement, RBC has relied upon the completeness,
    accuracy and fair presentation of all of the financial and other
    information, data, advice, opinions or representations obtained
    by it from public sources, senior management of BCE, and their
    consultants and advisors. The Fairness Opinion is conditional
    upon such completeness, accuracy and fair presentation of such
    information. Subject to the exercise of professional judgment
    and except as expressly described herein, we have not attempted
    to verify independently the completeness, accuracy or fair
    presentation of any of such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior officers of BCE have represented to RBC in a certificate
    delivered as of the date hereof, among other things, that
    (i)&#160;all information (financial or otherwise), data,
    documents, opinions, appraisals, valuations or other information
    and materials of whatsoever nature or kind respecting BCE, its
    subsidiaries and the Arrangement (collectively, the
    &#147;Information&#148;) provided orally by, or in the presence
    of, an officer or employee of BCE or in writing by BCE or any of
    its material subsidiaries or their respective agents to RBC for
    the purpose of preparing the Fairness Opinion, at the date
    hereof, is complete, true and correct in all material respects,
    and does not contain any untrue statement of a material fact in
    respect of BCE, its material subsidiaries or the Arrangement and
    does not omit to state a material fact in respect of BCE, its
    material subsidiaries or the Arrangement necessary to make the
    Information or any statement contained therein not misleading in
    light of the circumstances under which the Information was made
    or provided or any statement was made; and that (ii)&#160;since
    the dates on which the Information was provided to RBC, except
    as disclosed to RBC, there has&#160;been no material change,
    financial or otherwise, in the financial condition, assets,
    liabilities (contingent or otherwise), business, operations or
    prospects of BCE or any of its material subsidiaries, taken as a
    whole, and no material change has occurred in the Information or
    any part thereof which would have or which would reasonably be
    expected to have a material effect on the Fairness&#160;Opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparing the Fairness Opinion, RBC has made several
    assumptions, including that all of the conditions required to
    implement the Arrangement will be met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fairness Opinion is rendered on the basis of securities
    markets, economic, financial and general business conditions
    prevailing as at the date hereof and the condition and
    prospects, financial and otherwise, of BCE and its subsidiaries
    and affiliates, as they were reflected in the Information and as
    they have been represented to RBC in discussions with management
    of BCE. In its analyses and in preparing the Fairness Opinion,
    RBC made numerous assumptions with respect to industry
    performance, general business and economic conditions and other
    matters, many of which are beyond the control of RBC or any
    party involved in the Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fairness Opinion has been provided for the use of the
    Strategic Oversight Committee and the Board and may not be used
    by any other person or relied upon by any other person other
    than the Strategic Oversight Committee or the Board without the
    express prior written consent of RBC. The Fairness Opinion is
    given as of the date hereof and RBC disclaims any undertaking or
    obligation to advise any person of any change in any fact or
    matter affecting the Fairness Opinion which may come or be
    brought to RBC&#146;s attention after the date hereof. Without
    limiting the foregoing, in the event that there is any material
    change in any fact or matter affecting the Fairness Opinion
    after the date hereof, RBC reserves the right to change, modify
    or withdraw the Fairness Opinion.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC believes that its analyses must be considered as a whole and
    that selecting portions of the analyses or the factors
    considered by it, without considering all factors and analyses
    together, could create a misleading view of the process
    underlying the Fairness Opinion. The preparation of a fairness
    opinion is a complex process and is not necessarily susceptible
    to partial analysis or summary description. Any attempt to do so
    could lead to undue emphasis on any particular factor or
    analysis. The Fairness Opinion is not to be construed
    as&#160;a&#160;recommendation to any Public Common Shareholder
    or Public Preferred Shareholder as to whether to vote in favour
    of the&#160;Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Approach
    to Fairness</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica; color: #380096">Common
    Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In considering the fairness of the consideration offered to the
    Public Common Shareholders under the Arrangement from a
    financial point of view to the Public Common Shareholders, RBC
    considered and relied upon the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">a comparison of the consideration
    offered under the Arrangement to the Public Common Shareholders
    to results of a discounted cash flow analysis of BCE;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">a comparison of selected financial
    multiples, to the extent publicly available, of selected
    precedent transactions with the multiples implied by the
    consideration offered under the Arrangement to the Public Common
    Shareholders;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">a comparison of the consideration
    under the Arrangement to the Public Common Shareholders to
    recent market trading prices of the Common Shares; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">a review of the process conducted
    by RBC and BCE&#146;s other financial advisors on behalf of BCE
    to solicit interest in BCE.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC also reviewed and compared selected public company multiples
    for Canadian and U.S. telecommunications companies whose
    securities are publicly traded. Given that public company values
    generally reflect minority discount values rather than &#147;en
    bloc&#148; values, RBC did not rely on this methodology.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica; color: #380096">Preferred
    Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In considering the fairness of the consideration offered to the
    Public Preferred Shareholders under the Arrangement from a
    financial point of view to the Public Preferred Shareholders,
    RBC considered and relied upon a comparison of the consideration
    offered under the Arrangement to each series of Preferred Shares
    to (i)&#160;the redemption price and par value for each series
    of Preferred Shares, (ii)&#160;the price of each series of
    Preferred Shares on March&#160;28, 2007, the day prior to the
    possibility of a sale of BCE surfacing publicly and
    (iii)&#160;the implied price of each series of Preferred Shares
    assuming the current interest rate environment and historical
    trading spreads of the Preferred Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Fairness
    Conclusions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica; color: #380096">Public
    Common Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing, RBC is of the opinion
    that, as of the date hereof, the consideration offered to the
    Public Common Shareholders under the Arrangement is fair, from a
    financial point of view, to the Public Common Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica; color: #380096">Public
    Preferred Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing, RBC is of the opinion
    that, as of the date hereof, the consideration offered to the
    Public Preferred Shareholders under the Arrangement is fair from
    a financial point of view to the Public Preferred Shareholders
    of each series of Preferred Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) RBC DOMINION SECURITIES INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G4&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <IMG src="m37212orm3721205.gif" alt="RBC" ><FONT style="font-size: 8pt">
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">RBC Dominion Securities Inc.<BR>
    P.O. Box 50<BR>
    Royal Bank Plaza<BR>
    Toronto, Ontario M5J 2W7<BR>
    Telephone: (416) 842-2000
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD colspan="3" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="3" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">July&#160;12,
    2007
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">The
    Strategic Oversight Committee of the Board of Directors
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1000, de La Gaucheti&#232;re Ouest, Bureau 3700
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, Qu&#233;bec H3B 4Y7
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">To the
    Strategic Oversight Committee and the Board:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC Dominion Securities Inc. (&#147;RBC&#148;), a member company
    of RBC Capital Markets, understands that BCE Inc.
    (&#147;BCE&#148;) and 6796508 Canada Inc. (the
    &#147;Purchaser&#148;), a corporation that (i)&#160;is
    controlled by Ontario Teachers&#146; Pension Plan Board
    (&#147;Teachers&#146;&#148;), Providence Equity Partners VI
    International L.P. (&#147;PEP&#160;VI&#148;) and Madison
    Dearborn Capital Partners V-A, L.P. (&#147;MDPVA&#148;), Madison
    Dearborn Capital Partners V-C, L.P. (&#147;MDPVC&#148;) and
    Madison Dearborn Capital Partners V Executive-A, L.P.
    (&#147;MDPVEA&#148; and together with MDPVA and MDPVC, the
    &#147;MDP&#160;Funds&#148;) (collectively, the
    &#147;Guarantors&#148; and together with the Purchaser, the
    &#147;Purchaser Parties&#148;) and (ii)&#160;has certain of its
    obligations guaranteed by the Guarantors, have entered into an
    agreement dated June&#160;29, 2007 (the &#147;Definitive
    Agreement&#148;) in respect of a plan of arrangement under the
    <I>Canada Business Corporations Act</I> (the
    &#147;Arrangement&#148;). RBC further understands that
    TD&#160;Securities&#160;Inc. (&#147;TD&#148;), a subsidiary of
    The Toronto-Dominion Bank (&#147;TD&#160;Bank&#148;) has
    provided an equity bridge commitment to the Purchaser. RBC
    further understands that BCE and the Purchaser propose to enter
    into an amending letter (the &#147;Amendment&#148;) to the
    Definitive Agreement which will amend the Arrangement as
    described below (the &#147;Amended Arrangement&#148;). Under the
    Amendment holders of BCE&#146;s Series&#160;AB and
    Series&#160;AD first preferred shares (the &#147;Issuable
    Preferred Shares&#148;) issuable upon the conversion of
    BCE&#146;s Series&#160;AA and Series&#160;AC first preferred
    shares, respectively, will receive consideration as set out in
    Table A below along with accrued and unpaid dividends to the
    effective date of the Amended Arrangement. The terms of the
    Amended Arrangement will be more fully described in a management
    information circular (the &#147;Circular&#148;), which will be
    mailed to shareholders of BCE in connection with the Amended
    Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=82 length=0 -->
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Table A<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Consideration per Issuable Preferred Share</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Issuable Preferred<BR>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Consideration per<BR>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    Share Series
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Issuable Preferred Share
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #380096"></DIV><!-- callerid=209 iwidth=82 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AB
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.50
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 7pt">AD
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 7pt">$25.50
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="bottom">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #380096"></DIV><!-- callerid=201 iwidth=255 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC also understands that a committee (the &#147;Strategic
    Oversight Committee&#148;) of the board of directors (the
    &#147;Board&#148;) of BCE was constituted to consider the
    Arrangement and make recommendations thereon to the Board and is
    now considering the Amendment. BCE has retained RBC to provide
    advice and assistance to the Strategic Oversight Committee and
    the Board in evaluating the Arrangement and RBC delivered its
    opinion to the Strategic Oversight Committee and the Board dated
    June&#160;29, 2007 stating that subject to assumptions made,
    information reviewed, matters considered and limitations on the
    scope of review undertaken by RBC, (i)&#160;the consideration
    offered to the holders of the common shares of BCE other than
    the Purchaser Parties, TD and their affiliates under the
    Arrangement is fair, from a&#160;financial point of view, to
    such holders and (ii)&#160;the consideration offered to holders
    of each series of then issued preferred shares other than the
    Purchaser Parties, TD and their affiliates under the Arrangement
    is fair, from a&#160;financial point of view, to such holders
    (the &#147;Original Fairness Opinion&#148;). BCE has also
    requested RBC to deliver its opinion to the Strategic Oversight
    Committee and the Board as to the fairness of the consideration
    offered under the Amended Arrangement from a financial point of
    view to the holders of each series of the Issuable Preferred
    Shares other than the Purchaser Parties, TD and their affiliates
    (the &#147;Public Issuable Preferred Shareholders&#148;) (the
    &#147;Fairness Opinion&#148;). The Fairness Opinion has been
    prepared in accordance with the guidelines of the Investment
    Dealers Association of Canada. RBC has not prepared a valuation
    of BCE or any of its securities or assets and the Fairness
    Opinion should not be construed as such.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Engagement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE initially contacted RBC regarding a potential advisory
    assignment in March 2007, and RBC was formally engaged by BCE
    through an agreement between BCE and RBC (the &#147;Engagement
    Agreement&#148;) dated as of April&#160;17, 2007. RBC&#146;s
    services under the Engagement Agreement include providing
    financial analysis and advice on structuring, planning and
    negotiating a transaction and the provision of the Original
    Fairness Opinion and the Fairness Opinion. The terms of the
    Engagement Agreement provide that RBC is to be paid fees for its
    services as financial advisor, including fees that are
    contingent on a change of control of BCE or certain other
    events. In addition, RBC is to be reimbursed for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses and to be indemnified by BCE in certain circumstances.
