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<SEC-DOCUMENT>0001206212-08-000229.txt : 20081110
<SEC-HEADER>0001206212-08-000229.hdr.sgml : 20081110
<ACCEPTANCE-DATETIME>20081110155729
ACCESSION NUMBER:		0001206212-08-000229
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20081110
FILED AS OF DATE:		20081110
DATE AS OF CHANGE:		20081110

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:		081175551

	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>m40625k2e6vk.htm
<DESCRIPTION>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<BR><BR>

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: November&nbsp;2008</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Commission File Number: 1-8481</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center" style="font-size: 10pt"><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><BR>
<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
Form 20-F or Form 40-F.  </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="center" valign="top"> Form 20-F <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form 40-F<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1): <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">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): <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">Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="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="center" valign="top">Yes <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): 82-
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 furnished
to 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="m40625k2exv1.htm">EX-1</A></TD></TR>
<TR><TD colspan="9"><A HREF="m40625k2exv2.htm">EX-2</A></TD></TR>
<TR><TD colspan="9"><A HREF="m40625k2exv3.htm">EX-3</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="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD>&nbsp;</TD>
</tr>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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">/s/ Patricia A. Olah<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patricia A. Olah
</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">Corporate Secretary and Lead Governance</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">Counsel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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: November&nbsp;10, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>News Release</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Offering Circular &#151; 7.35% Series&nbsp;C Notes due October&nbsp;30, 2009</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter of Acceptance and Transmittal.</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>m40625k2exv1.htm
<DESCRIPTION>EX-1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>Exhibit 1</b></div>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style=" font-size: 6pt">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="m40625k2m4062501.gif" alt="(BCE LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">News release</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For Immediate Release<BR>
Montr&#233;al, November&nbsp;10, 2008

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BCE and Bell Canada Announce Cash Tender Offers for Certain Outstanding Debt Securities and BCE
Announces the Mailing of Letters of Transmittal</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE Inc. (TSX, NYSE: BCE) and Bell Canada announced today that they have commenced cash tender
offers for any and all of the outstanding 7.35% Series&nbsp;C Notes due October&nbsp;30, 2009 (the &#147;Notes&#148;)
issued by BCE, and any and all of the outstanding 6.15% Debentures, Series&nbsp;M-2, due June&nbsp;15, 2009
and 5.50% Debentures, Series&nbsp;M-16, due August&nbsp;12, 2010 (the &#147;Debentures&#148;) issued by Bell Canada.
The tender offers are being made in connection with the privatization of BCE by an investor group
led by Teachers&#146; Private Capital, the private investment arm of the Ontario Teachers&#146; Pension Plan,
and affiliates of Providence Equity Partners Inc., Madison Dearborn Partners, LLC and Merrill Lynch
Global Private Equity.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE is offering to purchase the Notes and Bell Canada is offering to purchase the Debentures for a
purchase price equal to the Canada Yield Price applicable to the respective debt securities and
accrued and unpaid interest up to but excluding the closing date of the privatization. The tender
offers, which are conditional on the consummation of the privatization, will be open for acceptance
until 12:00 noon (Montreal time) on December&nbsp;10, 2008, unless the offers are withdrawn, varied or
extended. The completion of the privatization is scheduled to occur on December&nbsp;11, 2008.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tender offers are subject to the conditions discussed in the offers to purchase and in the
letters of acceptance and transmittal, including the completion of the privatization of BCE. The
tender offers are not conditional on any minimum aggregate principal amount of Notes or Debentures
being tendered.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is anticipated that outstanding Notes and Debentures not tendered and purchased by BCE or Bell
Canada pursuant to the tender offers will be redeemed pursuant to their terms, following the giving
of notices of redemption by BCE and Bell Canada on or after the time of consummation of the
privatization of BCE.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release is merely a notification of the tender offers and is neither an offer to
purchase nor a solicitation of an offer to sell the Notes or Debentures. The tender offers are
being made only pursuant to the offers to purchase dated November&nbsp;10, 2008 and related letters of
acceptance and transmittal.</DIV>


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

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="m40625k2m4062501.gif" alt="(BCE LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The holders of Notes or Debentures should read the entire offers to purchase and the letters of
acceptance and transmittal before making their decision to tender their Notes or Debentures, as
applicable. The offers to purchase and the letters of acceptance and transmittal of BCE and Bell
Canada may be obtained at www.sedar.com or without charge from Computershare Investor Services Inc.
at 1-800-564-6253 or CIBC Mellon Trust Company at 1-800-387-0825, the depositaries for the Notes
and Debentures, respectively.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, BCE announced that the mailing to its shareholders of the letters of transmittal and
the related letter of instruction for the proposed privatization transaction will start today.
These documents outline the necessary documentation required to be sent to Computershare Investor
Services Inc. for BCE shareholders to receive, in relation with the proposed privatization, the
applicable consideration in exchange for their deposited common and/or preferred shares of BCE.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Caution Concerning Forward-Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This news release contains forward-looking statements relating to the privatization of BCE, the
anticipated redemption of Notes and Debentures not tendered to the tender offers, and other
statements that are not historical facts. Such forward-looking statements are subject to important
risks, uncertainties and assumptions including, without limitation, the inherent uncertainty
regarding the conduct, outcome, and timing of any litigation. The results or events predicted in
these forward-looking statements may differ materially from actual results or events. As a result,
we cannot guarantee that any forward-looking statement will materialize.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The timing and completion of the privatization transaction is subject to each of the parties
fulfilling their commitments under the transaction documents and to a number of terms and
conditions, including, without limitation, the provisions of, and certain termination rights
available to the parties under, the definitive agreement dated June&nbsp;29, 2007, as amended, including
by the final amending agreement dated July&nbsp;4, 2008, governing the terms of the transaction. The
conditions to the transaction may not be satisfied in accordance with their terms, and/or the
parties to the definitive agreement may exercise their termination rights, in which case the
privatization transaction could be modified, restructured or terminated, as applicable. Failure to
complete the privatization transaction could have a material adverse impact on the market price of
BCE&#146;s shares.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The forward-looking statements contained in this news release are made as of the date of this
release and, accordingly, are subject to change after such date. Except as may be required by
Canadian securities laws, we do not undertake any obligation to update or revise any
forward-looking statements contained in this news release, whether as a result of new information,
future events or otherwise.</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="m40625k2m4062501.gif" alt="(BCE LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, we undertake no obligation to comment on expectations of, or statements made by,
third parties in respect of the privatization transaction. For additional information with respect
to certain of these and other assumptions and risks, please refer to BCE&#146;s 2007 annual management&#146;s
discussion and analysis (&#147;MD&#038;A&#148;) dated March&nbsp;5, 2008 included in the Bell Canada Enterprises 2007
Annual Report, BCE&#146;s 2008 First Quarter MD&#038;A dated May&nbsp;6, 2008, BCE&#146;s 2008 Second Quarter MD&#038;A
dated August&nbsp;5, 2008, BCE&#146;s 2008 Third Quarter MD&#038;A dated October&nbsp;28, 2008, the definitive
agreement dated June&nbsp;29, 2007, as amended, including by the final amending agreement dated July&nbsp;4,
2008, and BCE&#146;s management proxy circular dated August&nbsp;7, 2007, all filed by BCE with the Canadian
securities commissions (available at www.sedar.com) and with the U.S. Securities and Exchange
Commission (available at www.sec.gov). These documents are also available on BCE&#146;s website at
www.bce.ca.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE is Canada&#146;s largest communications company, providing the most comprehensive and innovative
suite of communication services to residential and business customers in Canada. Under the Bell
brand, the Company&#146;s services include local, long distance and wireless phone services, high-speed
and wireless Internet access, IP-broadband services, information and communications technology
services (or value-added services) and direct-to-home satellite and VDSL television services. BCE
also holds an interest in CTVglobemedia, Canada&#146;s premier media company. BCE shares are listed in
Canada and the United States. For corporate information on BCE, please visit www.bce.ca.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell is Canada&#146;s largest communications company, providing consumers with solutions to all their
communications needs, including telephone services, wireless communications, high-speed Internet,
digital television and voice over IP. Bell also offers integrated information and communications
technology (ICT)&nbsp;services to businesses and governments, and is the Virtual Chief Information
Officer (VCIO)&nbsp;to small and medium businesses (SMBs). Bell is proud to be a Premier National
Partner and the exclusive Telecommunications Partner to the Vancouver 2010 Olympic and Paralympic
Winter Games. Bell is wholly owned by BCE Inc. For information on Bell&#146;s products and services,
please visit www.bell.ca.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-30-<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="m40625k2m4062501.gif" alt="(BCE LOGO)">
</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>For inquiries, please contact:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jacques Bouchard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thane Fotopoulos</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bell, Media Relations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE, Investor Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">514 391-2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">514 870-4619</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1 877 391-2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>thane.fotopoulos@bell.ca</u></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>jacques.bouchard1@bell.ca</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>m40625k2exv2.htm
<DESCRIPTION>EX-2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv2</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: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;2</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">This document is important and
    requires your immediate attention. If you are in any doubt as to
    how to deal with it, you should consult your investment dealer,
    stockbroker, trust company manager, bank manager, lawyer or
    other professional advisor. For further information, you may
    also telephone Computershare Investor Services Inc. (the
    &#147;Depositary&#148;) (at 1-514-982-7555 or
    <FONT style="white-space: nowrap">1-800-564-6253).</FONT>
    No securities commission or similar securities regulatory
    authority in Canada or any other jurisdiction has in any way
    passed upon the merits of or approved or disapproved these
    securities. Any representation to the contrary is an offence.
    This document does not constitute an offer or solicitation to
    any person in any jurisdiction in which such offer or
    solicitation is unlawful.</FONT></I>
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">BCE INC.</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">OFFER TO PURCHASE FOR CASH<BR>
    ANY AND ALL OF THE OUTSTANDING 7.35% SERIES C NOTES DUE OCTOBER
    30, 2009<BR>
    ISSUED BY BCE INC.</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">(ISIN No.&#160;CA
    05534BAJ85)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">for a purchase price equal to
    the Canada Yield Price (as defined herein) and<BR>
    accrued and unpaid interest up to but excluding the closing date
    of the<BR>
    Privatization (as defined herein).</FONT></B>
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">BCE Inc. (&#147;BCE&#148;) offers
    to purchase for cash, upon the terms and subject to the
    conditions set forth in this circular (the &#147;Offer to
    Purchase&#148;) and in the related Letter of Acceptance and
    Transmittal (as defined herein), any and all of the outstanding
    7.35% Series&#160;C Notes due October&#160;30, 2009 (the
    &#147;Notes&#148;) issued by BCE. The Notes were issued pursuant
    to the Fifth Supplemental Trust&#160;Indenture, dated as of
    October&#160;30, 2002, to the Trust&#160;Indenture dated as of
    November&#160;4, 1997, as amended and supplemented from time to
    time, between BCE and Montreal Trust&#160;Company (the
    &#147;Indenture&#148;). Effective June&#160;30, 2000,
    Computershare Trust&#160;Company of Canada (the
    &#147;Trustee&#148;) acquired the corporate trust business of
    Montreal Trust&#160;Company and became the trustee under the
    Indenture as successor to Montreal Trust&#160;Company. This
    offer to purchase the Notes, on the terms and conditions set
    forth in this Offer to Purchase and the Letter of Acceptance and
    Transmittal, is referred to herein as the &#147;Offer&#148;.
    </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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">BCE is offering to purchase the
    Notes for a purchase price (the &#147;Purchase Price&#148;)
    equal to the Canada Yield Price and accrued and unpaid interest
    up to but excluding the closing date of the Privatization (the
    &#147;Closing Date&#148;). The Offer will expire at the
    Expiration Time (as defined herein). See &#147;The
    Offer&#160;&#151; Terms of the Offer&#148;. As of the date of
    this Offer to Purchase, there was $650,000,000 aggregate
    principal amount of Notes outstanding.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">The Offer is being made in
    connection with the Definitive Agreement, made as of
    June&#160;29, 2007 (as amended, including by the final amending
    agreement dated as of July&#160;4, 2008, the &#147;Definitive
    Agreement&#148;), between BCE and BCE Acquisition Inc. (formerly
    known as 6796508 Canada Inc.) (the &#147;Purchaser&#148;), a
    corporation organized by an investor group led by Teachers&#146;
    Private Capital, the private investment arm of the Ontario
    Teachers&#146; Pension Plan, and affiliates of Providence Equity
    Partners Inc., Madison Dearborn Partners, LLC and Merrill Lynch
    Global Private Equity. According to the Definitive Agreement,
    the Purchaser will acquire all of the issued and outstanding
    common and preferred shares of BCE (the
    &#147;Privatization&#148;). The Privatization is to be completed
    through a plan of arrangement (the &#147;Arrangement&#148;)
    under section 192 of the <I>Canada Business Corporations Act</I>
    (the &#147;CBCA&#148;). The Privatization is not conditional
    upon successful completion of the Offer.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">The Offer is subject to the
    conditions discussed under &#147;The Offer&#160;&#151;
    Conditions of the Offer&#148;, including the consummation of the
    Privatization as evidenced by a certificate of arrangement
    issued by the Director appointed under the CBCA in respect of
    the Arrangement. The Offer is not conditional on any minimum
    aggregate principal amount of Notes being tendered.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">All Notes validly tendered in the
    Offer and not properly withdrawn will be, subject to the
    conditions of the Offer, purchased in the Offer. It is
    anticipated that outstanding Notes not tendered and purchased by
    BCE pursuant to the Offer will be redeemed pursuant to their
    terms, following the giving of a notice of redemption by BCE in
    accordance with the terms of the Indenture on or after the time
    of consummation of the Privatization. BCE expressly reserves the
    absolute right, in its sole discretion, from time to time to
    purchase any Notes that remain outstanding after the closing of
    the Offer through open market purchases or privately negotiated
    transactions or otherwise, on terms that may or may not be equal
    to the Purchase Price, or to exercise any of its rights under
    the Indenture. The Notes are not listed on any securities
    exchange.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">None of BCE, its Board of
    Directors, the Trustee, the Depositary, the Dealer Manager or
    any of their respective affiliates makes any recommendation as
    to whether or not holders of Notes (the &#147;Note
    Holders&#148;) should tender their Notes pursuant to the
    Offer.</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">RBC Dominion Securities Inc. is
    acting as dealer manager (the &#147;Dealer Manager&#148;) for
    the Offer, and Computershare Investor Services Inc. is acting as
    depositary (the &#147;Depositary&#148;) for the Offer.
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">YOU WILL NOT BE ABLE TO TENDER
    YOUR NOTES BY NOTICE OF GUARANTEED DELIVERY. IN ORDER TO
    PARTICIPATE IN THE OFFER, YOU MUST TENDER YOUR NOTES BY THE
    EXPIRATION TIME.</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">The Dealer Manager for the Offer
    is:<BR>
    <B>RBC Dominion Securities Inc.</B>
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">The Depositary for the Offer is:<BR>
    <B>Computershare Investor Services Inc.</B>
    </FONT>
</DIV>

