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<SEC-DOCUMENT>0001206212-08-000254.txt : 20081219
<SEC-HEADER>0001206212-08-000254.hdr.sgml : 20081219
<ACCEPTANCE-DATETIME>20081219135022
ACCESSION NUMBER:		0001206212-08-000254
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081219
FILED AS OF DATE:		20081219
DATE AS OF CHANGE:		20081219

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:		081260251

	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>m42799ore6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>material change report</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<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>
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</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">EXHIBIT INDEX</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>







<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>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

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


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


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of<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%">
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    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD align="left" valign="top">For the month of: <B>December&nbsp;2008</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Commission File Number: <B>001-08481</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; margin-top: 0pt"><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: 12pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
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    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F <FONT style="font-family: 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<BR>Rule&nbsp;101(b)(1): <FONT style="font-family: Wingdings">&#111;</FONT>

</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<BR>Rule&nbsp;101(b)(7): <FONT style="font-family: Wingdings">&#111;</FONT>

</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="70%">
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<TR valign="bottom">
    <TD align="center" valign="top">Yes <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No <FONT style="font-family: 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<BR>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;&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>
<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 "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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BCE Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: December 19, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Martine Turcotte
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Martine Turcotte&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice-President and Chief<BR>Legal
&#038; Regulatory Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- 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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
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    <TD width="97%">&nbsp;</TD>
</TR>
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    <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">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report &#151; December&nbsp;19, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MATERIAL CHANGE REPORT</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="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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"><B>Item&nbsp;1</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Name and Address of the Issuer</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE Inc. (&#147;<B>BCE</B>&#148;)<BR>
1000 de La Gaucheti&#232;re West, suite 3700<BR>
Montr&#233;al, Qu&#233;bec<BR>
H3B 4Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date of Material Change</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;11<B>, </B>2008.</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"><B>Item&nbsp;3</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>News Release</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press releases were disseminated by CNW Telbec on December&nbsp;11, 2008
and on December&nbsp;12, 2008. The English versions of those press
releases are annexed hereto and form an integral part hereof.</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"><B>Item&nbsp;4</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Summary of Material Change</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE announced on December&nbsp;11, 2008 that it received, in the evening
of December&nbsp;10, 2008, from the Purchaser, a company formed 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, a notice
purporting to terminate the Definitive Agreement dated June&nbsp;29,
2007, as amended. BCE disputes that the Purchaser was entitled to
terminate the Definitive Agreement, as such notice was delivered
prematurely, prior to the outside date for closing of the
transaction, and therefore invalid. Given the Purchaser&#146;s position,
BCE announced on December&nbsp;11, 2008 that the privatization
transaction will not proceed.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE announced on December&nbsp;12, 2008 that it had terminated the
Definitive Agreement in accordance with its terms. BCE further
announced on December&nbsp;12, 2008 plans to return value to BCE
shareholders with a reinstated common share dividend and a new
Normal Course Issuer Bid (NCIB)&nbsp;common share buyback program.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition, BCE and Bell Canada announced on December&nbsp;12, 2008
that they had terminated their previously announced conditional
cash tender offers for outstanding BCE 7.35% Series&nbsp;C Notes due
October&nbsp;30, 2009 (the &#147;BCE Notes&#148;), and outstanding Bell Canada
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;Bell
Debentures&#148;).</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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;5</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Full Description of Material Change</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>5.1 Full Description of Material Change</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE announced on December&nbsp;11, 2008 that it received, in the evening
of December&nbsp;10, 2008, from the Purchaser a notice purporting to
terminate the Definitive Agreement. BCE disputes that the Purchaser
was entitled to terminate the Definitive Agreement, as such notice
was delivered prematurely, prior to the outside date for closing of
the transaction, and therefore invalid. Given the Purchaser&#146;s
position, BCE announced on December&nbsp;11, 2008 that the privatization
transaction will not proceed.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As previously announced, the closing of the privatization
transaction was contingent upon the fulfillment of several closing
conditions, including, pursuant to Section&nbsp;8.1(f) of the Definitive
Agreement, the receipt at the effective time of a positive solvency
opinion from KPMG. On the morning of December&nbsp;11, 2008, KPMG
confirmed that it would not be able to deliver an opinion that BCE
would meet, post transaction, the solvency tests set out in the
Definitive Agreement.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In light of these developments, BCE announced on December&nbsp;11, 2008
that it would be terminating the Definitive Agreement in accordance
with its terms, and would be demanding payment of the $1.2-billion
break-up fee from the Purchaser. All closing conditions by BCE had
been satisfied other than the solvency opinion, a condition to
closing that was to be satisfied by its nature at the effective
time. Under such circumstances, the Definitive Agreement provides
that the break up fee will be owed to BCE by the Purchaser. The
Purchaser has taken the position that it is not obligated to pay
the break-up fee.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE announced on December&nbsp;12, 2008 that it had terminated the