    RBC consents to the inclusion of the Fairness Opinion in its
    entirety and a summary thereof in the Circular and to the filing
    thereof, as necessary, by BCE with the securities commissions or
    similar regulatory authorities in each province of Canada.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G5&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Relationship
    With Interested Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither RBC, nor any of its affiliates is an insider, associate
    or affiliate (as those terms are defined in the <I>Securities
    Act</I> (Ontario)) of BCE, any of the Purchaser Parties, TD or
    any of their respective associates or affiliates. RBC has not
    been engaged to provide any financial advisory services nor has
    it participated in any financing involving BCE, any of the
    Purchaser Parties, TD or any of their respective associates or
    affiliates, within the past two years, other than the services
    provided under the Engagement Agreement and as described herein.
    In the past two years, RBC has acted in the following capacities
    for BCE and its associates and affiliates: (i)&#160;advisor to
    identify and analyze various strategic alternatives in August
    2005, (ii)&#160;advisor on the formation of Bell Aliant Regional
    Communications Income Fund (&#147;BARC&#148;) in July 2006,
    (iii)&#160;advisor on the income trust conversion of BCE
    announced in October 2006, (iv)&#160;advisor on the sale of
    Telesat Canada announced in December 2006, (v)&#160;bookrunner
    of a $200&#160;million Bell Canada medium term note offering in
    September 2005, (vi)&#160;co-arranger of a $1,000&#160;million
    bridge loan for Aliant Telecom Inc. with respect to the BARC
    transaction in April 2006, (vii)&#160;co-manager of a
    $750&#160;million and a $500&#160;million Bell Aliant Regional
    Communication, LP medium term note offering in September 2006
    and (viii)&#160;joint-bookrunner of a $400&#160;million and two
    $300&#160;million Bell Aliant Regional Communication, LP medium
    term note offerings in February 2007. In the past two years, RBC
    has acted in the following capacities for Teachers&#146; and its
    affiliates: (i)&#160;joint-bookrunner of a $173&#160;million
    initial public offering of Royal Utilities Income Fund in June
    2006 and (ii)&#160;joint-lead arranger, joint-bookrunner and
    syndication agent of US$1,880&#160;million senior credit
    facilities to fund the acquisition of four marine container
    terminals from Orient Overseas International Ltd. in May 2007.
    In the past two years, RBC has acted in the following capacities
    for the MDP Funds and their affiliates: (i) co-manager of a
    US$269&#160;million initial public offering of Ruth&#146;s Chris
    Steak House, Inc. in August 2005 and (ii)&#160;co-manager of a
    US$143&#160;million initial public offering of Carrols
    Restaurant Group, Inc. in December 2006. In the past two years,
    RBC has acted in the following capacities for TD and its
    affiliates: (i)&#160;co-manager of an $800&#160;million, a
    $1,000&#160;million, a $500&#160;million and a
    $2,250&#160;million TD Bank medium term note offering in October
    2005, January 2006, April 2006 and December 2006, respectively
    and (ii)&#160;co-manager of a $425&#160;million TD Bank
    preferred share offering in September 2005. RBC has also
    provided financial advisory services and participated in
    financings involving certain associates of the Purchaser Parties
    and TD. There are no understandings, agreements or commitments
    between RBC and BCE, any of the Purchaser Parties, TD or any of
    their respective affiliates with respect to any future business
    dealings. RBC may, in the future, in the ordinary course of its
    business, perform financial advisory or investment banking
    services for BCE, any of the Purchaser Parties, TD or any of
    their respective associates or affiliates. Royal Bank of Canada,
    controlling shareholder of RBC, provides banking services to
    BCE, certain of the Purchaser Parties, TD and certain of their
    associates and affiliates in the normal course of business.
    Royal Bank of Canada and RBC may also participate as a lender or
    underwriter in financings related to the Amended Arrangement.
    Additionally, Royal Bank of Canada owns 2.8&#160;million
    Series&#160;AA and 5.98&#160;million Series&#160;AC first
    preferred shares of BCE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC acts as a trader and dealer, both as principal and agent, in
    major financial markets and, as such, may have had and may in
    the future have positions in the securities of BCE, any of the
    Purchaser Parties, TD or any of their respective associates or
    affiliates and, from time to time, may have executed or may
    execute transactions on behalf of such companies or clients for
    which it received or may receive compensation. As an investment
    dealer, RBC conducts research on securities and may, in the
    ordinary course of its business, provide research reports and
    investment advice to its clients on investment matters,
    including with respect to BCE, any of the Purchaser Parties, TD
    or any of their respective associates and affiliates or the
    Amended Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Credentials
    of RBC Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC is one of Canada&#146;s largest investment banking firms,
    with operations in all facets of corporate and government
    finance, corporate banking, mergers and acquisitions, equity and
    fixed income sales and trading and investment research. RBC
    Capital Markets also has significant operations in the United
    States and internationally. The Fairness Opinion expressed
    herein represents the opinion of RBC and the form and content
    herein have been approved for release by a committee of its
    directors, each of whom is experienced in merger, acquisition,
    divestiture and fairness opinion matters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Scope
    of Review</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with our Fairness Opinion, we have reviewed and
    relied upon or carried out, among other things, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">1.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the Definitive Agreement;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">2.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the most recent draft, dated
    July&#160;12, 2007, of the Amendment;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">3.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the most recent draft, dated
    July&#160;12, 2007, of the notice to holders of Series&#160;AA
    first preferred shares of BCE;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">4.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">annual reports to shareholders of
    BCE for each of the two years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">5.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the Notice of Annual Shareholder
    Meeting and Management Proxy Circulars of BCE for each of the
    two years ended December&#160;31,&#160;2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">6.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">annual information forms of BCE for
    each of the two years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">7.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">selected historical financial
    information of BCE segmented by business unit for each of the
    two years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">8.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the business plan of BCE dated
    December&#160;5, 2006, approved by the Board, in respect of the
    year ending December&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">9.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">unaudited financial forecasts for
    BCE on a consolidated basis prepared by management of BCE for
    the years ending December&#160;31,&#160;2007 through 2011 and
    unaudited financial forecasts for BCE segmented by business unit
    prepared by management of BCE for the years ending
    December&#160;31, 2007 through 2009;
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G6&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">10.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">audited annual financial statements
    of BCE for each of the five years ended December&#160;31, 2006;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">11.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">the unaudited interim financial
    statements of BCE for the quarter ended March&#160;31, 2007;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">12.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">discussions with senior management
    of BCE;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">13.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">discussions with BCE&#146;s and the
    Strategic Oversight Committee&#146;s legal counsel;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">14.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information relating to the
    business, operations, financial performance and preferred stock
    trading history of BCE and other selected public companies
    considered by us to be relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">15.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">information regarding the first
    preferred shares of BCE, including their financial terms and
    conditions;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">16.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information with respect to
    other transactions of a comparable nature considered by us to be
    relevant;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">17.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">public information regarding the
    Canadian and U.S. telecommunications industries;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">18.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">representations contained in
    certificates addressed to RBC, dated as of the date hereof, from
    senior officers of BCE as to the completeness and accuracy of
    the information upon which the Fairness Opinion is based; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">19.&#160;</FONT></B>
</TD>
    <TD align="left">    <FONT style="font-size: 8pt">such other corporate, industry and
    financial market information, investigations and analyses as RBC
    considered necessary or appropriate in the circumstances.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC has not, to the best of its knowledge, been denied access by
    BCE to any information requested by RBC. As the auditors of BCE
    declined to meet with RBC as part of any due diligence review,
    RBC has assumed the accuracy and fair representation of and
    relied upon the audited consolidated financial statements of BCE
    and the reports of the auditors thereon.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Prior
    Valuations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has represented to RBC that there have not been any prior
    valuations (as defined in Ontario Securities Commission
    <FONT style="white-space: nowrap">Rule&#160;61-501)</FONT>
    of BCE or its material assets or its securities in the past
    twenty-four month period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Assumptions
    and Limitations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With the Board&#146;s approval and as provided for in the
    Engagement Agreement, RBC has relied upon the completeness,
    accuracy and fair presentation of all of the financial and other
    information, data, advice, opinions or representations obtained
    by it from public sources, senior management of BCE, and their
    consultants and advisors. The Fairness Opinion is conditional
    upon such completeness, accuracy and fair presentation of such
    information. Subject to the exercise of professional judgment
    and except as expressly described herein, we have not attempted
    to verify independently the completeness, accuracy or fair
    presentation of any of such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior officers of BCE have represented to RBC in a certificate
    delivered as of the date hereof, among other things, that
    (i)&#160;all information (financial or otherwise), data,
    documents, opinions, appraisals, valuations or other information
    and materials of whatsoever nature or kind respecting BCE, its
    subsidiaries and the Amended Arrangement (collectively, the
    &#147;Information&#148;) provided orally by, or in the presence
    of, an officer or employee of BCE or in writing by BCE or any of
    its material subsidiaries or their respective agents to RBC for
    the purpose of preparing the Fairness Opinion, at the date
    hereof, is complete, true and correct in all material respects,
    and does not contain any untrue statement of a material fact in
    respect of BCE, its material subsidiaries or the Amended
    Arrangement and does not omit to state a material fact in
    respect of BCE, its material subsidiaries or the Amended
    Arrangement necessary to make the Information or any statement
    contained therein not misleading in light of the circumstances
    under which the Information was made or provided or any
    statement was made; and that (ii)&#160;since the dates on which
    the Information was provided to RBC, except as disclosed to RBC,
    there has been no material change, financial or otherwise, in
    the financial condition, assets, liabilities (contingent or
    otherwise), business, operations or prospects of BCE or any of
    its material subsidiaries, taken as a whole, and no material
    change has occurred in the Information or any part thereof which
    would have or which would reasonably be expected to have a
    material effect on the Fairness Opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparing the Fairness Opinion, RBC has made several
    assumptions, including that all of the conditions required to
    implement the Amended Arrangement will be met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fairness Opinion is rendered on the basis of securities
    markets, economic, financial and general business conditions
    prevailing as at the date hereof and the condition and
    prospects, financial and otherwise, of BCE and its subsidiaries
    and affiliates, as they were reflected in the Information and as
    they have been represented to RBC in discussions with management
    of BCE. In its analyses and in preparing the Fairness Opinion,
    RBC made numerous assumptions with respect to industry
    performance, general business and economic conditions and other
    matters, many of which are beyond the control of RBC or any
    party involved in the Amended Arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fairness Opinion has been provided for the use of the
    Strategic Oversight Committee and the Board and may not be used
    by any other person or relied upon by any other person other
    than the Strategic Oversight Committee or the Board without the
    express prior written consent of RBC. The Fairness Opinion is
    given as of the date hereof and RBC disclaims any undertaking or
    obligation to advise any person of any change in any fact or
    matter affecting the Fairness Opinion which may come or be
    brought to RBC&#146;s attention after the date hereof. Without
    limiting the foregoing, in the event that there is any material
    change in any fact or matter affecting the Fairness Opinion
    after the date hereof, RBC reserves the right to change, modify
    or withdraw the Fairness Opinion.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G7&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RBC believes that its analyses must be considered as a whole and
    that selecting portions of the analyses or the factors
    considered by it, without considering all factors and analyses
    together, could create a misleading view of the process
    underlying the Fairness Opinion. The preparation of a fairness
    opinion is a complex process and is not necessarily susceptible
    to partial analysis or summary description. Any attempt to do so
    could lead to undue emphasis on any particular factor or
    analysis. The Fairness Opinion is not to be construed as a
    recommendation to any Public Issuable Preferred Shareholder as
    to whether to vote in favour of the Amended Arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Approach
    to Fairness</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In considering the fairness of the consideration offered to the
    Public Issuable Preferred Shareholders under the Amended
    Arrangement from a financial point of view to the Public
    Issuable Preferred Shareholders, RBC considered and relied upon
    a comparison of the consideration offered under the Amended
    Arrangement to each series of Issuable Preferred Shares to
    (i)&#160;the redemption price and par value of each series of
    Issuable Preferred Shares and (ii)&#160;the implied price of
    each series of Issuable Preferred Shares assuming the current
    interest rate environment and historical trading spreads of
    BCE&#146;s floating rate first preferred shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Fairness
    Conclusion</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing, RBC is of the opinion
    that, as of the date hereof, the consideration offered to the
    Public Issuable Preferred Shareholders under the Amended
    Arrangement is fair from a financial point of view to the Public
    Issuable Preferred Shareholders of each series of Issuable
    Preferred Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very truly,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Signed) RBC DOMINION SECURITIES INC.