<DIV style="margin-top: 13pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">November&#160;10, 2008</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    INFORMATION</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the Notes are held in book-entry form through the
    facilities of CDS Clearing and Depository Services Inc.
    (&#147;CDS&#148;). Therefore, registration of interests in and
    transfers of Notes may currently only be made through the
    book-entry only system administered by CDS. As such, in order to
    tender their Notes to the Offer, Note&#160;Holders must complete
    the documentation and follow the instructions provided by their
    broker or other nominee. <B>Note&#160;Holders should contact
    their broker or other nominee for assistance</B>. CDS will be
    required to complete and return the Letter of Acceptance and
    Transmittal provided by BCE to CDS, as the sole registered
    holder of the Notes (the &#147;Letter of Acceptance and
    Transmittal&#148;) in respect of all Notes tendered to the Offer
    by participants in the book-entry system maintained by CDS
    (&#147;CDS Participants&#148;) on behalf of Note&#160;Holders.
    See &#147;The Offer&#160;&#151; Procedures for Depositing the
    Notes&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other provision of the Offer, BCE&#146;s
    obligation to accept for purchase, and to pay the Purchase Price
    for, any Notes validly tendered and not properly withdrawn
    pursuant to the Offer is subject to and conditional upon the
    satisfaction of, or where applicable, waiver by BCE of, all
    conditions of the Offer described under &#147;The
    Offer&#160;&#151; Conditions of the Offer&#148;, including the
    consummation of the Privatization as evidenced by a certificate
    of arrangement issued by the Director appointed under the CBCA
    in respect 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Note&#160;Holders whose Notes are deposited by CDS through
    their broker or other nominee hereby expressly acknowledge and
    agree to be bound by the terms of the Letter of Acceptance and
    Transmittal and that BCE may enforce such terms against such
    Note&#160;Holders. A copy of the Letter of Acceptance and
    Transmittal may be obtained at www.sedar.com or without charge
    from the Depositary at the address indicated on the back cover
    of this Offer to Purchase. See &#147;The Offer&#160;&#151;
    Persons Employed in Connection with the Offer&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE OFFER DOES NOT CONSTITUTE AN OFFER TO PURCHASE THE NOTES IN
    ANY JURISDICTION IN WHICH, OR FROM ANY PERSON FROM WHOM, IT IS
    UNLAWFUL TO MAKE THE OFFER UNDER APPLICABLE SECURITIES OR BLUE
    SKY LAWS. SUBJECT TO APPLICABLE LAW, DELIVERY OF THIS OFFER TO
    PURCHASE SHALL NOT UNDER ANY CIRCUMSTANCES CREATE ANY
    IMPLICATION THAT THE INFORMATION CONTAINED IN THIS OFFER TO
    PURCHASE IS CORRECT AS OF ANY TIME AFTER THE DATE OF THIS OFFER
    TO PURCHASE OR THAT THERE HAS BEEN NO CHANGE IN THE INFORMATION
    INCLUDED HEREIN OR IN THE AFFAIRS OF BCE, OR ITS SUBSIDIARIES OR
    AFFILIATES, SINCE THE DATE HEREOF.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NONE OF BCE, ITS BOARD OF DIRECTORS, THE TRUSTEE, THE
    DEPOSITARY, THE DEALER MANAGER OR ANY OF THEIR RESPECTIVE
    AFFILIATES MAKES ANY RECOMMENDATION TO ANY NOTE HOLDERS AS TO
    WHETHER OR NOT TO TENDER ANY NOTES. NONE OF BCE, ITS BOARD OF
    DIRECTORS, THE TRUSTEE, THE DEPOSITARY, THE DEALER MANAGER OR
    ANY OF THEIR RESPECTIVE AFFILIATES HAS AUTHORIZED ANY PERSON TO
    GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION IN CONNECTION
    WITH THE OFFER OTHER THAN THE INFORMATION AND REPRESENTATIONS
    CONTAINED IN THIS OFFER TO PURCHASE OR IN THE LETTER OF
    ACCEPTANCE AND TRANSMITTAL. IF ANYONE MAKES ANY RECOMMENDATION
    OR REPRESENTATION OR GIVES ANY SUCH INFORMATION, YOU SHOULD NOT
    RELY UPON THAT RECOMMENDATION, REPRESENTATION OR INFORMATION AS
    HAVING BEEN AUTHORIZED BY BCE, ITS BOARD OF DIRECTORS, THE
    TRUSTEE, THE DEPOSITARY, THE DEALER MANAGER OR ANY OF THEIR
    RESPECTIVE AFFILIATES.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THIS OFFER TO PURCHASE HAS NOT BEEN FILED WITH OR REVIEWED BY
    ANY SECURITIES COMMISSION OR SECURITIES REGULATORY AUTHORITY,
    NOR HAS ANY SUCH COMMISSION OR SECURITIES REGULATORY AUTHORITY
    PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFER TO PURCHASE.
    ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL AND MAY BE A
    CRIMINAL OFFENSE.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