Definitive Agreement in accordance with its terms.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE has advised Computershare Investor Services Inc. that the
privatization transaction will not proceed. As a result, holders of
BCE shares will maintain their status as BCE shareholders.
Computershare is returning to depositing shareholders a share
certificate representing their deposited BCE common and preferred
shares and any ancillary documents it received from each such
shareholder by first class mail as soon as practicable. For more
information, investors may contact Computershare at 1-800-564-6253.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE announced on December&nbsp;12, 2008 that it had reinstated its
common share dividend and declared on the morning of December&nbsp;12,
2008 its fourth quarter of 2008 common dividend. For shareholders
of record as of December&nbsp;23, 2008, a quarterly dividend per share
of $0.365 will be paid on January&nbsp;15,<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>2009.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE also announced on December&nbsp;12, 2008 that it will return capital
to shareholders in the form of a normal course issuer bid (&#147;NCIB&#148;).
To that end, BCE</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&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">will repurchase up to approximately 5% of
outstanding common shares, or about 40&nbsp;million common shares. The
NCIB is subject to approval by the Toronto Stock Exchange (TSX)&nbsp;and
will be carried out in accordance with the requirements of the TSX
and applicable laws.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE further announced on December&nbsp;12, 2008 that the company&#146;s
shareholders&#146; meeting will be held on Tuesday February&nbsp;17, 2009 in
Montr&#233;al.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At this meeting, BCE will further outline Bell&#146;s goal and 5
Strategic Imperatives and BCE&#146;s capital structure and shareholder
value initiatives, including its dividend payout policy.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition, BCE and Bell Canada announced on December&nbsp;12, 2008
that they had terminated their previously announced conditional
cash tender offers for the BCE Notes and the Bell Debentures.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BCE and Bell Canada, respectively, have notified the depositaries
of the termination of the tender offers, that they will not accept
for payment or pay for any BCE Notes or Bell Debentures deposited
to the tender offers, and instructed the depositaries to promptly
return all BCE Notes and Bell Debentures deposited by the tendering
holders.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Caution Concerning Forward-Looking Statements</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain statements made in this material change report, including,
but not limited to, statements relating to BCE&#146;s expected
operational and financial performance, as well as BCE&#146;s objectives
concerning the distribution of capital to shareholders, and other
statements that are not historical facts, are forward-looking
statements and are subject to important risks, uncertainties and
assumptions, and our board&#146;s discretion in respect of the
declaration of dividends.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 and you are cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements
contained in this material change report are made as of the date of
this report 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 material change
report, whether as a result of new information, future events or
otherwise. Except as otherwise indicated by BCE, these statements
do not reflect the potential impact of any non-recurring or other
special items or of any dispositions, monetizations, mergers,
acquisitions, other business combinations or other transactions
that may be announced or that may occur after the date hereof.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Risks and assumptions that could cause actual results or events to
differ materially from current expectations include, among others:</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">general economic and credit</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&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">market conditions; failure to achieve
our business objectives; increased pension fund contributions; the
intensity of competitive activity and the increase in wireless
competitive activity that could result from Industry Canada&#146;s
licensing of AWS spectrum; our ability to respond to technological
changes and rapidly offer new products and services; events
affecting the functionality of, and our ability to protect,
maintain and replace, our networks, IT systems and software; labour
disruptions; the potential adverse effects on our Internet and
wireless businesses of the significant increase in broadband
demand; events affecting the operations of our service providers
operating outside Canada; our ability to raise the capital we need
to implement our business plan; our ability to discontinue certain
traditional services as necessary to improve capital and operating
efficiencies; regulatory initiatives or proceedings, litigation and
changes in laws or regulations; increased regulation banning the
use of wireless devices while driving; launch and in-orbit risks of
satellites used by Bell TV; competition from unregulated U.S.
direct-to-home satellite television services sold illegally in
Canada and the theft of our satellite television services; BCE&#146;s
dependence on its subsidiaries&#146; ability to pay dividends; delays in
completion of the high speed packet access overlay of our wireless
network; and health concerns about radio frequency emissions from
wireless devices.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For additional information with respect to certain of these and
other assumptions and risks and for additional information with
respect to the break-up fee obligations of the Purchaser and the
sponsors, please refer to the Definitive Agreement and the limited
guaranty agreement, each dated June&nbsp;29, 2007, as amended, BCE&#146;s
management proxy circular dated August&nbsp;7, 2007, 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 and BCE&#146;s 2008 Third Quarter MD&#038;A
dated October&nbsp;28, 2008, all filed by BCE with the Canadian
securities commissions (available at <U>www.sedar.com</U>) and with the
U.S. Securities and Exchange Commission (available at
<U>www.sec.gov</U>).
These documents are also available on BCE&#146;s website at
<U>www.bce.ca</U>.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>5.2 Disclosure for Restructuring Transactions</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</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"><B>Item&nbsp;6</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Reliance on subsection 7.1(2) or (3)&nbsp;of National Instrument 51-102</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This report is not being filed on a confidential basis.</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"><B>Item&nbsp;7</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Omitted Information</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;8</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Executive Officer</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martine Turcotte<BR>
Executive Vice-President and Chief Legal &#038; Regulatory Officer<BR>
(514)&nbsp;786-3891</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"><B>Item&nbsp;9</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date of Report</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;19, 2008.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="m42799orm4279900.gif" alt="(BCE LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="m42799orm4279901.gif" alt="(News Release)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">For Immediate Release<BR>
December&nbsp;11, 2008