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">G8&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='198'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;H&#148; SECTION 190 OF THE CBCA" -->

    <BR>
    APPENDIX &#147;H&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">SECTION&#160;190 OF THE
    CBCA</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">190.&#160;(1)&#160;</FONT></B></TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Subject to sections 191 and 241, a
    holder of shares of any class of a corporation may dissent if
    the corporation is subject to an order under
    paragraph&#160;192(4)(d) that affects the holder or if the
    corporation resolves to
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">amend its articles under section
    173 or 174 to add, change or remove any provisions restricting
    or constraining the issue, transfer or ownership of shares of
    that class;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">amend its articles under section
    173 to add, change or remove any restriction on the business or
    businesses that the corporation may carry on;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(c)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">amalgamate otherwise than under
    section 184;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(d)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">be continued under section 188;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(e)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">sell, lease or exchange all or
    substantially all its property under subsection 189(3); or
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(f)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">carry out a going-private
    transaction or a squeeze-out transaction.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Further
    right</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(2)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A holder of shares of any class or
    Series of shares entitled to vote under section 176&#160;may
    dissent if the corporation resolves to amend its articles in a
    manner described in that section.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">If
    one class of shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(2.1)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The right to dissent described in
    subsection (2)&#160;applies even if there is only one class of
    shares.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Payment
    for shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(3)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">In addition to any other right the
    shareholder may have, but subject to subsection (26), a
    shareholder who complies with this section is entitled, when the
    action approved by the resolution from which the shareholder
    dissents or an order made under subsection 192(4) becomes
    effective, to be paid by the corporation the fair value of the
    shares in respect of which the shareholder dissents, determined
    as of the close of business on the day before the resolution was
    adopted or the order was made.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">No
    partial dissent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(4)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A dissenting shareholder may only
    claim under this section with respect to all the shares of a
    class held on behalf of any one beneficial owner and registered
    in the name of the dissenting shareholder.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Objection</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(5)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A dissenting shareholder shall send
    to the corporation, at or before any meeting of shareholders at
    which a resolution referred to in subsection (1)&#160;or
    (2)&#160;is to be voted on, a written objection to the
    resolution, unless the corporation did not give notice to the
    shareholder of the purpose of the meeting and of their right to
    dissent.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Notice
    of resolution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(6)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The corporation shall, within ten
    days after the shareholders adopt the resolution, send to each
    shareholder who has filed the objection referred to in
    subsection (5)&#160;notice that the resolution has been adopted,
    but such notice is not required to be sent to any shareholder
    who voted for the resolution or who has withdrawn their
    objection.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Demand
    for payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(7)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A dissenting shareholder shall,
    within twenty days after receiving a notice under subsection
    (6)&#160;or, if the shareholder does not receive such notice,
    within twenty days after learning that the resolution has been
    adopted, send to the corporation a written notice containing
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the shareholder&#146;s name and
    address;
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the number and class of shares in
    respect of which the shareholder dissents; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(c)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">a demand for payment of the fair
    value of such shares.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">H1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Share
    certificate</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(8)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A dissenting shareholder shall,
    within thirty days after sending a notice under subsection (7),
    send the certificates representing the shares in respect of
    which the shareholder dissents to the corporation or its
    transfer agent.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Forfeiture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(9)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A dissenting shareholder who fails
    to comply with subsection (8)&#160;has no right to make a claim
    under this section.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Endorsing
    certificate</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(10)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A corporation or its transfer agent
    shall endorse on any share certificate received under subsection
    (8)&#160;a notice that the holder is a dissenting shareholder
    under this section and shall forthwith return the share
    certificates to the dissenting shareholder.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Suspension
    of rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(11)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">On sending a notice under
    subsection (7), a dissenting shareholder ceases to have any
    rights as a shareholder other than to be paid the fair value of
    their shares as determined under this section except where
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the shareholder withdraws that
    notice before the corporation makes an offer under subsection
    (12),
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the corporation fails to make an
    offer in accordance with subsection (12)&#160;and the
    shareholder withdraws the notice, or
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(c)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the directors revoke a resolution
    to amend the articles under subsection 173(2) or 174(5),
    terminate an amalgamation agreement under subsection 183(6) or
    an application for continuance under subsection 188(6), or
    abandon a sale, lease or exchange under subsection 189(9),
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in which case the shareholder&#146;s rights are reinstated as of
    the date the notice was sent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Offer
    to pay</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(12)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A corporation shall, not later than
    seven days after the later of the day on which the action
    approved by the resolution is effective or the day the
    corporation received the notice referred to in subsection (7),
    send to each dissenting shareholder who has sent such notice
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">a written offer to pay for their
    shares in an amount considered by the directors of the
    corporation to be the fair value, accompanied by a statement
    showing how the fair value was determined; or
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">if subsection (26)&#160;applies, a
    notification that it is unable lawfully to pay dissenting
    shareholders for their shares.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Same
    terms</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(13)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Every offer made under subsection
    (12)&#160;for shares of the same class or Series shall be on the
    same terms.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(14)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Subject to subsection (26), a
    corporation shall pay for the shares of a dissenting shareholder
    within ten days after an offer made under subsection
    (12)&#160;has been accepted, but any such offer lapses if the
    corporation does not receive an acceptance thereof within thirty
    days after the offer has been made.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Corporation
    may apply to court</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(15)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">Where a corporation fails to make
    an offer under subsection (12), or if a dissenting shareholder
    fails to accept an offer, the corporation may, within fifty days
    after the action approved by the resolution is effective or
    within such further period as a court may allow, apply to a
    court to fix a fair value for the shares of any dissenting
    shareholder.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Shareholder
    application to court</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(16)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">If a corporation fails to apply to
    a court under subsection (15), a dissenting shareholder may
    apply to a court for the same purpose within a further period of
    twenty days or within such further period as a court may allow.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Venue</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(17)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">An application under subsection
    (15)&#160;or (16)&#160;shall be made to a court having
    jurisdiction in the place where the corporation has its
    registered office or in the province where the dissenting
    shareholder resides if the corporation carries on business in
    that province.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">No
    security for costs</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(18)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A dissenting shareholder is not
    required to give security for costs in an application made under
    subsection (15)&#160;or (16).
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">H2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(19)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">On an application to a court under
    subsection (15)&#160;or (16),
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">all dissenting shareholders whose
    shares have not been purchased by the corporation shall be
    joined as parties and are bound by the decision of the court; and
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the corporation shall notify each
    affected dissenting shareholder of the date, place and
    consequences of the application and of their right to appear and
    be heard in person or by counsel.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Powers
    of court</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(20)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">On an application to a court under
    subsection (15)&#160;or (16), the court may determine whether
    any other Person is a dissenting shareholder who should be
    joined as a party, and the court shall then fix a fair value for
    the shares of all dissenting shareholders.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Appraisers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(21)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A court may in its discretion
    appoint one or more appraisers to assist the court to fix a fair
    value for the shares of the dissenting shareholders.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Final
    order</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(22)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">The final order of a court shall be
    rendered against the corporation in favor of each dissenting
    shareholder and for the amount of the shares as fixed by the
    court.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(23)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A court may in its discretion allow
    a reasonable rate of interest on the amount payable to each
    dissenting shareholder from the date the action approved by the
    resolution is effective until the date of payment.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Notice
    that subsection (26)&#160;applies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(24)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">If subsection (26)&#160;applies,
    the corporation shall, within ten days after the pronouncement
    of an order under subsection (22), notify each dissenting
    shareholder that it is unable lawfully to pay dissenting
    shareholders for their shares.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Effect
    where subsection (26)&#160;applies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(25)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">If subsection (26)&#160;applies, a
    dissenting shareholder, by written notice delivered to the
    corporation within thirty days after receiving a notice under
    subsection (24), may
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">withdraw their notice of dissent,
    in which case the corporation is deemed to consent to the
    withdrawal and the shareholder is reinstated to their full
    rights as a shareholder; or
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">retain a status as a claimant
    against the corporation, to be paid as soon as the corporation
    is lawfully able to do so or, in a liquidation, to be ranked
    subordinate to the rights of creditors of the corporation but in
    priority to its shareholders.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; color: #380096">Limitation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(26)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">A corporation shall not make a
    payment to a dissenting shareholder under this section if there
    are reasonable grounds for believing that
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(a)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the corporation is or would after
    the payment be unable to pay its liabilities as they become due;
    or
    </FONT>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-family: Arial, Helvetica; color: #380096">(b)&#160;</FONT></B>
</TD>
    <TD align="left">
    <FONT style="font-size: 8pt">the realizable value of the
    corporation&#146;s assets would thereby be less than the
    aggregate of its liabilities.
    </FONT>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">H3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='199'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;I&#148; INTERIM ORDER" -->
 <BR>
    APPENDIX &#147;I&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">INTERIM ORDER</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="52%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>CANADA</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="font-size: 8pt">PROVINCE OF QU&#201;BEC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">S U P E R I O R&#160;&#160;C O U R T
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">DISTRICT OF MONTR&#201;AL
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 8pt">(Commercial Division)
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">No. 500-11-031130-079
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">DATE: August&#160;10, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">IN THE PRESENCE OF: THE
    HONOURABLE JOEL A. SILCOFF, J.S.C.</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">IN THE MATTER OF A PROPOSED
    ARRANGEMENT CONCERNING BCE INC. AND THE HOLDERS OF ITS COMMON
    AND PREFERRED SHARES UNDER SECTION&#160;192 OF THE <I>CANADA
    BUSINESS CORPORATIONS ACT,</I> R.S.C.&#160;1985, c. C-44, as
    amended (the&#160;&#147;<I>CBCA</I>&#148;)</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">- and -
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">BCE INC., a legal person duly
    continued under the laws of Canada, having its registered office
    at 1000 de la Gaucheti&#232;re West, Suite&#160;3700,
    Montr&#233;al, Qu&#233;bec, H3B&#160;4Y7, in the district of
    Montr&#233;al</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 8pt">Petitioner
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">- and -
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">6796508 CANADA INC., a legal
    person duly incorporated under the laws of Canada, having its
    head office at 5650 Yonge Street, Toronto, Ontario,
    M2M&#160;4H5</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">- and -
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">THE DIRECTOR APPOINTED PURSUANT
    TO THE <I>CBCA</I>, having an office at Complexe Jean-Edmonds,
    Tower South,
    9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&#160;Floor,
    365&#160;Laurier Avenue West, Ottawa, Ontario,
    K1A&#160;0C8</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 8pt">Mis en cause
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 36pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">JUDGMENT</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">I.&#160;</FONT></U></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">INTRODUCTION</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [1]&#160;
</TD>
    <TD align="left">    The Court is seized of Petitioner, BCE Inc.&#146;s
    (<B>&#147;BCE&#148;</B> or the <B>&#147;Company&#148;</B>)
    <I>Motion for Interim and Final Orders in Connection with a
    Proposed Arrangement</I> (Sections&#160;192 and 248 of the
    <I>Canada Business Corporations Act</I> R.S.C. 1985 c.