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

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Page</B>
</DIV>
</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: -10pt; margin-left: 10pt">
    <A HREF='#101'>SUMMARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>AVAILABLE INFORMATION REGARDING BCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>THE OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    1.&#160;&#160;Purposes of the Offer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2.&#160;&#160;Terms of the Offer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    3.&#160;&#160;Purchase of the Notes; Payment of Purchase Price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    4.&#160;&#160;Procedures for Depositing the Notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    5.&#160;&#160;Withdrawal Rights
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    6.&#160;&#160;Conditions of the Offer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    7.&#160;&#160;Extension of the Offer; Termination; Amendment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    8.&#160;&#160;Market and Recent Prices for the Notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    9.&#160;&#160;Source and Amount of Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    10.&#160;Future Redemption and Purchases
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    11.&#160;Material Differences in the Rights of Note&#160;Holders
    as a Result of the Offer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    12.&#160;Certain Canadian Income Tax Consequences
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    13.&#160;Notice and Delivery
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    14.&#160;Persons Employed in Connection with the Offer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    15.&#160;Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
</TABLE>

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

</DIV>

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

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights selected information from this Offer
    to Purchase and does not contain all the information that may be
    important to Note&#160;Holders in deciding whether or not to
    tender their Notes. Note&#160;Holders should read the entire
    Offer to Purchase and the Letter of Acceptance and Transmittal
    before making their decision to tender their Notes. Cross
    references contained in this summary section will direct
    Note&#160;Holders to a more complete discussion of a particular
    topic elsewhere in this Offer to Purchase.</I>
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">Who is
    offering to purchase my Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE is offering to purchase the Notes. BCE is also the issuer of
    the Notes. The mailing address of BCE&#146;s principal executive
    offices is 1000 de La Gaucheti&#232;re Street West, suite 3700,
    Montr&#233;al, Qu&#233;bec H3B 4Y7. See &#147;Available
    Information Regarding 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Why is
    BCE offering to purchase my Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the Offer is to enable BCE to acquire all of the
    issued and outstanding Notes. The Offer is being made in
    connection with the Definitive Agreement. The shareholders of
    BCE approved the Arrangement at a special meeting of
    shareholders held on September&#160;21, 2007. Under the
    Arrangement, it is contemplated that the Purchaser will acquire
    all of the issued and outstanding common and preferred shares of
    BCE. The Privatization is not conditional upon successful
    completion of the Offer. See &#147;The Offer&#160;&#151;
    Purposes of the Offer&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">What are
    the securities being sought in the Offer and what is the
    Purchase Price?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE is offering to purchase, on the terms and conditions
    described herein and in the Letter of Acceptance and
    Transmittal, any and all of the outstanding Notes at the
    Purchase Price. The Purchase Price will be calculated using
    similar terms and conditions as the calculation of the amount
    that Note&#160;Holders would have received for their Notes had
    they been redeemed pursuant to the terms of the Indenture. See
    &#147;The Offer&#160;&#151; Terms of the Offer&#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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If I hold a strip component of any of the Notes, including a
    book entry strip component held in CDS through the CARS (Coupons
    and Residuals) and PARS (Par Adjusted Rate Securities) Programme
    (&#147;Strip Securities&#148;), can I tender my Strip Securities
    to the Offer?</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Strip Securities were not issued by BCE. The Offer is only being
    made for the Notes which have been issued by BCE. Any Notes that
    have been stripped into component Strip Securities must first be
    fully reconstituted into the underlying securities before being
    tendered to the Offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is currently anticipated that outstanding Notes not tendered
    and purchased by BCE pursuant to the Offer will be redeemed
    pursuant to their terms, following the giving of a notice of
    redemption by BCE in accordance with the terms of the Indenture
    on or after the time of the consummation of the Privatization.
    BCE understands that in such event, the rules and procedures
    governing Strip Securities provide for an allocation of the
    amount of proceeds received by the registered holder of the
    underlying Notes to the holders of the Strip Securities. Holders
    of Strip Securities should refer to the prospectus under which
    such securities were sold for further information, including the
    terms, rules and procedures applicable to their Strip Securities.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">How long
    do I have to tender my Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer, which is conditional on the consummation of the
    Privatization, will expire at the &#147;Expiration Time&#148;,
    which is 12:00&#160;noon, Montreal time, on December&#160;10,
    2008, unless BCE, in its sole discretion or pursuant to
    applicable law, extends the period of time during which the
    Offer will remain open. The consummation of the Privatization is
    scheduled to occur on December&#160;11, 2008. See &#147;The
    Offer&#160;&#151; Terms of the Offer&#148;. If extended by BCE,
    the term &#147;Expiration Time&#148; with respect to the Offer
    will mean the latest time and date at which the Offer, as
    extended, will expire. See &#147;The Offer&#160;&#151; Extension
    of the Offer; Termination; Amendment&#148; for a description of
    BCE&#146;s right to extend, vary, terminate or amend the Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

<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">

    <B><FONT style="font-family: 'Times New Roman', Times">How many
    Notes will BCE purchase?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE will purchase any and all of the outstanding Notes, or such
    lesser principal amount as is validly tendered and not properly
    withdrawn. See &#147;The Offer&#160;&#151; Terms of the
    Offer&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">May I
    tender only a portion of the Notes that I hold?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yes. You do not have to tender all of the Notes you own to
    participate in the Offer. See &#147;The Offer&#160;&#151; Terms
    of the Offer&#148;. However, it is anticipated that outstanding
    Notes not tendered and purchased by BCE pursuant to the Offer
    will be redeemed pursuant to their terms, following the giving
    of a notice of redemption by BCE in accordance with the terms of
    the Indenture on or after the time of consummation of the
    Privatization. BCE expressly reserves the absolute right, in its
    sole discretion, from time to time to purchase any Notes that
    remain outstanding after the closing of the Offer through open
    market purchases or privately negotiated transactions or
    otherwise, on terms that may or may not be equal to the Purchase
    Price, or to exercise any of its rights under the Indenture. The
    Notes are not listed on any securities exchange.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">How and
    when will I be paid?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If your Notes are purchased in the Offer, you will be paid the
    Purchase Price, in cash, promptly after the expiration of the
    Offer and the acceptance of such Notes for payment. BCE will pay
    the Purchase Price in Canadian dollars to the Depositary, which
    will act as your agent for the purpose of receiving payment from
    BCE and transmitting payment to you. See &#147;The
    Offer&#160;&#151; Purchase of the Notes; Payment of Purchase
    Price&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">What does
    the board of BCE think of the Offer?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although BCE&#146;s board of directors approved the Offer, the
    board of directors has not made and is not making any
    recommendation as to whether or not you should tender your Notes
    for purchase in the Offer. You must make your own decision
    whether to accept the Offer.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">How do I
    tender my Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the Notes are held in book-entry form through the
    facilities of CDS. Accordingly, in order to tender your Notes to
    the Offer, you must complete the documentation and follow the
    instructions provided by your broker or other nominee prior to
    the expiration of the Offer in the manner described under
    &#147;The Offer&#160;&#151; Procedures for Depositing the
    Notes&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">Can I
    send a Notice of Guaranteed Delivery to tender my
    Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No. Since all of the Notes are held in book-entry form through
    CDS, there are no guaranteed delivery procedures for the Offer.
    In order to participate in the Offer, you must tender your Notes
    by the Expiration Time. See &#147;The Offer&#160;&#151;
    Procedures for Depositing the Notes&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">Once I
    have tendered the Notes, can I change my mind?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yes. You may withdraw previously tendered Notes at any time
    until the Expiration Time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Withdrawals of Notes deposited pursuant to the Offer must be
    effected via CDS and through your broker or other nominee. A
    notice of withdrawal of Notes deposited must actually be
    received by the Depositary in a manner such that the Depositary
    has a written or printed copy of such notice of withdrawal. You
    should contact your broker or other nominee for assistance. See
    &#147;The Offer&#160;&#151; Withdrawal 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">What are
    the significant conditions to the Offer?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer is subject to the satisfaction of, or where
    applicable, waiver by BCE of, all of the conditions discussed
    under &#147;The Offer&#160;&#151; Conditions of the Offer&#148;,
    including the consummation of the Privatization as evidenced by
    a certificate of arrangement issued by the Director appointed
    under the CBCA in respect of the Arrangement. The Offer is not
    conditional on any aggregate minimum principal amount of Notes
    being tendered.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