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><B>BCE privatization transaction will not proceed</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MONTR&#201;AL, Qu&#233;bec </B>&#151; BCE Inc. (TSX, NYSE: BCE) today announced that it received
last evening from the Purchaser, a company formed 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, a notice purporting to terminate the Definitive
Agreement dated June&nbsp;29, 2007, as amended. BCE disputes that the Purchaser was
entitled to terminate the Definitive Agreement, as such notice was delivered prematurely,
prior to the outside date for closing of the transaction, and therefore invalid. Given the
Purchaser&#146;s position, the BCE privatization transaction will not proceed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously announced, the closing of the privatization transaction is contingent upon
the fulfillment of several closing conditions, including, pursuant to Section&nbsp;8.1(f) of the
Definitive Agreement, the receipt at the effective time of a positive solvency opinion from
KPMG. Earlier this morning, KPMG confirmed that it would not be able to deliver an
opinion that BCE would meet, post transaction, the solvency tests set out in the
Definitive Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In light of these developments, BCE will be terminating the Definitive Agreement in
accordance with its terms, and will be demanding payment of the $1.2-billion break-up
fee from the Purchaser. All closing conditions have been satisfied by BCE, other than
the solvency opinion, a condition to closing that was to be satisfied by its nature at the
effective time. Under such circumstances, the agreement provides that the break up fee
will be owed to BCE by the Purchaser. The Purchaser has taken the position that it is not
obligated to pay the break-up fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the BCE Board intends that immediately following termination of the
Definitive Agreement in accordance with its terms, it will address a reinstatement of its
common share dividend beginning with its fourth quarter common share dividend
payable on January&nbsp;15, 2009, and that it will return capital to its shareholders through a
Normal Course Issuer Bid.
</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 and other statements that are
not historical facts. Such forward-looking statements are subject to important risks,
uncertainties and assumptions. 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 and you are cautioned not
to place undue reliance on these forward-looking statements.
</DIV>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<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. For additional information with
respect to the break-up fee obligations of the Purchaser and the sponsors, and certain of
the underlying assumptions and risks that could affect our forward-looking statements,
please refer to the Definitive Agreement and the limited guaranty agreement, each dated
June&nbsp;29, 2007, as amended, BCE&#146;s management proxy circular dated August&nbsp;7, 2007,
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 and BCE&#146;s 2008 Third Quarter MD&#038;A dated October&nbsp;28, 2008, all filed by BCE
with the Canadian securities commissions (available at <U>www.sedar.com</U>) 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 <U>www.bce.ca</U>.
</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 <U>www.bce.ca</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>For inquiries, please contact:</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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Langton<BR>
Bell Media Relations<BR>
416 581-4339<BR>
<U>mark.langton@bell.ca</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thane Fotopoulos<BR>
BCE Investor Relations<BR>
514 870-4619<BR>
<U>thane.fotopoulos@bell.ca</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="m42799orm4279900.gif" alt="(BCE LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="m42799orm4279901.gif" alt="(News Release)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">For Immediate Release<BR>
December&nbsp;12, 2008