    C.&#151;44&#160;(as amended) (the
    <B><I>&#147;CBCA&#148;</I></B>) (the
    &#147;&#160;<B>Motion&#148;</B>). Filed in support of the Motion
    are affidavits sworn by Michael&#160;T. Boychuk, Senior
    Vice-President and Treasurer of BCE and by Patricia&#160;A.
    Olah, Corporate Secretary and Lead Governance Counsel of BCE.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [2]&#160;
</TD>
    <TD align="left">    For purposes of this Judgment, all capitalized terms used, but
    not otherwise defined herein, shall have the same meaning as set
    out in the Glossary contained in the <I>Notice of Special
    Shareholders Meeting and Management Proxy Circular</I> and
    attachments thereto in draft form (collectively, the
    <B>&#147;Circular&#148;</B>)
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse,</I> at pp.&#160;67 to 73).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [3]&#160;
</TD>
    <TD align="left">    BCE and 6796508 Canada Inc. (the <B>&#147;Purchaser&#148;</B>)
    entered into a definitive agreement as of June&#160;29, 2007,
    which was subsequently amended (as amended, the
    <B>&#147;Definitive Agreement&#148;</B>), whereby the Purchaser
    and BCE agreed, among other things, to implement
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    an arrangement pursuant to section 192 of the <I>CBCA</I> (the
    <B>&#147;Arrangement&#148;</B>). Pursuant the Arrangement, the
    Purchaser would acquire for cash all of BCE&#146;s outstanding
    Common Shares and Preferred Shares, all Options would be
    acquired for cash by BCE and all vested ECP Interests, subject
    to limited exceptions, would be cancelled in consideration for
    cash payments.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [4]&#160;
</TD>
    <TD align="left">    The terms and conditions of the Arrangement are set out in the
    Plan of Arrangement attached as Appendix &#147;B&#148; to the
    Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>) (the <B>&#147;Plan of Arrangement&#148;</B>).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [5]&#160;
</TD>
    <TD align="left">    In its Motion, BCE seeks, among other things, the following
    Orders:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    as a first step, an interim Order pursuant to Section&#160;192
    of the <I>CBCA</I> governing various procedural matters; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    as a second step, a final Order pursuant to Section&#160;192 of
    the <I>CBCA</I> (the <B>&#147;Final Order&#148;</B>) approving
    and sanctioning the Arrangement;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [6]&#160;
</TD>
    <TD align="left">    At the interim stage of the Motion, BCE asks that the Court
    issue such Orders as are outlined in paragraphs 62 through 91 of
    the Motion (the <B>&#147;Interim Order&#148;</B>).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [7]&#160;
</TD>
    <TD align="left">    The present judgment will only address BCE&#146;s request for
    the Interim Order.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">II.&#160;</FONT></U></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">THE
    FACTS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [8]&#160;
</TD>
    <TD align="left">    The following facts, alleged in the Motion as well as in the
    affidavits and exhibits filed in support thereof, are of
    particular relevance.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [9]&#160;
</TD>
    <TD align="left">    BCE is Canada&#146;s largest communications company. Through its
    subsidiary Bell Canada (&#147;<B>Bell Canada</B>&#148;), BCE
    provides a comprehensive and innovative suite of communication
    services to residential and business customers in Canada.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [10]&#160;
</TD>
    <TD align="left">    BCE was incorporated in 1970 and continued under the CBCA in
    1979. It is governed by a Certificate and Articles of
    Amalgamation dated August&#160;1, 2004, by a Certificate and
    Articles of Arrangement dated July&#160;10, 2006 and by a
    Certificate and Articles of Amendment dated January&#160;25,
    2007.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [11]&#160;
</TD>
    <TD align="left">    As of August&#160;7, 2007<B>,</B> 804,821,725 Common Shares;
    8,000,000 Series&#160;R Preferred Shares; 2,279,791
    Series&#160;S Preferred Shares; 5,720,209 Series&#160;T
    Preferred Shares; 1,147,380 Series&#160;Y Preferred Shares;
    8,852,620 Series&#160;Z Preferred Shares; 20,000,000
    Series&#160;AA Preferred Shares; no Series&#160;AB Preferred
    Shares; 20,000,000 Series&#160;AC Preferred Shares; no
    Series&#160;AD Preferred Shares; 1,914,218 Series&#160;AE
    Preferred Shares; 14,085,782 Series&#160;AF Preferred Shares;
    10,051,751 Series&#160;AG Preferred Shares; 3,948,249
    Series&#160;AH Preferred Shares; 14,000,000 Series&#160;AI
    Preferred Shares; no second preferred shares; and no
    Class&#160;B shares were issued and outstanding. The
    Series&#160;AB Preferred Shares and Series&#160;AD Preferred
    Shares are issuable, respectively, upon conversion of the
    Series&#160;AA Preferred Shares and the Series&#160;AC Preferred
    Shares.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [12]&#160;
</TD>
    <TD align="left">    Pursuant to various Equity Compensation Plans, BCE has also
    issued Options to purchase Common Shares (the
    <B>&#147;Options&#148;</B>), restricted share units (the
    <B>&#147;RSUs&#148;</B>) and deferred share units (the
    <B>&#147;DSUs&#148;</B>). As of July&#160;31,
    2007,&#160;18,366,007 Options (vested and unvested) were issued
    and outstanding. As of August&#160;7, 2007,&#160;3,049,641.8450
    RSUs and 1,558,416.2030 DSUs, were issued and outstanding.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [13]&#160;
</TD>
    <TD align="left">    BCE&#146;s Common Shares are listed and traded on the Toronto
    Stock Exchange (the <B>&#147;TSX&#148;</B>) and the New York
    Stock Exchange (the <B>&#147;NYSE&#148;</B>) under the symbol
    &#147;BCE&#148;. BCE&#146;s Preferred Shares are listed and
    traded on the TSX under various symbols.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [14]&#160;
</TD>
    <TD align="left">    Teachers&#146; is one of the largest pension plans in Canada
    with over $100&#160;billion in managed assets and is one of
    Canada&#146;s largest active pools of capital, having
    participated as a long-term investor in many buyouts in Canada,
    the United States and Europe.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [15]&#160;
</TD>
    <TD align="left">    Providence is a leading private equity firm dedicated solely to
    the media and entertainment, communications, education, and
    information industries. Providence currently manages
    approximately U.S.$21&#160;billion of committed capital for its
    institutional partners (including one of its largest investors,
    Teachers&#146;) and has been active in its sectors for almost
    20&#160;years.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [16]&#160;
</TD>
    <TD align="left">    Madison Dearborn, based in Chicago, is a leading private equity
    investment firm in the United States. Madison Dearborn has more
    than U.S.$14&#160;billion of equity capital under management and
    makes new investments through its most recent fund, Madison
    Dearborn Capital Partners V, a U.S.$6.5&#160;billion investment
    fund formed in 2006. Since its inception in 1992, Madison
    Dearborn has invested in more than 100 companies, and over the
    past 20&#160;years, Madison Dearborn principals have completed
    over 200 investments.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [17]&#160;
</TD>
    <TD align="left">    The Purchaser is a corporation existing under the laws of Canada
    that has been organized by Teachers&#146; and affiliates of
    Providence and Madison Dearborn for the purpose of entering into
    the Definitive Agreement and consummating the Arrangement. The
    Purchaser has not carried on any activities to date other than
    activities incidental to its formation and in connection with
    the Arrangement.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [18]&#160;
</TD>
    <TD align="left">    The Background to the Arrangement is set out in the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>), at pages 12 to 21.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [19]&#160;
</TD>
    <TD align="left">    Pursuant to the Definitive Agreement and the Plan of Arrangement:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the cash consideration to be paid for the Common Shares (other
    than those in respect of which Dissent Rights are exercised) is
    $42.75 per Common Share;
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the cash consideration to be paid for the Preferred Shares is
    $25.65 per Series&#160;R Preferred Share; $25.50 per
    Series&#160;S Preferred Share; $25.77 per Series&#160;T
    Preferred Share; $25.50 per Series&#160;Y Preferred Share;
    $25.25 per Series&#160;Z Preferred Share; $25.76 per
    Series&#160;AA Preferred Share; $25.50 per Series&#160;AB
    Preferred Share; $25.76 per Series&#160;AC Preferred Share;
    $25.50 per Series&#160;AD Preferred Share; $25.50 per
    Series&#160;AE Preferred Share; $25.41 per Series&#160;AF
    Preferred Share; $25.56 per Series&#160;AG Preferred Share;
    $25.50 per Series&#160;AH Preferred Share; and $25.87 per
    Series&#160;AI Preferred Share, together, in each case, with any
    accrued but unpaid dividends to the effective date of the
    Arrangement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    each unvested Option will be deemed to have vested and each
    Option will be deemed to have been transferred to BCE in
    exchange for a cash amount equal to $42.75 less the applicable
    exercise price in respect of such Option and any applicable
    related special compensation payments; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    all ECP Interests will be cancelled, and terminated and each
    holder of vested ECP Interests shall be entitled to receive from
    the Company or Bell Canada, as applicable, in exchange therefor,
    a cash amount equal to the applicable number of vested ECP
    Interests that are recorded for the benefit of the holder
    pursuant to the applicable Equity Compensation multiplied
    by&#160;$42.75.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [20]&#160;
</TD>
    <TD align="left">    The BCE Board, acting with the advice and assistance of its
    advisors and the Strategic Oversight Committee referred to at
    pp.&#160;14 et seq. of the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>), evaluated the transaction proposed by the
    Purchaser Parties, including the terms and conditions of the
    Definitive Agreement.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [21]&#160;
</TD>
    <TD align="left">    On June&#160;29, 2007 the BCE Board, by a unanimous vote of the
    directors (other than one who had previously disclosed a
    conflict of interest and was recused), determined that the
    Arrangement is fair to the Shareholders and in the best
    interests of BCE, and determined to recommend, as explained in
    the Circular, that the Shareholders vote in favour of the
    special resolution approving the Arrangement (the
    <B>&#147;Arrangement Resolution&#148;</B>) at the Meeting.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [22]&#160;
</TD>
    <TD align="left">    In connection with the evaluation by the BCE Board and the
    Strategic Oversight Committee of the Arrangement, the BCE Board
    and the Strategic Oversight Committee received opinions from
    each of BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC
    Dominion Securities Inc. in respect of the fairness, from a
    financial point of view, of the consideration to be paid to
    Common Shareholders and Preferred Shareholders under the
    Arrangement.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [23]&#160;
</TD>
    <TD align="left">    The BCE Board also received an opinion from Goldman,
    Sachs&#160;&#038; Co., and the Strategic Oversight Committee
    also received an opinion from Greenhill&#160;&#038; Co. Canada
    Ltd., in respect of the fairness, from a financial point of
    view, of the Consideration to be paid to Common Shareholders
    under the Arrangement.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [24]&#160;
</TD>
    <TD align="left">    The Fairness Opinions are summarized in the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>) under &#147;The Arrangement&#160;&#151;
    Fairness Opinions&#148; (at&#160;pages&#160;24 to 27), and the
    full texts of the Fairness Opinions, which set forth the
    assumptions made, information reviewed, matters considered and
    limitations on the scope of the review undertaken, are attached
    as Appendices &#147;C&#148; to &#147;G&#148; to the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">III.&#160;</FONT></U></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">APPLICABLE
    LAW</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [25]&#160;</TD>
    <TD align="left">
    On an application for approval of the Arrangement under section
    192 <I>CBCA,</I> BCE must satisfy the Court that&#160;:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the statutory requirements have been fulfilled;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the Arrangement is put forward in good faith; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    the Arrangement is fair and reasonable.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [26]&#160;
</TD>
    <TD align="left">    For the purposes of this Judgment and the Interim Order sought,
    the Court will limit its analysis to BCE&#146;s compliance with
    the statutory requirements of the <I>CBCA</I>. The Court is
    satisfied, at the present time, that the Arrangement is put
    forward in good faith. As to the matter of &#147;fair and
    reasonable&#148;, that determination is more appropriately dealt
    with at the time of presentation of the Application seeking the
    Final Order.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [27]&#160;
</TD>
    <TD align="left">    Regarding the fulfillment of the statutory requirements, BCE is
    required to establish, at this stage of the proceedings, that
    the Arrangement:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    constitutes an &#147;arrangement&#148; as defined under
    subsection 192(1) <I>CBCA;</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    that is not &#147;insolvent&#148; as defined in subsections
    192&#160;(2) (a) &#038;(b) <I>CBCA;</I> and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    that it is not practicable for BCE to effect a fundamental
    change in the nature of an arrangement under any other provision
    of the <I>CBCA</I>.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [28]&#160;
</TD>
    <TD align="left">    See with respect to the above, <I>Re St. Lawrence&#160;&#038;
    Hudson Railway Co.</I> [1998] O.J. No.&#160;3934 (Ont. C.J. Gen.