<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">

    <B><FONT style="font-family: 'Times New Roman', Times">Does BCE
    have the right to terminate the Offer?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yes. BCE may terminate the Offer at any time prior to the
    Expiration Time, as such time may be extended. In the event the
    Offer is terminated, any Notes that have been tendered as of the
    time of termination will be returned without cost to the
    tendering Note&#160;Holder promptly after the termination of the
    Offer by book-entry delivery through CDS to the accounts of the
    applicable CDS Participants. See &#147;The Offer&#160;&#151;
    Extension of the Offer; Termination; Amendment&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">How will
    I be notified if the Offer is extended or terminated?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If BCE extends the Offer, BCE will make a public announcement of
    the extension not later than 10:00&#160;a.m., Montreal time, on
    the business day after the day on which the Offer was scheduled
    to expire. If the Offer is terminated, BCE will make a public
    announcement of the termination. See &#147;The Offer&#160;&#151;
    Extension of the Offer; Termination; Amendment&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">What is
    the market value of the Notes as of a recent date?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are not listed on any securities exchange. For trading
    information regarding such securities, you should contact your
    broker or financial advisor. See &#147;The Offer&#160;&#151;
    Market and Recent Prices for the Notes&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">How will
    BCE pay for the Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of payment, BCE will have a sufficient amount of
    funds to purchase all Notes validly tendered and accepted in the
    Offer and to pay all related fees and expenses. See &#147;The
    Offer&#160;&#151; Source and Amount of Funds&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">How will
    participation in the Offer affect my rights with respect to the
    Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If your Notes are tendered and accepted in the Offer, you will
    receive the Purchase Price with respect to these Notes, and you
    will give up all other rights and obligations associated with
    ownership of such Notes. See &#147;The Offer&#160;&#151;
    Material Differences in the Rights of Note&#160;Holders as a
    Result of the Offer&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">If the
    Offer is completed and I do not participate in the Offer, how
    will my rights and obligations under my untendered Notes be
    affected?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer does not affect your rights under the Indenture.
    Outstanding Notes that are not tendered pursuant to the Offer,
    or that are tendered and subsequently withdrawn or that are not
    validly tendered and remain outstanding after the Offer, will
    continue to be the obligations of BCE (or its successor
    following consummation of the Privatization). However, it is
    anticipated that outstanding Notes not tendered and purchased by
    BCE pursuant to the Offer will be redeemed pursuant to their
    terms, following the giving of a notice of redemption by BCE in
    accordance with the terms of the Indenture on or after the time
    of consummation of the Privatization. See &#147;Available
    Information Regarding BCE&#148; and &#147;The Offer&#160;&#151;
    Material Differences in the Rights of Note&#160;Holders as a
    Result of the Offer&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">What are
    the tax consequences of tendering my Notes?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Note&#160;Holders may be subject to Canadian income taxation
    upon the receipt of cash from BCE in exchange for the Notes
    tendered. <B><I>All Note&#160;Holders should consult their own
    tax advisors regarding the Canadian income tax consequences of
    participating or not participating in the Offer in light of
    their particular circumstances, as well as the effect of any
    foreign, provincial, local or other laws.</I></B> See &#147;The
    Offer&#160;&#151; Certain Canadian Income Tax Consequences&#148;.
</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">