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><B>BCE announces plan to return value to its shareholders</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reinstates common share dividend, announces 5% NCIB share buyback<BR>
Bell continues move forward as a competitive, customer-focused service provider</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MONTR&#201;AL, Qu&#233;bec </B>&#151; Following the termination of the proposed privatization
agreement by BCE in accordance with its terms, BCE Inc. (TSX, NYSE: BCE) today
announced plans to return value to BCE shareholders with a reinstated common share
dividend and a new Normal Course Issuer Bid (NCIB)&nbsp;common share buyback program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell Canada will also continue its move forward as a re-energized company with a clear
goal &#151; to be recognized by customers as Canada&#146;s leading communications company &#151;
and the customer-focused strategy and structure required to achieve it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Our enhanced operational performance in recent months confirms that Bell is
competing as a cost-effective and customer-focused communications company. The Bell
team has implemented a range of programs to deliver a better customer experience, and
we are eager to build on the clear progress we&#146;ve already made,&#148; said George Cope,
President and CEO of Bell and BCE. &#147;Given this steadily improving business trajectory,
we view the dividend and share buyback initiatives announced by BCE today as very
attractive to our shareholders now and going forward.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;The BCE Board of Directors is in full support of the operational and investment strategy
and capital market approach implemented by our CEO George Cope and his executive
team,&#148; said Richard J. Currie, BCE and Bell Canada Board Chair.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bell&#146;s move forward</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2008, Bell instituted a new strategy and a 100-day plan to enhance its customer
service capability, competitiveness and cost efficiency. With a strict focus on its core
business as a communications service provider, Bell is executing on 5 Strategic
Imperatives &#151; Improve Customer Service, Accelerate Wireless, Leverage Wireline
Momentum, Invest in Broadband Networks &#038; Services, and Achieve a Competitive Cost
Structure &#151; in order to deliver a better customer experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beginning in July, Bell announced several significant operational initiatives supporting its
Strategic Imperatives, including an organizational restructuring that reduced the number
of management layers at Bell, bringing all team members closer to the customer, while
reducing the number of management positions by 15%; ambitious new service programs
such as Same Day Next Day service and Express Install; major investments in its
wireless and IP fibre networks, as well as its service infrastructure; and a bold new brand
that highlights Bell&#146;s move forward in the business and consumer marketplaces.
</DIV>