    Div.), Blair, J. and authorities cited at paragraph&#160;14 of
    his Judgment.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [29]&#160;
</TD>
    <TD align="left">    Moreover, on an application for any interim or final Order under
    sections 192 ff. <I>CBCA,</I> Petitioner shall give the Director
    appointed under section 260 <I>CBCA,</I> notice of the Motion
    and the Director is entitled to appear and be heard in person or
    by counsel (subsection 192(5) <I>CBCA</I>).
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I3&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">IV.&#160;</FONT></U></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">ANALYSIS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [30]&#160;</TD>
    <TD align="left">
    As to the fulfillment of the statutory requirements:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">The
    Arrangement</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [31]&#160;</TD>
    <TD align="left">
    Under the Plan of Arrangement, a series of interrelated steps
    will take place, pursuant to which:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the Purchaser will acquire for cash payments all the outstanding
    Common Shares and Preferred Shares;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the Options will be acquired by BCE and eliminated; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    all vested ECP Interests will be cancelled in consideration for
    cash payments;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    a series of further steps will take place pursuant to which all
    Common Shares and Preferred Shares then held by the Purchaser
    will be transferred to a subsidiary of the Purchaser, which will
    amalgamate with BCE; and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (e)&#160;
</TD>
    <TD align="left">
    in the result, BCE will be privatized;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the whole as is more fully described in the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [32]&#160;</TD>
    <TD align="left">
    The Court is satisfied that the Arrangement constitutes an
    &#147;arrangement&#148; within the meaning of section 192
    <I>CBCA</I>. It includes, as well, a &#147;combination&#148; of
    various operations encompassed by section 192 <I>CBCA,</I>
    including an amalgamation of two or more corporations, an
    exchange of securities of a corporation for money, and a
    going-private transaction in relation to a corporation.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">The
    Insolvency Issue</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [33]&#160;</TD>
    <TD align="left">
    Subsection 192(3) <I>CBCA</I> provides that the corporation
    applying for an Order approving an arrangement must not be
    insolvent within the meaning of subsection 192(2) <I>CBCA</I>.
    BCE has produced, in support of its Motion, an affidavit of
    Michael T. Boychuk, Senior Vice-President and Treasurer,
    supported by relevant financial statements of the Corporation,
    confirming, among other things, that BCE is not unable to pay
    its liabilities as they become due and that the realizable value
    of its assets is not less than the aggregate of its liabilities
    and stated capital of all classes of shares in its share capital.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">The
    Impracticability Test</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [34]&#160;
</TD>
    <TD align="left">    Subsection 192(3) <I>CBCA</I> provides that a corporation may
    apply to a court for an Order approving an arrangement
    <I>[w]here it is not practicable for [the] corporation to effect
    a fundamental change in the nature of an arrangement under any
    other provision of this Act</I>.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [35]&#160;
</TD>
    <TD align="left">    In this regard, BCE alleges in the Motion:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    43.&#160;
</TD>
    <TD align="left">
    It is impracticable, if not impossible, to effect the result
    contemplated by the Arrangement under any provision of the
    <I>CBCA</I> other than Section&#160;192 of the <I>CBCA</I> for
    the following reasons:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the fact that the transaction contemplated in the Definitive
    Agreement is dependent upon the Purchaser acquiring all of the
    Common Shares and Preferred Shares and eliminating all of the
    Options and ECP Interests of BCE at one time<B>.</B> The only
    practical way to achieve this is through an arrangement under
    Section&#160;192 of the <I>CBCA;</I> and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the fact that the Arrangement is dependent upon the completion
    of a number of interrelated and sequenced corporate steps and it
    is essential that no element of the Arrangement occur unless
    there is certainty that all of the other elements of the
    Arrangement occur within the strict time periods provided and in
    the correct order. The only practical way to achieve the
    required certainty and timing is through an arrangement under
    Section&#160;192 of the <I>CBCA;</I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [36]&#160;
</TD>
    <TD align="left">    The impracticability test of subsection 192(3) <I>CBCA</I>
    should be interpreted broadly and be considered from a practical
    business point of
    view.<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [37]&#160;
</TD>
    <TD align="left">    See also in this respect: Industry Canada (Corporations Canada),
    <I>Policy concerning Arrangements under section 192 of the
    CBCA,</I> at p.&#160;3, par 2.07&#160;:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 6%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Director endorses the view that the impracticability
    requirement means something less than &#147;impossible&#148;
    and, generally, that the test would be satisfied by
    demonstrating that it would be inconvenient or less advantageous
    to the corporation to proceed under other provisions of the Act.
    The Director endorses this view subject to a concern that the
    arrangement provisions of the Act not be utilized to subvert the
    procedural or substantive safeguards applicable to other sorts
    of transactions possible under the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [38]&#160;</TD>
    <TD align="left">
    In light of the foregoing and on the basis of the allegations
    contained in the Motion, the Court is satisfied that it is not
    practicable for BCE to effect a fundamental change in the nature
    of the Arrangement under any other provision of the <I>CBCA</I>.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 30pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 12%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&#160;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <I>Re St. Lawrence&#160;&#038; Hudson Railway Co.</I>, [1998]
    O.J. No.&#160;3934 (Ont. C.J. Gen. Div.); <I>Pacifica Papers
    Inc.</I> v. <I>Johnstone,</I> (2001) 15&#160;B.L.R.&#160;(3d)
    249 (B.C. S.C.) [conf. by (2001)&#160;19 B.L.R. (3d) 62 (B.C.
    C.A.)]; <I>Imperial Trust&#160;Company</I> v. <I>Canbra Foods
    Ltd,</I> (1987)&#160;50&#160;Alta&#160;L.R. (2d) 375 (Alta.
    Q.B.).
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I4&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Notice
    to the Director</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [39]&#160;</TD>
    <TD align="left">
    The Court is satisfied that the requisite notice of the Motion,
    contemplated by subsection 192(5) <I>CBCA,</I> has been given to
    the Director. By letter dated August&#160;9, 2007 addressed to
    BCE&#146;s counsel by Christopher Burrell, Arrangements and
    Exemptions Section, Compliance and Policy Directorate,
    Corporations Canada, he acknowledges receipt of the original
    Motion and related documents and confirms that: <I>the staff of
    the Director has determined that the Director does not need to
    appear or to be heard on the application</I>.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Ex
    parte Application</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [40]&#160;
</TD>
    <TD align="left">    At this stage of the proceedings, insofar as the request for the
    Interim Order is concerned, the Motion can be presented <I>ex
    parte</I><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>.
    To require BCE to serve notice on all Shareholders before taking
    any steps would be unwarranted and only further complicate and
    delay the process. Interested Shareholders will not be
    prejudiced by the Interim Order and will have ample opportunity,
    at any time prior or subsequent to the Meeting, if required and
    so advised, to petition the Court for appropriate relief.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [41]&#160;
</TD>
    <TD align="left">    Counsel for BCE has brought to the Court&#146;s attention the
    existence of correspondence received from debentureholders of
    BCE and Bell&#160;Canada and from the Trustee for certain
    debentureholders of Bell&#160;Canada. The Trustee advised Bell
    Canada that it received a letter from a representative of
    debentureholders claiming that the proposed purchase of BCE will
    allow them to invoke a specific section of the relevant trust
    indenture. Bell Canada has advised the Trustee that this is not
    the case. The Court was not called upon to address the merits of
    any claims in this context. If relevant and if requested by a
    party having standing, such determination, if appropriate, could
    be made in the Judgment following hearing on the application for
    the Final Order.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">FOR
    THESE REASONS, THE COURT:</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [42]&#160;
</TD>
    <TD align="left">    <B>GRANTS</B>, in part, the Motion and <B>GRANTS</B> the Interim
    Order sought therein;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [43]&#160;
</TD>
    <TD align="left">    <B>DECLARES</B> that all capitalized terms not otherwise defined
    in this Interim Order shall have the meanings ascribed to them
    in the Plan of Arrangement attached as Appendix &#147;B&#148; to
    the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [44]&#160;
</TD>
    <TD align="left">    <B>DISPENSES</B> BCE from the obligation, if any, to notify any
    person other than the Director appointed under the <I>CBCA</I>
    with respect to this Interim Order;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Meeting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [45]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that BCE may convene, hold and conduct the Meeting
    on September&#160;21, 2007 at which time the Shareholders will
    be asked to consider and, if thought appropriate, to pass, with
    or without variation, the Arrangement Resolution substantially
    in the form set forth in Appendix &#147;A&#148; to the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>) to, among other things, authorize, approve and
    adopt the Arrangement and the Plan of Arrangement, and to
    transact such other business as may properly come before the
    Meeting, the whole in accordance with the terms, restrictions
    and conditions of the by-laws and articles of BCE, the
    <I>CBCA,</I> and this Interim Order, provided that to the extent
    there is any inconsistency between this Interim Order and the
    terms, restrictions and conditions of the by-laws and articles
    of BCE or the <I>CBCA,</I> this Interim Order shall govern;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [46]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that in respect of the vote on the Arrangement
    Resolution or any matter determined by the Chair of the Meeting
    to be related to the Arrangement, each registered holder of
    Common Shares and Preferred Shares shall be entitled to cast one
    vote in respect of each such Share;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [47]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that, on the basis that each registered holder of
    Common Shares and Preferred Shares shall be entitled to cast one
    vote in respect of each such Share for the purpose of the vote
    on the Arrangement Resolution, the quorum for the Meeting is
    fixed at Shareholders present in person or by proxy holding, in
    aggregate, 20% of all the outstanding Shares;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [48]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that the only persons entitled to attend, be heard
    or vote at the Meeting (as it may be adjourned or postponed)
    shall be the registered Common Shareholders and Preferred
    Shareholders at the close of business on the Record Date, their
    proxy holders, the directors of BCE, the Purchaser Parties and
    their representatives provided however that such other persons
    having the permission of the Chair of the Meeting shall also be
    entitled to attend and be heard at the Meeting;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [49]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that for the purposes of the vote on the
    Arrangement Resolution, or any other vote taken at the Meeting,
    any spoiled ballots, illegible ballots and defective ballots
    shall be deemed not to be votes cast by Common Shareholders and
    Preferred Shareholders and further <B>ORDERS</B> that proxies
    that are properly signed and dated but which do not contain
    voting instructions shall be voted in favour of the Arrangement
    Resolution;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [50]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that BCE, if it deems it advisable, be authorized
    to adjourn or postpone the Meeting on one or more occasions
    (whether or not a quorum is present), without the necessity of
    first convening the Meeting or first obtaining any vote of
    holders of Common Shares and Preferred Shares respecting the
    adjournment or postponement; further <B>ORDERS</B> that notice
    of any
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <SUP style="font-size: 85%; vertical-align: text-top">2</SUP>&#160;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    On this subject, Blair, J. in <I>Re First Marathon
    Inc.</I>,[1999] O.J. No.&#160;2805 (Ont. S.C.J.), at par. 9., in
    dealing with an application under similar provisions of the
    Ontario <I>Business Corporations Act,</I> concludes that no
    prior notice to shareholders is required for the interim order,
    the purpose of such an order being &#147;simply to set the
    wheels in motion for the application process relating to the
    arrangement and to establish the parameters for the holding of
    shareholder meetings to consider approval of the arrangement in
    accordance with the statute&#148;. See as well, M. et P. Martel,
    <I>La compagnie au Qu&#233;bec (Volume 1: Les aspects
    juridiques)</I>, Montr&#233;al, Wilson&#160;&#038; Lafleur,
    2002<B>,</B> at pp 19-74 and 19-75.