    <B><FONT style="font-family: 'Times New Roman', Times">Who can I
    talk to if I have questions about the Offer?</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may contact Computershare Investor Services Inc., who is
    acting as the Depositary for the Offer, whose contact
    information is set out on the back cover of this Offer to
    Purchase. You may also contact your broker, dealer, investment
    advisor, or other intermediary or nominee through which your
    Notes are held. See also &#147;The Offer&#160;&#151; Persons
    Employed in Connection with the Offer&#148;.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">AVAILABLE
    INFORMATION REGARDING BCE</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional information relating to BCE, including BCE&#146;s
    most current Annual Information Form, annual and quarterly
    Financial Statements and related Management&#146;s Discussion
    and Analysis (&#147;MD&#038;A&#148;), the Prospectus Supplement
    dated October&#160;25, 2002 to Short Form&#160;Base Shelf
    Prospectus dated August&#160;1, 2002, which provides, among
    other things, a summary of the terms of the Notes under the
    caption &#147;Details of the Offering&#148;, the management
    proxy circular dated August&#160;7, 2007 prepared by BCE in
    connection with the special meeting of shareholders held on
    September&#160;21, 2007 for the consideration and approval of
    the Arrangement by shareholders of BCE, which provides, among
    other things, a description of the terms of the Definitive
    Agreement, and the material change report dated July&#160;10,
    2008, which provides, among other things, a description of the
    material terms of the final amending agreement dated as of
    July&#160;4, 2008, can be found on SEDAR, at
    <U>www.sedar.com</U>. If you would like to receive a copy of the
    Indenture, you may contact the Depositary at its address and
    telephone number set forth on the back cover of this Offer to
    Purchase.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Offer to Purchase contains forward-looking statements
    concerning, among other things, BCE&#146;s objectives, plans and
    strategies, the Privatization, the expected redemption of the
    Notes following the consummation of the Privatization and the
    Arrangement. 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
    aim, anticipate, assumption, believe, could, expect, goal,
    guidance, intend, may, objective, outlook, plan, seek, should,
    strategy, strive, target and will. All such forward-looking
    statements are made pursuant to the &#147;safe harbour&#148;
    provisions of applicable Canadian securities laws.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated by us, forward-looking statements in
    this Offer to Purchase describe our expectations at the date of
    this Offer to Purchase. Except as may be required by Canadian
    securities laws, we do not undertake to update or revise any
    forward-looking statement, whether as a result of new
    information, future events or otherwise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward-looking statements, by their very nature, are subject to
    numerous risk, uncertainties and assumptions including, without
    limitation, the inherent uncertainty regarding the conduct,
    outcome and timing of any litigation, which give rise to the
    possibility that actual results could differ materially from our
    expectations expressed in or implied by such forward-looking
    statements and that our objectives, strategic priorities and
    business outlooks may not be achieved. As a result, we cannot
    guarantee that any forward-looking statement will materialize.
    Forward-looking statements are provided in this document for the
    purpose of allowing Note&#160;Holders and others to get a better
    understanding of the terms and context of the Offer. However,
    readers are cautioned that it may not be appropriate to use such
    forward-looking statements for any other purpose.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward-looking statements made in this Offer to Purchase are
    based on a number of assumptions that we believed were
    reasonable on the day we made the forward-looking statements.
    Factors that could cause actual results to differ materially
    from our expectations expressed in or implied by our
    forward-looking statements include: the timing and consummation
    of the Privatization is subject to each of the parties
    fulfilling their commitments under the transaction documents and
    to a number of terms and conditions, including, without
    limitation, the provisions of, and certain termination rights
    available to the parties under, the Definitive Agreement; the
    conditions to the Privatization transaction may not be satisfied
    in accordance with their terms, and/or the parties to the
    Definitive Agreement may exercise their termination rights, in
    which case the Privatization transaction could be modified,
    restructured or terminated, as applicable; the failure of the
    Offer to be completed for any other reason; and the amount of
    the costs, fees, expenses and charges relating to the Offer.
    Other risk factors that could cause actual results to differ
    materially from our expectations expressed in or implied by our
    forward-looking statements are discussed throughout this Offer
    to Purchase and in BCE&#146;s 2007 annual MD&#038;A dated
    March&#160;5, 2008 included in the Bell Canada Enterprises 2007
    Annual Report, BCE&#146;s 2008 First, Second and Third Quarter
    MD&#038;As dated May&#160;6, 2008, August&#160;5, 2008 and
    October&#160;28, 2008, respectively, as well as to the
    Definitive Agreement, and BCE&#146;s management proxy circular
    dated August&#160;7, 2007, which documents are incorporated by
    reference herein.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>All references herein to &#147;dollars&#148; means
    &#147;Canadian dollars&#148;.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<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 PAGE WIDTH -->
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    OFFER</FONT></B>
</DIV>
</A>
<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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Purposes
    of the Offer</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the Offer is to enable BCE to acquire all of the
    issued and outstanding Notes. The Offer is being made in
    connection with the Definitive Agreement between BCE and the
    Purchaser, a corporation organized by an investor group led by
    Teachers&#146; Private Capital, the private investment arm of
    the Ontario Teachers&#146; Pension Plan and affiliates of
    Providence Equity Partners Inc., Madison Dearborn Partners, LLC
    and Merrill&#160;Lynch Global Private Equity. The shareholders
    of BCE approved the Arrangement at a special meeting of
    shareholders held on September&#160;21, 2007. Under the
    Arrangement, it is contemplated that the Purchaser will acquire
    all of the issued and outstanding common and preferred shares of
    BCE. The Privatization is not conditional upon successful
    completion of the Offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of the Definitive Agreement are described in the
    management proxy circular dated August&#160;7, 2007 prepared by
    BCE in connection with the special meeting of shareholders held
    on September&#160;21, 2007 for the consideration and approval of
    the Arrangement by shareholders of BCE and in the material
    change report dated July&#160;10, 2008, which provides, among
    other things, a description of the material terms of the final
    amending agreement dated as of July&#160;4, 2008. A copy of the
    management information circular can be obtained on BCE&#146;s
    corporate website, <U>www.bce.ca</U>, or at
    <U>www.sedar.com</U>. See &#147;Available Information Regarding
    BCE&#148;.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Offer</FONT></B>
</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: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Purchase
    Price</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE is offering to purchase, on the terms and conditions
    described herein and in the Letter of Acceptance and
    Transmittal, any and all of the outstanding Notes, at the
    Purchase Price, being the Canada Yield Price and accrued and
    unpaid interest up to but excluding the Closing Date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Canada Yield Price&#148; means a price equal to the price
    of the Notes, calculated at 10:00&#160;a.m., Montreal time, on
    December&#160;10, 2008, to provide a yield from and including
    the Closing Date to October&#160;30, 2009 (the maturity date of
    the Notes) equal to the &#147;Government of Canada Yield&#148;,
    plus 0.60%.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Government of Canada Yield&#148; means the yield from and
    including the Closing Date to October&#160;30, 2009 (the
    maturity date of the Notes) assuming semi-annual compounding,
    which an issue of non-callable Government of Canada bonds would
    carry on the remaining term to October&#160;30, 2009 (the
    maturity date of the Notes). The &#147;Government of Canada
    Yield&#148; will be the average of the yields provided by two
    registered Canadian investment dealers selected by the Trustee
    and approved 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchase Price will be calculated using similar terms and
    conditions as the calculation of the amount that
    Note&#160;Holders would have received for their Notes had they
    been redeemed pursuant to the terms of the Indenture.
</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">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Expiration
    Time</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer, which is conditional on the consummation of the
    Privatization, will expire at the &#147;Expiration Time&#148;,
    which is 12:00&#160;noon, Montreal time, on December&#160;10,
    2008, unless BCE, in its sole discretion or pursuant to
    applicable law, extends the period of time during which the
    Offer will remain open. The consummation of the Privatization is
    scheduled to occur on December&#160;11, 2008. If extended by
    BCE, the term &#147;Expiration Time&#148; with respect to the
    Offer will mean the latest time and date at which the Offer, as
    extended, will expire. See &#147;Extension of the Offer;
    Termination; Amendment&#148; for a description of BCE&#146;s
    right to extend, vary, terminate or amend the Offer.
</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">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Terms</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE will purchase any and all of the outstanding Notes, or such
    lesser principal amount as is validly tendered and not properly
    withdrawn. All Notes validly tendered but not purchased because
    the Offer is not completed will be returned without cost to the
    tendering Note&#160;Holder promptly after the earlier of either
    the termination or expiration of the Offer by book-entry
    delivery through CDS to the accounts of the applicable CDS
    Participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Note&#160;Holder does not have to tender all of the Notes he
    owns to participate in the Offer. A Note&#160;Holder may also
    withdraw his Notes from the Offer by following the procedures
    described under &#147;&#151;&#160;Withdrawal Rights&#148;.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer is subject to the conditions discussed under
    &#147;&#151;&#160;Conditions of the Offer&#148;, including the
    consummation of the Privatization as evidenced by a certificate
    of arrangement issued by the Director appointed under the CBCA
    in respect of the Arrangement. The Offer is not conditional on
    any minimum principal amount of Notes being tendered.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Purchase
    of the Notes; Payment of Purchase Price</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the Offer, BCE will be deemed to have accepted
    for payment and therefore purchased Notes that are validly
    tendered and not properly withdrawn only when, as and if it
    gives notice to the Depositary of its acceptance of such Notes
    for payment. In the event that the Notes that are validly
    tendered and not properly withdrawn are not accepted for payment
    by BCE, such Notes shall be returned without cost to the
    tendering Note&#160;Holder promptly by book-entry delivery
    through CDS to the accounts of the applicable CDS Participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE will pay to the Depositary the Purchase Price for each of
    the Notes purchased pursuant to the Offer. The Depositary will
    act as agent for tendering Note&#160;Holders for the purpose of
    receiving payment from BCE and transmitting payment to the
    tendering Note&#160;Holders, and receipt of payment by the
    Depositary will be deemed to constitute receipt of payment by
    the tendering Note&#160;Holders. Settlement with tendering
    Note&#160;Holders will be effected by the Depositary by
    electronic transfer of funds to CDS for the account of the CDS
    Participants of the tendering Note&#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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under no circumstances will interest accrue or be paid by BCE or
    the Depositary on the Purchase Price with respect to any of the
    Notes regardless of any delay in making payment of the Purchase
    Price on the part of the Depositary. In addition, if certain
    events occur, BCE may not be obligated to purchase the Notes in
    the Offer. See &#147;&#151;&#160;Conditions of the Offer&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By tendering its Notes, a Note&#160;Holder agrees that a portion
    of the Purchase Price, equal to the accrued but unpaid interest
    up to but excluding the Closing Date, shall be treated as the
    payment of interest under the Notes.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Procedures
    for Depositing the Notes</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the Notes are held in book-entry form through the
    facilities of CDS. Accordingly, registration of interests in and
    transfers of Notes may currently only be made through the
    book-entry only system administered by CDS. As such, in order to
    tender their Notes to the Offer, Note&#160;Holders must complete
    the documentation and follow the instructions provided by their
    broker or other nominee. Note&#160;Holders should contact their
    broker or other nominee for assistance. CDS will be required to
    complete and return the Letter of Acceptance and Transmittal in
    respect of all Notes tendered to the Offer by CDS Participants
    on behalf of Note&#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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Note&#160;Holders whose Notes are deposited to the Offer on
    their behalf by CDS (the &#147;Depositing
    Note&#160;Holders&#148;) through their broker or other nominee
    hereby expressly acknowledge and agree to be bound by the terms
    of the Letter of Acceptance and Transmittal and that BCE may
    enforce such terms against such Note&#160;Holder. A copy of the
    Letter of Acceptance and Transmittal may be obtained at
    <U>www.sedar.com</U> or without charge from the Depositary at
    the address indicated on the back cover of this Offer to
    Purchase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form, eligibility (including
    timely receipt) and acceptance of any Notes and accompanying
    documents deposited pursuant to the Offer will be determined by
    BCE in its sole discretion. Depositing Note&#160;Holders agree
    that such determinations will be final and binding. BCE reserves
    the absolute right to reject any and all deposits which it
    determines not to be in proper form or which may be unlawful to
    accept under the laws of any jurisdiction. BCE reserves the
    absolute right to waive any defect or irregularity in the
    deposit of any Notes and accompanying documents. There is no
    duty or obligation on the part of BCE, its Board of Directors,
    the Trustee, the Depositary or the Dealer Manager (or any of
    their respective trustees, directors, officers, employees,
    agents or representatives) or any other person to give notice of
    any defects or irregularities in any deposit of Notes and no
    liability will be incurred by any of them for not giving any
    such notice. BCE&#146;s interpretation of the terms and
    conditions of the Offer (including the Letter of Acceptance and
    Transmittal) will be final and binding.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The completion of the Letter of Acceptance and Transmittal by
    CDS, on behalf of the Depositing Note&#160;Holders, will
    constitute an agreement between CDS, on behalf of the Depositing
    Note&#160;Holders, and BCE in accordance with the terms and
    conditions of the Offer, including the following
    representations, warranties and covenants:
</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="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each Depositing Note&#160;Holder has full power and authority to
    deposit, sell, assign and transfer the Notes being deposited;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each Depositing Note&#160;Holder has received a copy of this
    Offer to Purchase and agrees to be bound by all the terms and
    conditions of the Offer, including the terms and conditions of
    the Letter of Acceptance and Transmittal (a copy of the Letter
    of Acceptance and Transmittal may be obtained at
    <U>www.sedar.com</U> or without charge from the Depositary at
    the address indicated on the back cover of this Offer to
    Purchase);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each Depositing Note&#160;Holder owns the Notes being deposited
    free and clear of all charges, liens, restrictions, claims,
    equitable interests and encumbrances;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each Depositing Note&#160;Holder has full power and authority to
    deposit, sell, assign and transfer the Notes being deposited,
    and if and when such Notes being deposited are taken up by BCE,
    BCE will acquire good title thereto, free and clear of all
    encumbrances;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the deposit of such Notes being deposited complies with
    applicable securities laws; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each Depositing Note Holder will, upon BCE&#146;s request or the
    request of the Depositary, as applicable, execute and deliver
    any additional documents necessary or desirable to complete the
    tender of the Notes.
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Your custodian or nominee, by delivering, or causing to be
    delivered, the Notes to the Depositary and the Letter of
    Acceptance and Transmittal to the Depositary and BCE is
    representing and warranting that you, as owner of the Notes,
    have represented, warranted and agreed to each of the above.
</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">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Return
    of the Notes if the Offer is Not Completed</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any validly tendered Notes are not purchased because the
    Offer was not completed, such unpurchased Notes will be returned
    without cost to the tendering Note&#160;Holder promptly after
    the earlier of either the termination or expiration of the Offer
    by book-entry delivery through CDS to the accounts of the
    applicable CDS Participants.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    Rights</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes tendered in the Offer may be withdrawn at any time
    until the Expiration Time, which is 12:00&#160;noon, Montreal
    time, on December&#160;10, 2008, unless BCE, in its sole
    discretion or pursuant to applicable law, extends the period of
    time during which the Offer will remain open, in which case you
    may withdraw your Notes at any time prior to the new Expiration
    Time. The closing of the Privatization is scheduled to occur on
    December&#160;11, 2008. Except as otherwise provided in this
    section, tenders of Notes are irrevocable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Withdrawals of Notes deposited pursuant to the Offer must be
    effected via CDS and through a Note&#160;Holder&#146;s broker or
    other nominee. A notice of withdrawal of Notes deposited must
    actually be received by the Depositary in a manner such that the
    Depositary has a written or printed copy of such notice of
    withdrawal. Note&#160;Holders should contact their broker or
    other nominee for assistance.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise required or permitted by applicable law, any
    Notes deposited in acceptance of the Offer may also be withdrawn
    on behalf of the Depositing Note&#160;Holder if the Notes have
    not been paid for by BCE to the Depositary within three business
    days after having been taken up.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A Note&#160;Holder&#146;s broker or other nominee may set
    deadlines for the withdrawal of Notes deposited to the Offer
    that are earlier than those specified above. Note&#160;Holders
    should contact their broker or other nominee for assistance.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form, eligibility (including
    timely receipt) and acceptance of any notice of withdrawal will
    be determined by BCE in its sole discretion, and such
    determinations will be final and binding. There is no duty or
    obligation on the part of BCE, its Board of Directors, the
    Trustee, the Depositary or the Dealer Manager (or any of their
    respective trustees, directors, officers, employees, agents or
    representatives) or any other
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    person to give notice of any defects or irregularities in any
    notice of withdrawal and no liability will be incurred by any of
    them for not giving any such notice.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If BCE is delayed in taking up or paying for Notes or is unable
    to take up and pay for Notes, then, without prejudice to
    BCE&#146;s other rights, Notes deposited under the Offer may not
    be withdrawn except to the extent that depositing
    Note&#160;Holders are entitled to withdrawal rights as set forth
    in this section or pursuant to applicable law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Notes withdrawn will be deemed to be not validly deposited
    for the purposes of the Offer, but may be redeposited
    subsequently at or prior to the Expiration Time by following the
    procedures described in &#145;&#145;&#151;&#160;Procedures for
    Depositing the Notes&#148;.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Conditions
    of the Offer</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other provision of the Offer, BCE shall have
    the right to withdraw or terminate the Offer (or amend the terms
    and conditions of the Offer), and will not be required to accept
    for payment, take up, purchase or pay for and/or may extend the
    period of time during which the Offer is open and/or may
    postpone taking up and paying for any Notes deposited under the
    Offer, unless all of the following conditions are satisfied or
    waived by BCE at or prior to the time BCE proposes to accept
    Notes for take up under the Offer:
</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="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Privatization has closed as evidenced by a certificate of
    arrangement issued by the Director appointed under the CBCA in
    respect of the Arrangement;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no action or proceeding has been threatened or instituted or is
    pending by any government or governmental, regulatory or
    administrative agency, authority or tribunal or any other
    person, domestic or foreign, before any court, authority, agency
    or tribunal that directly or indirectly challenges the making of
    the Offer, the acquisition of some or all of the Notes under the
    Offer or otherwise relates in any manner to the Offer, including
    the other conditions to the Offer or which, in BCE&#146;s
    reasonable judgement, would or might impair a contemplated
    purpose of the Offer;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there has not been any action threatened, pending or taken, or
    approval withheld, or any statute, rule, regulation, judgement,
    order or injunction threatened, proposed, sought, promulgated,
    enacted, entered, amended, enforced or deemed to be applicable
    to the Offer or BCE, or any of its subsidiaries or affiliates,
    by any court or any authority, agency or tribunal that, in
    BCE&#146;s reasonable judgement, would or might directly or
    indirectly:
</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="9%"></TD>
    <TD width="6%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    make the acceptance for payment of, or payment for, some or all
    of the Notes illegal or otherwise restrict or prohibit
    completion of the Offer or impair a contemplated purpose or
    benefits of the Offer; or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    delay or restrict BCE&#146;s ability, or render BCE unable, to
    accept for payment or pay for a portion or all of the Notes;
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there shall not have occurred or be likely to occur in
    BCE&#146;s reasonable judgement any event affecting the
    business, operations, properties, condition (financial or
    otherwise), assets, liabilities or prospects of BCE or any of
    its subsidiaries or affiliates, that would or might prohibit,
    prevent, restrict or delay the closing of the Offer; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    none of the following shall have occurred:
</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="9%"></TD>
    <TD width="6%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    any general suspension of trading in, or limitation on prices
    for, securities on any securities exchange or in the
    over-the-counter market in Canada;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    the declaration of a banking moratorium or any suspension of
    payments in respect of banks in Canada, whether or not mandatory;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    a declaration of a national emergency, acts of terrorism
    involving Canada or the commencement or material escalation of a
    war, armed hostilities or other international or national
    calamity directly or indirectly involving Canada;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="6%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    any limitation (whether or not mandatory) by any governmental,
    regulatory or administrative agency or authority on, or any
    event, or any disruption or adverse change in the financial or
    capital markets generally or the market for loan syndications in
    particular, that, in BCE&#146;s reasonable judgement, might
    affect, the extension of credit by banks or other lending
    institutions in Canada;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    any development which could, in the reasonable judgement of BCE,
    have a material adverse effect on the business, operations,
    properties, condition (financial or otherwise), assets,
    liabilities or prospects of BCE, or any of its respective
    subsidiaries or affiliates;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (vi)&#160;
</TD>
    <TD align="left">
    in the case of any of the foregoing existing at the time of the
    commencement of the Offer, a material acceleration or worsening
    thereof; or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (vii)&#160;
</TD>
    <TD align="left">
    any change shall have occurred or been proposed to the <I>Income
    Tax Act</I> (Canada) (the &#147;Tax Act&#148;) or to the
    published administrative policies of the Canada Revenue Agency
    (&#147;CRA&#148;) that, in the opinion of BCE, is detrimental to
    BCE or a Note&#160;Holder.
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conditions to the Offer are for BCE&#146;s sole benefit and
    may be asserted by it regardless of the circumstances (including
    any action or inaction by BCE) giving rise to any such condition
    and may be waived by it, in whole or in part at any time and
    from time to time without prejudice to any other rights which
    BCE may have. BCE&#146;s failure at any time to exercise any of
    the foregoing rights shall not be deemed a waiver of any right,
    and each right shall be deemed an ongoing right which may be
    asserted at any time and from time to time. Any determination or
    judgement by BCE concerning the events described above will be
    final and binding on all parties.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Extension
    of the Offer; Termination; Amendment</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE reserves the right, in its sole discretion, at any time and
    from time to time, to extend or vary the Expiration Time or vary
    the Offer by giving written notice (or other communication
    confirmed in writing) of such extension or variation to the
    Depositary at its principal office in Montreal, Qu&#233;bec.
    Upon the giving of such notice or other communication extending
    or varying the Expiration Time, the Expiration Time will be, and
    will be deemed to be, so extended or varied. BCE, as soon as
    practicable thereafter, will cause the Depositary to provide a
    copy of the notice, in the manner set forth in
    &#147;&#151;&#160;Notice and Delivery&#148;, to CDS as the
    registered holder of all of the Notes. BCE will, as soon as
    practicable after giving notice of an extension or variation to
    the Depositary, make a public announcement of the extension or
    variation to the extent and in the manner required by applicable
    law. Any notice of extension or variation will be deemed to have
    been given and to be effective on the day on which it is
    delivered or otherwise communicated to the Depositary at its
    principal office in Montreal, Qu&#233;bec.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE reserves the right, in its sole discretion, to terminate the
    Offer and not accept for payment or pay for any Notes not
    previously accepted for payment and paid for, by giving written
    notice (or other communication confirmed in writing) of such
    termination to the Depositary at its principal office in
    Montreal, Qu&#233;bec. Subject to applicable law, BCE may also
    postpone payment for the Notes if any conditions to the Offer
    fail to be satisfied, by giving written notice (or other
    communication confirmed in writing) of such termination or
    postponement to the Depositary at its principal office in
    Montreal, Qu&#233;bec. BCE, as soon as practicable thereafter,
    will cause the Depositary to provide a copy of the notice of
    termination or postponement, in the manner set forth in
    &#147;&#151;&#160;Notice and Delivery&#148;, to CDS as the
    registered holder of all of the Notes. BCE will, as soon as
    practicable after such notice to the Depositary, make a public
    announcement of such termination or postponement. Any notice of
    termination or postponement will be deemed to have been given
    and to be effective on the day on which it is delivered or
    otherwise communicated to the Depositary at its principal office
    in Montreal, Qu&#233;bec.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to compliance with applicable law, BCE further reserves
    the right, in its sole discretion, and regardless of whether or
    not any of the events or conditions described under
    &#147;Conditions of the Offer&#148; have occurred or are deemed
    by it to have occurred, to amend the terms and conditions of the
    Offer in any respect, including, without limitation, by
    decreasing or increasing the consideration offered in the Offer
    to holders of the Notes or by decreasing the principal amount of
    the Notes being sought in the Offer. Amendments to the Offer may
    be made at any time and from time to time by public
    announcement, such announcement, in the case of an extension, to
    be issued no later than 10:00&#160;a.m., Montreal time, on the
    next business day after the last previously scheduled or
    announced Expiration Time.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<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 PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the manner in which BCE may choose to make a
    public announcement, except as required by applicable law, it
    has no obligation to publish, advertise or otherwise communicate
    any such public announcement other than by making a release
    through CNW or another comparable news service.
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Market
    and Recent Prices for the Notes</FONT></B>
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are not listed on any securities exchange. Quotations
    for securities that are not widely traded, such as the Notes,
    may differ from actual trading prices and should be viewed as
    approximations. To the extent such information is available,
    Note Holders are urged to contact their brokers or financial
    advisors with respect to current information regarding the
    market price of the Notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>BCE urges Note&#160;Holders to obtain current market
    quotations for the Notes, to the extent available, prior to
    making any decision with respect to the Offer.</I></B>
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Source
    and Amount of Funds</FONT></B>
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total amount of funds BCE needs to purchase all of the Notes
    pursuant to the Offer and to pay related fees and expenses is
    estimated to be approximately $683&#160; million (assuming 100%
    of the outstanding Notes are tendered and accepted for payment).
    As of the date of payment, BCE will have a sufficient amount of
    funds to purchase all Notes validly tendered and accepted in the
    Offer and to pay all related fees and expenses.
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Future
    Redemption and Purchases</FONT></B>
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is anticipated that outstanding Notes not tendered and
    purchased by BCE pursuant to the Offer will be redeemed pursuant
    to their terms, following the giving of a notice of redemption
    by BCE in accordance with the terms of the Indenture on or after
    the time of the consummation of the Privatization.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that BCE may, at its option, redeem at
    any time all, or from time to time any part, of the Notes by
    payment of the greater of the Canada Yield Price and the
    principal amount of the Notes to be redeemed, together in each
    case with all unpaid interest accrued up to but excluding the
    date fixed for redemption. Note&#160;Holders tendering their
    Notes to the Offer, if such Notes are accepted for payment by
    BCE, will receive the Purchase Price, which amount is calculated
    using similar terms and conditions as the calculation of the
    amount that Note&#160;Holders would have received for their
    Notes had they been redeemed pursuant to the terms of the
    Indenture. BCE expressly reserves the absolute right, in its
    sole discretion, from time to time to purchase any Notes that
    remain outstanding after the closing of the Offer through open
    market purchases or privately negotiated transactions or
    otherwise, on terms that may or may not be equal to the Purchase
    Price, or to exercise any of its rights under the Indenture. The
    Notes are not listed on any securities exchange.
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Material
    Differences in the Rights of Note&#160;Holders as a Result of
    the Offer</FONT></B>
</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: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Effects
    on the holders of Notes tendered and accepted in the
    Offer</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If your Notes are tendered and accepted in the Offer, you will
    receive the Purchase Price for the Notes tendered and accepted,
    and will give up all other rights and obligations associated
    with ownership of such Notes. Please refer to the Indenture for
    the rights that you will forgo and obligations of which you will
    be relieved if you tender your Notes and the tender is accepted.
    See &#147;Available Information Regarding BCE&#148;.
</DIV>