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I5&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    adjoumment or postponement shall be given by press release,
    newspaper advertisement or by mail, as determined to be the most
    appropriate method of communication by BCE; and further
    <B>ORDERS</B> that at any subsequent reconvening of the Meeting,
    all proxies will be voted in the same manner as the proxies
    would have been voted at the original convening of the Meeting,
    except for any proxies that have been effectively revoked or
    withdrawn prior to the subsequent reconvening of the Meeting;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [51]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that BCE and the Purchaser may amend, modify
    and/or supplement the Arrangement and the Plan of Arrangement at
    any time and from time to time (before or after the Meeting and
    the Effective Date) in accordance with Section&#160;5.1 of the
    Plan of Arrangement set forth in Appendix &#147;B&#148; to the
    Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>) and the Definitive Agreement
    <FONT style="white-space: nowrap">(Exhibit&#160;P-2),</FONT>
    and subject to such other terms and conditions as this Court may
    deem appropriate and required in the circumstances;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [52]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that BCE is authorized to use proxies at the
    Meeting, substantially in the form accompanying the Circular,
    except that BCE shall be entitled to insert dates and other
    relevant information in the final form of proxy; that BCE is
    authorized, at its expense, to solicit proxies on behalf of the
    management of BCE, directly and through its officers, directors
    and employees, and through such agents or representatives as it
    may retain for that purpose, and by mail or such other forms of
    personal or electronic communication as it may determine; and
    that BCE may waive, in its discretion, the time limits for the
    deposit of proxies by the holders of Common Shares and Preferred
    Shares if BCE considers it advisable to do so;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [53]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that, to be effective, the Arrangement Resolution,
    with or without variation, must be approved by the affirmative
    vote of not less than
    66<FONT style="vertical-align: top; font-size: 70&#37;">2</FONT>/<FONT style="font-size: 70&#37;">3</FONT>%
    of the total votes cast on the Arrangement Resolution by the
    Shareholders present in person or by proxy at the Meeting and
    entitled to vote at the Meeting, voting together as a single
    class; and further <B>ORDERS</B> that such vote shall be
    sufficient to authorize and direct BCE to do all such acts and
    things as may be necessary or desirable to give effect to the
    Arrangement and the Plan of Arrangement on a basis consistent
    with that disclosed in the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>);
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Notice Materials</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [54]&#160;</TD>
    <TD align="left">
    <B>ORDERS</B> that BCE shall give notice of the Meeting, and
    service of the Motion for a Final Order shall be made by mailing
    or delivering, in the manner hereinafter described and to the
    persons hereinafter specified, a copy of the following documents
    (collectively, the <B>&#147;Notice Materials&#148;</B>):
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the Notice of the Meeting
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>), with such non-material amendments thereto as
    BCE may deem to be necessary or desirable, provided that such
    amendments are not inconsistent with the terms of the Interim
    Order;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>), with such non-material amendments thereto as
    BCE may deem to be necessary or desirable, provided that such
    amendments are not inconsistent with the terms of the Interim
    Order;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    a Proxy Form
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>), with such non-material amendments thereto as
    BCE may deem to be necessary or desirable, provided that such
    amendments are not inconsistent with the terms of the Interim
    Order;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    a notice substantially in the form of the draft filed as
    <FONT style="white-space: nowrap">Exhibit&#160;P-6</FONT>
    stating, among other things, that the date of presentation for
    the hearing with respect to the Final Order shall be announced
    by press release and posted on the website of BCE
    (<U>www.bce.ca</U>) (the <B>&#147;Notice of
    Presentation&#148;</B>); and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (e)&#160;
</TD>
    <TD align="left">
    a copy of the Interim Order;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [55]&#160;</TD>
    <TD align="left">
    <B>ORDERS</B> that the Notice Materials shall be distributed:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    to the registered holders of Common Shares, Preferred Shares,
    Options and ECP Interests, by mailing the same to such persons
    in accordance with the <I>CBCA</I> and BCE&#146;s by-laws at
    least twenty-one (21)&#160;days prior to the date of the Meeting;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    to the non-registered holders of Common Shares and Preferred
    Shares, in compliance with National Instrument 54-101 &#151;
    <I>Communication with Beneficial Owners of Securities of a
    Reporting Issuer;</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    to the BCE Board and BCE&#146;s auditors, by delivering same at
    least twenty-one (21)&#160;days prior to the date of the Meeting
    in person or by recognized courier service;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    to the Director appointed pursuant to the <I>CBCA,</I> by
    delivering same at least twenty-one (21)&#160;days prior to the
    date of the Meeting in person or by recognized courier service;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [56]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that notwithstanding the publication requirements
    set out by s. 134(3) of the <I>CBCA</I> and s. 43(3) of the
    <I>Canada Business Corporations Regulations,</I> 2001,
    SOR/2001-512, the Record Date for the determination of holders
    of Common Shares and Preferred Shares entitled to receive the
    Notice Materials and to attend and be heard at the Meeting and
    vote on the Arrangement Resolution shall be the close of
    business (Montreal time) on August&#160;10, 2007;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [57]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that BCE may make such additions, amendments or
    revisions to the Notice Materials as it determines to be
    appropriate (the <B>&#147;Additional Materials&#148;</B>), which
    shall be distributed to the persons entitled to receive the
    Notice Materials pursuant to this Interim Order by the method
    and in the time determined by BCE to be most practicable in the
    circumstances;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [58]&#160;
</TD>
    <TD align="left">    <B>DECLARES</B> that the mailing or delivery of the Notice
    Materials and any Additional Materials in accordance with this
    Interim Order as set out above constitute good and sufficient
    notice of the Meeting upon all Persons, and that no other form
    of service of the Notice Materials and any Additional Materials
    or any portion thereof, or of the Motion need be made, or notice
    given or other material served in respect of the Meeting to any
    Persons;
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I6&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [59]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that the Notice Materials and any Additional
    Materials be deemed to have been received by the above-mentioned
    persons, in the case of delivery by mail, three days after
    delivery thereof to the post office, in the case of delivery in
    person or by facsimile transmission, upon delivery or
    transmission thereof, and in the case of delivery by courier,
    one Business Day after expedition by courier;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [60]&#160;
</TD>
    <TD align="left">    <B>DECLARES</B> that the failure or omission to give notice of
    the Meeting or any other Notice Materials or Additional
    Materials (provided it does not, to the knowledge of BCE, result
    in a material number of Shareholders not receiving such Notice
    Materials or Additional Materials) as a result of mistake or
    events beyond the reasonable control of BCE or the non-receipt
    of such notice or any of the Notice Materials or Additional
    Materials shall not invalidate any resolutions passed or
    proceedings taken at the Meeting and shall not constitute a
    breach of this Interim Order or a defect in the calling of the
    Meeting, provided that if any such failure or omission is
    brought to the attention of BCE, BCE shall use reasonable
    efforts to rectify such failure or omission by the method and in
    the time it determines to be most practicable in the
    circumstances;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [61]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that a copy of the Motion be posted on BCE&#146;s
    website (<U>www.bce.ca</U>) at the same time the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>) is mailed;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dissenting
    Shareholders&#146; Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [62]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that in accordance with the &#147;Dissenting
    Shareholders&#146; Rights&#148; set forth in the Plan of
    Arrangement, Appendix &#147;B&#148; to the Circular
    <FONT style="white-space: nowrap">(Exhibit&#160;P-1,</FONT>
    <I>en liasse</I>), any registered Shareholder who wishes to
    dissent must provide a Dissent Notice so that it is received by
    the Corporate Secretary of BCE at its registered office located
    at 1000 de la Gaucheti&#232;re Street West, Suite&#160;4100,
    Montr&#233;al, Qu&#233;bec, H3B 5H8, Canada (facsimile number
    <FONT style="white-space: nowrap">(514)&#160;786-3801)</FONT>
    on or prior to 5:00&#160;p.m. (Montr&#233;al time) on the
    Business Day immediately preceding the date of the Meeting (as
    it may be adjourned or postponed from time to time);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [63]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that any Dissenting Shareholder wishing to apply
    to a Court to fix a fair value for Common Shares or Preferred
    Shares in respect of which Dissent Rights have been duly
    exercised must apply to the Superior Court of Qu&#233;bec and
    that for the purposes of the Arrangement contemplated in these
    proceedings, the &#147;Court&#148; referred to in
    Section&#160;190 of the <I>CBCA</I> means the Superior Court of
    Qu&#233;bec;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Final Order Hearing</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [64]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that subject to the approval by the Shareholders
    of the Arrangement Resolution in the manner set forth in this
    Interim Order, BCE may apply for this Court to sanction the
    Arrangement by way of a final judgment (the <B>&#147;Final
    Order&#148;</B>);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [65]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that the section of the Motion seeking a Final
    Order (the <B><I>&#147;Motion for a Final
    Order&#148;</I></B><I>)</I> be presented before the Superior
    Court of Qu&#233;bec, sitting in the Commercial Division in and
    for the district of Montr&#233;al at the Montr&#233;al
    Courthouse, located at 1&#160;Notre-Dame Street East in
    Montr&#233;al, Qu&#233;bec, in a room to be determined and at
    the date and time BCE may see fit, provided that BCE shall, at
    least fifteen (15)&#160;days prior to the hearing date and time
    of the <I>Motion for a Final Order,</I> announce such date and
    time by way of (a)&#160;a press release which shall be issued
    and posted on its website (<U>www.bce.ca</U>); and (b)&#160;a
    notice to any Person having filed an appearance in accordance
    with this Interim Order;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [66]&#160;
</TD>
    <TD align="left">    <B>DECLARES</B> that the mailing or delivery of the Notice
    Materials as provided in this Interim Order, and the publication
    of the hearing date, time and location of the <I>Motion for a
    Final Order</I> by way of a press release posted on BCE&#146;s
    website (<U>www.bce.ca</U>) constitutes good and sufficient
    service and sufficient notice of presentation of the <I>Motion
    for a Final Order</I> to all Persons, whether those Persons
    reside within Qu&#233;bec or in another jurisdiction;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [67]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that the only Persons entitled to appear and be
    heard at the hearing of the <I>Motion for a Final Order</I>
    shall be BCE, the Purchaser Parties, the Mis-en-cause, and any
    Person that:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    files an appearance with this Court&#146;s registry and serves
    same on BCE&#146;s Counsel, Davies Ward Phillips&#160;&#038;
    Vineberg LLP
    <FONT style="white-space: nowrap">(c/o:&#160;Mtre</FONT>
    William Brock and Mtre Louis-Martin O&#146;Neill, 1501 McGill
    College,