<DIV style="margin-top: 9pt; 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><I><FONT style="font-family: 'Times New Roman', Times">Effects
    on holders of Notes&#160;not tendered in the Offer</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Notes that remain outstanding after the Offer will continue
    to be the obligation of BCE (or its successor following the
    consummation of the Privatization) and will enjoy the benefits
    of the Indenture, including accrual of interest. You should
    refer to the Indenture to determine your rights under the
    Indenture, as well as any notices issued by BCE in respect of
    your rights under the Indenture. It is anticipated that
    outstanding Notes not tendered and purchased by BCE pursuant to
    the Offer will be redeemed pursuant to their terms, following
    the giving of a notice of redemption by BCE in accordance with
    the terms of the Indenture on or after the time of the
    consummation of the Privatization. BCE expressly reserves the
    absolute right, in its sole discretion, from time to time to
    purchase any Notes that remain outstanding after the closing of
    the Offer through open market purchases or privately negotiated
    transactions or otherwise, on terms that may or may not be equal
    to the Purchase Price, or to exercise any of its rights under
    the Indenture. The Notes are not listed on any securities
    exchange.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The description of certain rights under the Indenture set forth
    in this Offer to Purchase does not purport to be complete and is
    qualified in its entirety by reference to the full text of the
    Indenture. See &#147;Available Information Regarding BCE&#148;.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Canadian Income Tax Consequences</FONT></B>
</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the opinion of Stikeman Elliott LLP, counsel to BCE, the
    following summary, as at the date hereof, describes the
    principal Canadian federal income tax considerations generally
    applicable under the Tax Act to a Note&#160;Holder who disposes
    of Notes pursuant to the Offer and who, for purposes of the Tax
    Act, at all relevant times, (i)&#160;is resident or deemed to be
    resident in Canada, (ii)&#160;holds the Notes as capital
    property, and (iii)&#160;deals at arm&#146;s length with BCE and
    is not affiliated with BCE. Generally, Notes will be considered
    to be capital property to a Note&#160;Holder provided the
    Note&#160;Holder does not hold the Notes in the course of
    carrying on a business and has not acquired them in one or more
    transactions considered to be an adventure in the nature of
    trade. Certain Note&#160;Holders who might not otherwise be
    considered to hold their Notes as capital property may, in
    certain circumstances, be entitled to have them treated as
    capital property by making the irrevocable election permitted by
    subsection 39(4) of the Tax Act. Such Note&#160;Holders should
    consult their own tax advisors regarding 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is not applicable to a Note&#160;Holder that is a
    &#147;financial institution&#148; for purposes of the
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    rules contained in the Tax Act, a &#147;specified financial
    institution&#148;, or a Note&#160;Holder an interest in which is
    a &#147;tax shelter investment&#148; (all as defined in the Tax
    Act) or to a Note&#160;Holder to whom the &#147;functional
    currency&#148; reporting rules under the Tax Act apply. Such
    Note&#160;Holders should consult their own tax advisors with
    respect to the tax consequences to them of participating in the
    Offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is based upon the facts set out in the Offer, the
    provisions of the Tax Act in force on the date hereof,
    counsel&#146;s understanding of the current administrative
    policies and assessing practices of the CRA published in writing
    prior to the date hereof. This summary also takes into account
    the specific proposals to amend the Tax Act publicly announced
    by or on behalf of the Minister of Finance (Canada) prior to the
    date hereof (the &#147;Proposed Amendments&#148;). No assurance
    can be given that the Proposed Amendments will be enacted as
    currently proposed or at all. Except for the Proposed
    Amendments, this summary does not take into account or
    anticipate any changes in law, whether by legislative,
    governmental or judicial decision or action, or in the
    administrative policies or assessing practices of the CRA, nor
    does it take into account provincial, territorial or foreign tax
    considerations, which may differ significantly from those
    discussed herein.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This summary is not exhaustive of all possible Canadian
    federal income tax consequences of participating in the Offer.
    Accordingly, this summary is of a general nature only and is not
    intended to be, nor should it be construed to be, legal or tax
    advice to any Note&#160;Holder. Note&#160;Holders should consult
    their own tax advisors for advice with respect to the tax
    consequences to them of participating in the Offer, having
    regard to their 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: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Disposition
    of Notes&#160;Pursuant to the Offer</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Note&#160;Holder who disposes of Notes pursuant to the Offer
    will be considered to have disposed of such Notes for proceeds
    of disposition equal to the Canada Yield Price (which for
    greater certainty does not include any accrued interest), less
    any portion thereof that can reasonably be considered to relate
    to, and does not exceed the value at the time of payment of,
    amounts that would have been paid or payable on the Notes as
    interest had the Notes not been purchased by BCE. The
    Note&#160;Holder will realize a capital gain (capital loss) on
    the disposition of the Notes equal to the amount by which the
    Note&#160;Holder&#146;s proceeds of disposition, net of any
    reasonable costs of disposition, are greater than (less than)
    the adjusted cost base to the Note&#160;Holder of the Notes sold
    pursuant to the Offer. Upon the disposition, any interest
    (including accrued interest up to, but excluding, the Closing
    Date) paid to a Note&#160;Holder, and amounts deemed under the
    Tax Act to be interest, must be included in computing the income
    of the Note&#160;Holder, except to the extent such amount was
    included in the income of the Note&#160;Holder for a previous
    year. Any portion of the Canada Yield Price in excess of the
    principal amount of the Notes will be deemed to be interest to
    the extent that it can reasonably be considered to relate to,
    and does not exceed the value at the time of payment of, amounts
    that would have been paid or payable on the Notes as interest
    had the Notes not been purchased by BCE. BCE is of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    view that any premium paid in excess of the principal amount of
    the Notes, as part of the Canada Yield Price, would relate to
    such amounts and would be considered to be interest.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One-half of any capital gain realized by a Note&#160;Holder on
    the disposition of a Note (a &#147;Taxable Capital Gain&#148;)
    will be included in the Note&#160;Holder&#146;s income. One-half
    of any capital loss (&#147;Allowable Capital Loss&#148;)
    realized by a Note&#160;Holder on the disposition of a Note
    generally must be deducted from Taxable Capital Gains of the
    Note&#160;Holder for the year of disposition. Any unused
    Allowable Capital Losses may be carried back to any of the three
    preceding taxation years or forward to any subsequent taxation
    year, and deducted against net Taxable Capital Gains of the
    Note&#160;Holder in any such other year to the extent and under
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Note&#160;Holder that is a &#147;Canadian-controlled private
    corporation&#148; (as defined in the Tax Act) may be liable to
    pay an additional refundable tax of
    6<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    on its &#147;aggregate investment income&#148; for the year,
    which will include interest and an amount in respect of Taxable
    Capital Gains.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capital gains realized by an individual or by certain trusts may
    give rise to alternative minimum tax under the Tax Act.
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Notice
    and Delivery</FONT></B>
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting any other lawful means of giving notice, any
    notice that BCE or the Depositary may give or cause to be given
    under the Offer will be deemed to have been properly given if it
    is mailed by ordinary mail to CDS and, unless otherwise
    specified by applicable law, will be deemed to have been
    received on the first business day following mailing. These
    provisions apply notwithstanding any accidental omission to give
    notice and notwithstanding any interruption of mail services in
    Canada following mailing. BCE understands that, upon receipt of
    any such notice, CDS will provide a notice to its CDS
    Participants in accordance with the applicable CDS policies and
    procedures for the book-entry system then in effect.
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">14.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Persons
    Employed in Connection with the Offer</FONT></B>
</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: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Depositary</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Computershare Investor Services Inc. has been appointed as the
    Depositary for the Offer. BCE has agreed to pay the Depositary
    reasonable and customary fees for its services and will
    reimburse the Depositary for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses. Questions and requests for assistance or requests for
    additional copies of this Offer to Purchase or of the Letter of
    Acceptance and Transmittal should be directed to the Depositary
    at the address or telephone number set forth on the back cover
    of this Offer to Purchase. The Depositary may contact
    Note&#160;Holders by mail, telephone, telecopy, telegraph and
    personal interview and may request banks, brokers, dealers and
    other nominees to forward materials relating to the Offer to
    beneficial owners of Notes.
</DIV>

<DIV style="margin-top: 9pt; 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><I><FONT style="font-family: 'Times New Roman', Times">Dealer
    Manager</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE has engaged the services of RBC Dominion Securities Inc. to
    act as dealer manager in connection with the Offer to advise BCE
    in relation with the Offer.
</DIV>

<DIV style="margin-top: 9pt; 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">15.&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</FONT></B>
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Offer to Purchase will be disseminated to beneficial
    holders of the Notes and will be furnished to brokers, dealers,
    commercial banks and trust companies whose names, or the names
    of whose nominees, appear on CDS&#146;s list of beneficial
    Note&#160;Holders or, if applicable, who are listed as CDS
    Participants for subsequent transmittal to beneficial owners of
    Notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCE is not aware of any jurisdiction where the making of the
    Offer is not in compliance with applicable law. If it becomes
    aware of any jurisdiction where the making of the Offer or the
    acceptance of Notes pursuant thereto is not in compliance with
    applicable law, the Offer will not be made to (nor will tenders
    be accepted from or on behalf of) the Note&#160;Holders in such
    jurisdiction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer and all contracts resulting from the acceptance
    thereof shall be governed by and construed in accordance with
    the laws of the Province of Qu&#233;bec and the laws of Canada
    applicable therein.
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    * * * * *
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- 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 PAGE WIDTH -->

<DIV align="center" 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">The
    Depositary for the Offer is:<BR>
    <BR>
    <B>Computershare Investor Services Inc.<BR>
    <BR>
    </B><I>By Registered Mail, Hand or by Courier:<BR>
    <BR>
    </I>100 University Avenue<BR>
    9th Floor<BR>
    Toronto, ON<BR>
    M5J 2Y1<BR>
    <BR>
    Attention: Corporate Actions<BR>
    <BR>
    <I>For Information:<BR>
    <BR>
    </I>Toll Free (North America):
    <FONT style="white-space: nowrap">1-800-564-6253</FONT><BR>
    Overseas: 1-514-982-7555<BR>
    <FONT style="white-space: nowrap">E-mail:</FONT>
    <U>corporateactions@computershare.com<BR>
    <BR>
    </U>The Dealer Manager for the Offer is:<BR>
    <BR>
    <B>RBC Dominion Securities Inc.</B>
    </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%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional copies of this Offer to Purchase, the Letter of
    Acceptance and Transmittal or other tender offer materials may
    be obtained from the Depositary for the Offer and will be
    furnished at the expense 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Questions and requests for assistance or additional copies
    hereof or the Letter of Acceptance and Transmittal should be
    directed to the Depositary for the Offer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Questions and requests for information regarding the terms of
    the Offer should be directed to the Depositary for the Offer or
    to the Note&#160;Holders&#146; respective brokers, dealers,
    investment advisors or other intermediaries or nominees through
    which Notes may be held.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>m40625k2exv3.htm
<DESCRIPTION>EX-3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>Exhibit 3</b></div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The terms, conditions and definitions used in the Offer to Purchase of BCE Inc. dated November&nbsp;10,
2008 (as it may be amended from time to time, the &#147;</I><B><I>Offer to Purchase</I></B><I>&#148;) are incorporated by
reference in this Letter of Acceptance and Transmittal. Capitalized terms used and not defined
herein have the meanings given to them in the Offer to Purchase.</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LETTER OF ACCEPTANCE AND TRANSMITTAL</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">in respect of the Offer of

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TO PURCHASE FOR CASH<BR>
ANY AND ALL OF THE OUTSTANDING 7.35% SERIES C NOTES DUE OCTOBER 30, 2009<BR>
ISSUED BY BCE INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(ISIN No.&nbsp;CA 05534BAJ85)</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>for a purchase price equal to the Canada Yield Price and accrued and unpaid interest up to<BR>
but excluding the Closing Date.</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE OFFER, WHICH IS CONDITIONAL ON THE CONSUMMATION OF THE PRIVATIZATION, WILL BE OPEN FOR
ACCEPTANCE UNTIL 12:00&nbsp;NOON (MONTREAL TIME) ON DECEMBER 10, 2008, UNLESS THE OFFER IS WITHDRAWN,
VARIED OR EXTENDED.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Letter of Acceptance and Transmittal, properly completed and duly executed, together with all
other required documents, must be completed by CDS &#038; CO., as nominee for CDS Clearing and
Depository Services Inc. (collectively, &#147;<B>CDS</B>&#148;), pursuant to the Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TO: BCE INC. </B>(&#147;<B>BCE</B>&#148;)
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CDS hereby acknowledges and confirms that the principal amount of Notes tendered to the Offer (the
&#147;<B>Deposited Securities</B>&#148;) is <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">Upon the terms and conditions contained in the Offer, CDS hereby tenders to, and irrevocably
accepts the Offer (subject only to the provisions of the Offer regarding withdrawal), with respect
to the Deposited Securities currently held in the CDSX book-entry system maintained by CDS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, on behalf of the beneficial owners of the Deposited Securities:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. acknowledges receipt of the Offer to Purchase;
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on and subject to the terms and conditions of the Offer, deposits and sells, assigns and
transfers to BCE all right, title and interest in and to the Deposited Securities, including
any and all rights and obligations arising from the Deposited Securities, any benefits under
the Indenture, and any accrued interest, effective from the Expiration Time, unless the Offer
is withdrawn by BCE;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>represents and warrants that, (i)&nbsp;the undersigned, on behalf of the beneficial owners of the
Deposited Securities, has full power and authority to deposit, sell, assign and transfer the
Deposited Securities, (ii)&nbsp;the undersigned, on behalf of the beneficial owners of the
Deposited Securities, owns the Deposited Securities being deposited free and clear of any
hypothecs, mortgages, liens, charges, restrictions, security interests, claims, pledges,
equitable interests and encumbrances of any nature or kind whatsoever and has not sold,
assigned or transferred, or agreed to sell, assign or transfer, any of such Deposited
Securities to any other person, (iii)&nbsp;the deposit of such Deposited Securities complies with
applicable securities laws, and (iv)&nbsp;if and when such Deposited Securities are taken up by
BCE, BCE will acquire good title thereto, free and clear of any hypothecs, mortgages, liens,
charges, restrictions, security interests, adverse claims, pledges, equitable interests and
encumbrances of any nature or kind whatsoever;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directs BCE and the Depositary, upon BCE taking up and paying for the Deposited Securities,
to pay for the</TD>
</TR>

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

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


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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes validly deposited pursuant to the Offer and not validly withdrawn through a wire
transfer to CDS for the account of the CDS Participants of the tendering Note Holders;</TD>
</TR>
<TR style="font-size: 6pt">
<td>&nbsp;</td>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waives any right to receive notice of purchase of the Deposited Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in addition, irrevocably constitutes and appoints BCE, and any other persons designated by
BCE in writing, as the true and lawful agents, attorneys and attorneys-in-fact of the
undersigned, on behalf of the beneficial owners of the Deposited Securities, with respect to
the Deposited Securities deposited herewith and taken up by BCE, effective from and after the
Expiration Time, with full power of substitution, in the name of and on behalf of the
undersigned and the beneficial owners of the Deposited Securities (such power of attorney
being deemed to be an irrevocable power coupled with an interest):</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to register or record the transfer and/or cancellation of such Deposited
Securities on the appropriate registers (as applicable);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exercise any and all rights in respect of the Deposited Securities,
including, without limitation, to vote any or all Deposited Securities, to execute and
deliver any and all instruments of proxy, authorizations or consents in a form and on
terms satisfactory to BCE in respect of any or all Deposited Securities, to revoke any
such instrument, authorization or consent given prior to or after the Expiration Time,
to designate in such instrument, authorization or consent and/or designate in any such
instruments of proxy any person or persons as the proxy of CDS, on behalf of the
tendering Note Holders, in respect of the Deposited Securities, for all purposes
including, without limitation, in connection with any meeting or meetings (whether
annual, special or otherwise, or any adjournment thereof) or resolutions of Note
Holders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exercise any other rights of a holder of Deposited Securities.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>covenants to execute, upon request, any additional documents, transfers and other assurances
as may be necessary or desirable to complete the sale, assignment and transfer of the
Deposited Securities to BCE;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acknowledges that all authority conferred or agreed to be conferred by the undersigned and by
the beneficial owners of the Deposited Securities herein is, to the maximum extent permitted
by law, irrevocable and coupled with an interest and shall survive the death or incapacity,
bankruptcy or insolvency of the undersigned, and of the beneficial owners of the Deposited
Securities, and that all obligations of the undersigned and of the beneficial owners of the
Deposited Securities herein shall be binding upon the heirs, executors, administrators,
attorneys, personal representatives, successors and assigns of the undersigned and of the
beneficial owners of the Deposited Securities; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by virtue of the execution of this Letter of Acceptance and Transmittal, shall be deemed to
have agreed, on behalf of beneficial owners of the Deposited Securities, that all questions as
to validity, form, eligibility (including timely receipt) and acceptance of any Deposited
Securities and accompanying documents deposited pursuant to the Offer will be determined by
BCE in its sole discretion and that such determination shall be final and binding and
acknowledges that (i)&nbsp;BCE reserves the absolute right to reject any and all deposits of
Deposited Securities which BCE determines not to be in proper form or which may be unlawful to
accept under the laws of any jurisdiction, (ii)&nbsp;BCE reserves the absolute right to waive any
defect or irregularity in the deposit of any Deposited Securities, (iii)&nbsp;there shall be no
duty or obligation on BCE, its Board of Directors, the Depositary, the Dealer Manager (or any
of their respective trustees, directors, officers, employees, agents or representatives), or
any other person to give notice of any defect or irregularity in any deposit or withdrawal and
no liability shall be incurred by any of them for failure to give such notice, and (iv)&nbsp;BCE&#146;s
interpretation of the terms and conditions of the Offer to Purchase and of this Letter of
Acceptance and Transmittal shall be final and binding.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CDS &#038; CO.</B>
</DIV>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
</TABLE>
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signing Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>The Depositary for the Offer is:</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Computershare Investor Services Inc.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>By Registered Mail, Hand or by Courier:</I>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">100 University Avenue<BR>
9th Floor<BR>
Toronto, ON<BR>
M5J 2Y1

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>For Information:</I><BR>
Toll Free (North America): 1-800-564-6253<BR>
Overseas: 1-514-982-7555<BR>
E-mail: corporateactions@computershare.com

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