    26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
    Floor, Montr&#233;al, Qu&#233;bec, H3A 3N9, facsimile number
    <FONT style="white-space: nowrap">(514)&#160;841-6499),</FONT>
    at least seven (7)&#160;days prior to the hearing of the
    <I>Motion for a Final Order,</I> failing which such Person shall
    not be entitled to appear; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    if such appearance is with a view to contesting the <I>Motion
    for a Final Order,</I> serves on BCE&#146;s Counsel, Davies Ward
    Phillips&#160;&#038; Vineberg LLP (c/o: Mtre William Brock and
    Mtre Louis-Martin O&#146;Neill, at the above address and
    facsimile number), at least seven (7)&#160;days prior to the
    hearing of the <I>Motion for a Final Order,</I> a written
    contestation supported as to the facts alleged by affidavit(s),
    and exhibit(s) if any, failing which such Person shall not be
    permitted to contest the <I>Motion for a Final Order;</I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [68]&#160;</TD>
    <TD align="left">
    <B>ALLOWS</B> BCE to file any further evidence it deems
    appropriate, by way of supplementary affidavit or otherwise, in
    connection with the <I>Motion for a Final Order;</I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [69]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> that BCE shall be entitled to seek leave to vary
    this Interim Order upon such terms and such notice as this Court
    deems just;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [70]&#160;
</TD>
    <TD align="left">    <B>ORDERS</B> provisional execution of this Interim Order
    notwithstanding appeal therefrom and without the necessity of
    furnishing security;
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I7&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    [71]&#160;</TD>
    <TD align="left">
    <B>THE WHOLE</B> without costs.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(s) Jo&#235;l A. Silcoff, J.S.C.</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>JO&#203;L A. SILCOFF, J.S.C.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mtre William Brock &#038; Mtre Louis-Martin O&#146;Neill
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DAVIES WARD PHILLIPS&#160;&#038; VINEBERG LLP
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Attorneys for Petitioner</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mtre Patrick Ouellet &#038; Mtre Bogdan Catanu
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WOODS LLP
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Attorneys for Mis en cause</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Date of hearing: August&#160;10, 2007
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">I8&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='200'><B><FONT style="font-size: 15pt">

<!-- link1 "APPENDIX &#147;J&#148; NOTICE OF PRESENTATION WITH RESPECT TO THE MOTION FOR A FINAL ORDER HEARING" -->

    <BR>
    APPENDIX &#147;J&#148;</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 15pt">NOTICE OF PRESENTATION WITH
    RESPECT TO THE</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 15pt">MOTION FOR A FINAL ORDER
    </FONT></I><FONT style="font-size: 15pt">HEARING</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</A>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>CANADA</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">PROVINCE OF QU&#201;BEC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <FONT style="font-size: 8pt">S U P E R I O R&#160;&#160;C O U R T
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">DISTRICT OF MONTR&#201;AL
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 8pt">(Commercial Division)
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">No.: 500-11-031130-079
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B><FONT style="font-size: 8pt">IN THE
    MATTER</FONT></B><FONT style="font-size: 8pt"> of a proposed
    arrangement concerning<BR>
    BCE Inc. and the holders of its common and preferred<BR>
    shares under section 192 of the <I>Canada Business<BR>
    Corporations Act</I>, R.S.C. 1985, c. C-44, as amended<BR>
    (the &#147;<B><I>CBCA</I></B>&#148;)
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 8pt">- and -
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 8pt">BCE INC.</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 8pt">Petitioner
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 8pt">- and -
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B><FONT style="font-size: 8pt">6796508 CANADA INC.</FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 8pt">- and -
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B><FONT style="font-size: 8pt">THE DIRECTOR APPOINTED PURSUANT
    TO THE <I>CBCA</I></FONT></B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom">
    <FONT style="font-size: 8pt">Mis en cause
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 60pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTICE OF
    PRESENTATION<BR>
    (FINAL ORDER)</FONT></B>
</DIV>

<DIV style="font-size: 24pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All capitalized terms used, but not otherwise defined herein,
    shall have the same meaning as set out in the Glossary contained
    at pp.&#160;66 to 73 of this <I>Notice of Special Shareholders
    Meeting and Management Proxy Circular</I>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;10, 2007, BCE Inc. filed with the Superior Court
    of Qu&#233;bec a <I>Motion for Interim and Final Orders in
    Connection with a Proposed Arrangement</I> (Section&#160;192 of
    the Canada Business Corporations Act, R.S.C. 1985 c. C.-44 (as
    amended)) (the <B>&#147;Motion&#148;</B>). A copy of the Motion
    is posted on BCE&#146;s website (<U>www.bce.ca</U>);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;10, 2007, the Honourable Jo&#235;l A. Silcoff
    J.S.C. granted the Interim Order sought in the Motion. A copy of
    the Interim Order can be found as Appendix &#147;I&#148; of this
    <I>Notice of Special Shareholders Meeting and Management Proxy
    Circular</I>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>TAKE NOTICE</B> that the section of the Motion seeking a
    Final Order (the <B><I>&#147;Motion for a Final
    Order&#148;</I></B><I>)</I> will be presented before the
    Superior Court of Qu&#233;bec, sitting in the Commercial
    Division in and for the district of Montr&#233;al at the
    Montr&#233;al Courthouse, located at 1 Notre-Dame Street East in
    Montr&#233;al, Qu&#233;bec, in a room to be determined and at
    the date and time BCE may see fit, provided that BCE shall, at
    least fifteen (15)&#160;days prior to the hearing date and time
    of the <I>Motion for a Final Order,</I> announce such date and
    time by way of (a)&#160;a press release which shall be issued
    and posted on its website (<U>www.bce.ca</U>); and (b)&#160;a
    notice to any Person having filed an appearance in accordance
    with the Interim Order;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">J1&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AND TAKE FURTHER NOTICE</B> that pursuant to the Interim
    Order, the only Persons entitled to appear and be heard at the
    hearing of the <I>Motion for a Final Order</I> shall be BCE, the
    Purchaser Parties (as defined in the Motion), the Mis en cause,
    and any Person that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    files an appearance with this Court&#146;s registry and serves
    same on BCE&#146;s Counsel, Davies Ward Phillips&#160;&#038;
    Vineberg LLP
    <FONT style="white-space: nowrap">(c/o:&#160;Mtre</FONT>
    William Brock and Mtre Louis-Martin O&#146;Neill, 1501 McGill
    College,
    26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
    Floor, Montr&#233;al, Qu&#233;bec, H3A 3N9, facsimile number
    <FONT style="white-space: nowrap">(514)&#160;841-6499),</FONT>
    at least seven (7)&#160;days prior to the hearing date of the
    <I>Motion for a Final Order,</I> failing which such Person shall
    not be entitled to appear; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    if such appearance is with a view to contesting the <I>Motion
    for a Final Order,</I> serves on BCE&#146;s Counsel, Davies Ward
    Phillips&#160;&#038; Vineberg LLP (c/o: Mtre William Brock and
    Mtre Louis-Martin O&#146;Neill, at the above address and
    facsimile number), at least seven (7)&#160;days prior to the
    hearing date of the <I>Motion for a Final Order,</I> a written
    contestation supported as to the facts alleged by affidavit(s),
    and exhibit(s) if any, failing which such Person shall not be
    permitted to contest the <I>Motion for a Final Order;</I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DO GOVERN
    YOURSELVES ACCORDINGLY.</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Montr&#233;al, August&#160;10, 2007
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(s) Davies Ward Phillips&#160;&#038; Vineberg&#160;LLP</I>
</DIV>

<DIV style="font-size: 3pt; margin-left: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DAVIES WARD PHILLIPS&#160;&#038; VINEBERG LLP</B>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attorneys for Petitioner BCE Inc.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    True copy
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(s) Davies Ward Phillips&#160;&#038; Vineberg LLP</I>
</DIV>

<DIV style="font-size: 3pt; margin-right: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=495 length=0 -->

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DAVIES WARD PHILLIPS&#160;&#038; VINEBERG LLP</B>
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">J2&#160;&#160;<FONT style="word-spacing: 2pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=456 length=0 -->&#160;&#160;Bell
    Canada Enterprises Management proxy circular
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <BR>
    <B><FONT style="font-size: 15pt">Please direct all inquiries
    to:</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">&#160;QUESTIONS
    AND FURTHER ASSISTANCE
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions about the information contained in
    this document or require assistance in completing your proxy
    form, please contact the proxy solicitation agents at:
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721206.gif" alt="(GEORGESON LOGO)" >
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>100 University Avenue</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>11th Floor, South Tower</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Toronto, Ontario</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>M5J 2Y1</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders Call Toll-free in Canada: 1-888- 605-7634
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="m37212orm3721207.gif" alt="(INNISFREE LOGO)" >
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    501 Madison Avenue, 20th Floor
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, New York 10022
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders Call Toll-free in the United States: 1-877-687-1875
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Banks, Brokers and from Other Locations Call: 1-212-750-5833
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 6pt">Printed in Canada
    </FONT>
</DIV>

<P align="left" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>m37212orexv2.htm
<DESCRIPTION>FORM OF PROXY
<TEXT>
<HTML>
<HEAD>
<TITLE>exv2</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 align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="m37212orm3721212.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B><I>Bell Canada </I></B><FONT style="font-variant: SMALL-CAPS">registered shareholders</FONT> <FONT style="font-variant: SMALL-CAPS">c</FONT>omputershare</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Computershare Trust Company of Canada</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">9th Floor, 100 University Avenue</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Toronto, Ontario M5J 2Y1
www.computershare.com</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">MR SAM SAMPLES
123 SAMPLES STREET
SAMPLETOWN SS X9X9X9 <B>Security Class&nbsp;123</B>
Ho I de r Acco u n t Nu mbe r
C1234567890 XXX</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">In this proxy form, you and your refer to the holder of common shares and preferred shares of
BCE Inc. <I>We, us, our </I>and BCE refer to BCE Inc. <B>This proxy form is solicited by and on behalf of
the management of BCE.</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Our special shareholder meeting will be held at 9:30 a.m. (Eastern time) on Friday, September
21,2007 at Centre Mont-Royal, 2200 Mansfield Street, Montreal, Quebec, in the Auditorium Le Grand
Salon.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>YOUR VOTE IS IMPORTANT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF YOU ARE VOTING IN PERSON AT THE MEETING</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">As a shareholder, you have the right to vote your shares in respect of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Do not complete this proxy form.
the special resolution, the full text of which is reproduced as Appendix
&#147;A&#148; to the Management Proxy Circular of BCE dated August&nbsp;7, 2007, <B>VOTING BY PROXY</B>
to approve the Plan of Arrangement under section 192 of the <I>Canada</I>
Bus/ness Corporat/ons <I>Act </I>involving BCE, its common and preferred
<SUB style="font-size: 85%; vertical-align: text-bottom">Thjs</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">js</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">the</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">easjest</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">way</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">to</SUB> vote.
<SUB style="font-size: 85%; vertical-align: text-bottom">Votjng</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">by</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">proxy</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">means that you</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">are</SUB> giving
shareholders and 6796508 Canada Inc. (the &#147;Purchaser&#148;),
a corporation<SUB style="font-size: 85%; vertical-align: text-bottom">the</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">person</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">named</SUB> i
<SUB style="font-size: 85%; vertical-align: text-bottom">n</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">section</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">A</SUB> of
<SUB style="font-size: 85%; vertical-align: text-bottom">this</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">proxy</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">form</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">(the</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">proxyholder)</SUB>
the organized by Ontario Teachers&#146; Pension Plan Board and affiliates
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authority
<SUB style="font-size: 85%; vertical-align: text-bottom">to</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">Vote</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">your</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">shares</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">for</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">you</SUB>
Providence Equity Partners Inc. and Madison Dearborn Partners, LLC,
contemplating the acquisition by the Purchaser of all outstanding
<SUP style="font-size: 85%; vertical-align: text-top">lf</SUP>
y&#176;<SUP style="font-size: 85%; vertical-align: text-top">u</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">are</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">voting</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">by</SUP>
p<SUP style="font-size: 85%; vertical-align: text-top">roxy,</SUP>
Computershare Trust Company of Canada
common and preferred shares of BCE. <SUP style="font-size: 85%; vertical-align: text-top">or</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">other</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">agents</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">we</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">appoint</SUP>
<SUP style="font-size: 85%; vertical-align: text-top"><B>must</B></SUP>
<SUP style="font-size: 85%; vertical-align: text-top"><B>receive</b></SUP> <b>y&#176;</B>
<SUP style="font-size: 85%; vertical-align: text-top"><B>ur</B></SUP>
<SUP style="font-size: 85%; vertical-align: text-top"><B>signed</b></SUP> <b>p</B>
<SUP style="font-size: 85%; vertical-align: text-top"><B>roxy form</B></SUP>
<SUP style="font-size: 85%; vertical-align: text-top"><B>by</B></SUP></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>4:45 p.m. (Eastern time) on Thursday, September&nbsp;20, 2007.</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">If you receive more than one proxy form, please complete, date, sign</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">and return each one There are five ways to vote by proxy. See the reverse side of this</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">information sheet for details.</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"><IMG src="m37212orm3721213.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>FIVE WAYS TO VOTE BY PROXY ..... 5 </B>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>By</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>appointjng</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>another</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>person</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>to</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>go</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>to</B></SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom"><B>the</B></SUB>
&#151;
<B>1
meeting and vote your shares for you
By telephone</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; This person does not have to be a shareholder.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">. Call 1-866-732-8683 (toll-free in Canada and the United States)</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">or 312-588-4290 (International Direct Dial) from a touch-tone <SUP style="font-size: 85%; vertical-align: text-top">Strike</SUP> <SUP style="font-size: 85%; vertical-align: text-top">out</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">the</SUP> <SUP style="font-size: 85%; vertical-align: text-top">four</SUP> <SUP style="font-size: 85%; vertical-align: text-top">names</SUP> <SUP style="font-size: 85%; vertical-align: text-top">that</SUP> <SUP style="font-size: 85%; vertical-align: text-top">are</SUP>
<SUP style="font-size: 85%; vertical-align: text-top">printed</SUP> <SUP style="font-size: 85%; vertical-align: text-top">in</SUP> <SUP style="font-size: 85%; vertical-align: text-top">section</SUP> <SUP style="font-size: 85%; vertical-align: text-top">A</SUP> <SUP style="font-size: 85%; vertical-align: text-top">of</SUP> <SUP style="font-size: 85%; vertical-align: text-top">the</SUP></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">phone and follow the instructions. proxy form and write the name of the person you are
appointing</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">in the space provided. Complete your voting instructions, sign</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">. You will need your control number, holder account number and <SUB style="font-size: 85%; vertical-align: text-bottom">and</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">date</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">tne</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">form</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">and</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">return</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">it</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">to</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">Co</SUB>mputershare as instructed,</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">proxy access number.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; Make sure that the person you appoint is aware that he or she</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">. You will find these three numbers on the right. h<SUB style="font-size: 85%; vertical-align: text-bottom">as</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">been</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">a</SUB>pp<SUB style="font-size: 85%; vertical-align: text-bottom">0inted</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">and</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">attends</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">tne</SUB>
<SUB style="font-size: 85%; vertical-align: text-bottom">meeting</SUB>.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">. If you choose to vote by telephone, you cannot appoint anyone . <SUB style="font-size: 85%; vertical-align: text-bottom">At</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">tne</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">meet</SUB>i<SUB style="font-size: 85%; vertical-align: text-bottom">ngj</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">ne</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">or</SUB>
 <SUB style="font-size: 85%; vertical-align: text-bottom">sne</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">snou</SUB>|<SUB style="font-size: 85%; vertical-align: text-bottom">d</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">see</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">a</SUB> representative of
other than the directors named in section A of the proxy form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare at the table marked &#147;Alternate attorneys/
as your proxyholder. <SUB style="font-size: 85%; vertical-align: text-bottom">Externa|</SUB> <SUB style="font-size: 85%; vertical-align: text-bottom">proxyholders"</SUB>.
<B>2 On the Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YOUR ACCESS CODES</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; Go to Computershare&#146;s website at www.investorvote.com and</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">follow the instructions on screen. You will need these codes to vote by telephone or on the
Internet, or</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">. You will need your control number, holder account number and<SUP style="font-size: 85%; vertical-align: text-top">to</SUP> receive documents electronically:
proxy access number.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. You will find these three numbers on the right.Control number
<B>3 By mail</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; Detach the proxy form from the information sheet by tearing
along the perforated line.
Holder account number</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; Complete the proxy form, ensuring that you sign and date it, and</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">return it in the envelope we have provided.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">4 By <B>fax</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; Detach the proxy form from the information sheet by
tearing proxy access number</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">along the perforated line.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">&#183; Complete the proxy form, ensuring that you sign and date it,
and fax it to 1-866-249-7775 (toll-free in Canada and the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">United States) or 416-263-9524 (outside
Canada and the United States).</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>HOW TO GET THERE</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">on Friday, September&nbsp;21, 2007 at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherbrooke
Auditorium Le Grand Salon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hi
Centre Mont-Royal,
<B>2200 Mansfield Street, president Kennedy</B>
Montreal, Quebec. _| |
Beverages <I>will be served. <SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></I>
<B>de Maisonneuve&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sn</B>
^^^^^^^H ^H&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I&#146;^H
Q Taxi stand ~l | l.ol
E3 Metro station &#163;<B>&#149;</B> = 1 = 1</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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" style="font-size: 10pt; margin-top: 18pt"><IMG src="m37212orm3721214.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">_|&#95;&#95;&#95;<FONT style="font-variant: SMALL-CAPS">mr sam sample</FONT> C1234567890 <B>II</B>III III I | mi || III || III | &#043;</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">xxx 123 i ii i in in i in i <FONT style="font-variant: SMALL-CAPS">hi </FONT>linn</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>The proxy is solicited by and on behalf of the management of BCE.</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Detach this proxy form by tearing along the perforated line, and complete it, ensuring
that you sign and date it to exercise your right to vote your shares by mail or fax or to
appoint someone else to vote your shares for you at the meeting.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">This form revokes all proxy forms (with respect to the same shares) you have previously signed
that relate to the meeting. It will only be accepted as a valid proxy if it remains intact and
has been signed. If you have any questions about completing this form, please call Georgeson
Shareholder Communications Canada Inc., if you reside in Canada at 1-866-413-8829 for service
in English or in French or Innisfree M&#038;A Incorporated if you reside in the United States at
1-877-687-1875.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>Q Complete this section to appoint a proxyholder
Appointing a proxyholder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your proxyholder:</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">By completing this proxy form, you are<B>&#149;</B> has the same rights you would have if you attended the meeting in person, including the right
appointing as your proxyholder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to appoint a substitute proxyholder.
Mr.&nbsp;R.J. Currie, . will vote your shares as you specify in section B. <B>If you do not specify how you want your</B>
Mr.&nbsp;M.J. Sabia, <B>shares voted, the directors named as proxyholders intend to cast the votes represented</B>
Mrs.&nbsp;D. Soble Kaufman, or <B>by proxy at the meeting as recommended by the board of directors.</B>
Mr.&nbsp;A. Berard <B>. may, to the extent permitted by law and subject to your voting instructions, vote your</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;who are directors of BCE, unless you <B>shares as he or she sees fit on any amendments to this
item and on any other items</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">g&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appoint someone else.<B>that may properly come before the meeting or any adjournment and in respect of which</B>
| Your proxyholder will attend the meeting <B>y&#171;&#148; are entitled to vote.</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>&#149;</B>a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and vote your shares on your behalf. <B>You have the right to appoint someone other than
these four people as your proxyholder.</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>^ To do this, strike out the four names listed above and print the name of the person you
a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are appointing in the box below. This person does not have to be a shareholder of BCE.</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">CO<BR>
s i 1</TD>
</TR>
</TABLE>


&#163;


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">| I<BR>
Q. ^^</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>| LI Complete this section to provide voting instructions</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">o <I>Please check </I>&#147;For&#147;or <I>&#147;Against&#148; for the following item. Please print in ink using
a black or blue pen. Mark your vote with </I>r^~</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">|&#062; an X as shown <I>in this example. </I>&#145;&#151;&#151;</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>Plan of Arrangement: The board of directors recommends voting FOR this special
resolution. </B><I>Please read in full the accompanying management proxy circular,
including Appendix &#147;A&#148;.</I></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Approving the special resolution, the full text of which is reproduced as Appendix &#147;A&#148; to the
Management Proxy Circular of</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">BCE dated August&nbsp;7,2007, to approve the Plan of Arrangement under section 192 of the <I>Canada
Business Corporations Act </I>.&#151;. .&#151;</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">involving BCE, its common and preferred shareholders and 6796508 Canada Inc. (the &#147;Purchaser&#148;),
a corporation organized I I I</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">by Ontario Teachers&#146; Pension Plan Board and affiliates of Providence Equity
Partners Inc. and Madison Dearborn Partners, LLC, contemplating the acquisition by
the Purchaser of all outstanding common and preferred shares of BCE.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B>Ka Sign this proxy form</B></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">When you sign this proxy form, you authorize the proxyholder to act and vote your shares on
your behalf at the meeting and any adjournment and to carry out your voting instructions.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">If you are an individual shareholder, you or your authorized attorney must sign the form. Your
attorney may have to provide proof of your authorization.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">For shares registered in the name of two or more owners (for example, joint ownership,
trustees, executors), at least one of the owners must sign this form.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">For shares registered in the name of a corporation or other legal entity, an authorized officer
or attorney must sign this form. This person may have to provide proof that he or she is
authorized to sign this form.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><U>I</U> <U>"|</U> DD/DD/<SUP style="font-size: 85%; vertical-align: text-top">2007</SUP></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Signature <SUP style="font-size: 85%; vertical-align: text-top"><I>D</I></SUP><I>^ </I><SUP style="font-size: 85%; vertical-align: text-top">Month</SUP></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">If you do not include a
date, we will deem it to be
the date that we mailed the
form to you.</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">999999999999 001111 9XX ARO</TD>
</TR>
</TABLE>



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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="m37212orm3721215.gif" alt="(BELL CANADA ENTERPRISES LOGO)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><B><I>Bell Canada Enterprises</I></B></TD>
</TR>
</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