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

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell&#146;s cost reduction initiatives will result in savings of approximately $400&nbsp;million, an
enhanced competitive position and, as evidenced by the progress shown in the
Company&#146;s third-quarter (Q3) results, steadily improving operational and financial
performance supporting Bell&#146;s future as a public company, and the shareholder value
initiatives announced today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Strong balance sheet and liquidity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maintaining a public company capital structure, underpinned by strong investment grade
credit metrics, BCE is retaining high levels of financial liquidity to fund its maturing debt
obligations given today&#146;s market environment. The Company also today announced new
initiatives &#151; a reinstated common share dividend and an NCIB program &#151; dedicated to<BR>
returning value to its shareholders.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE has reinstated its common share dividend and declared this morning its fourth
quarter of 2008 common dividend. For shareholders of record as of December&nbsp;23, 2008,
a quarterly dividend per share of $0.365 will be paid on January&nbsp;15, 2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE will return capital to shareholders in the form of a Normal Course Issuer Bid (NCIB).
To that end, BCE will repurchase up to approximately 5% of outstanding common
shares, or about 40&nbsp;million common shares. The NCIB is subject to approval by the
Toronto Stock Exchange (TSX)&nbsp;and will be carried out in accordance with the
requirements of the TSX and applicable laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;A share buyback is the most efficient method of distributing capital to our shareholders,
particularly given the current valuation metrics of the Company,&#148; said Siim Vanaselja,
Chief Financial Officer of BCE. &#147;The share buyback will be accretive to earnings per
share and cash flow. Our improving operational progress provides the Company with
confidence in our ability to return value to shareholders now and into the future.&#148;
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s shareholders&#146; meeting will be held on Tuesday February&nbsp;17, 2009 in
Montr&#233;al.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At this meeting, the Company will further outline Bell&#146;s goal and 5 Strategic Imperatives
and BCE&#146;s capital structure and shareholder value initiatives, including its dividend
payout policy.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE has advised Computershare Investor Services Inc. that the privatization transaction
will not proceed. As a result, holders of BCE shares will maintain their status as BCE
shareholders. Computershare will return to depositing shareholders a share certificate
representing their deposited BCE common and preferred shares and any ancillary
documents it received from each such shareholder by first class mail as soon as
practicable. For more information, investors may contact
Computershare<BR>at 1-800-564-6253.
</DIV>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination of cash tender offers for certain outstanding debt securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, BCE and Bell Canada announced today that they have terminated their
previously announced conditional cash tender offers for outstanding BCE 7.35% Series
C Notes due October&nbsp;30, 2009 (the &#147;BCE Notes&#148;), and outstanding Bell Canada 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;Bell Debentures&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BCE and Bell Canada, respectively, have notified the depositaries of the termination of
the tender offers, that they will not accept for payment or pay for any BCE Notes or Bell
Debentures deposited to the tender offers, and instructed the depositaries to promptly
return all BCE Notes and Bell Debentures deposited by the tendering holders.
</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">Certain statements made in this news release, including, but not limited to, statements
relating to BCE&#146;s expected operational and financial performance, as well as BCE&#146;s
objectives concerning the distribution of capital to shareholders, and other statements
that are not historical facts, are forward-looking statements and are subject to important
risks, uncertainties and assumptions, and our board&#146;s discretion in respect of the
declaration of dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 and you are cautioned not to place undue reliance on these
forward-looking statements. 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.
Except as otherwise indicated by BCE, these statements do not reflect the potential
impact of any non-recurring or other special items or of any dispositions, monetizations,
mergers, acquisitions, other business combinations or other transactions that may be
announced or that may occur after the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Risks and assumptions that could cause actual results or events to differ materially from
current expectations include, among others: general economic and credit market
conditions; failure to achieve our business objectives; increased pension fund
contributions; the intensity of competitive activity and the increase in wireless
competitive activity that could result from Industry Canada&#146;s licensing of AWS spectrum;
our ability to respond to technological changes and rapidly offer new products and
services; events affecting the functionality of, and our ability to protect, maintain and
replace, our networks, IT systems and software; labour disruptions; the potential adverse
effects on our Internet and wireless businesses of the significant increase in broadband
demand; events affecting the operations of our service providers operating outside
Canada; our ability to raise the capital we need to implement our business plan; our
ability to discontinue certain traditional services as necessary to improve capital and
operating efficiencies; regulatory initiatives or proceedings, litigation and changes in laws
or regulations; increased regulation banning the use of wireless devices while driving;
launch and in-orbit risks of satellites used by Bell TV; competition from unregulated U.S.
direct-to-home satellite television services sold illegally in Canada and the theft of our
satellite television services; BCE&#146;s dependence on its subsidiaries&#146; ability to pay
</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: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dividends; delays in completion of the high speed packet access overlay of our wireless
network; and health concerns about radio frequency emissions from wireless devices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 and BCE&#146;s 2008 Third Quarter MD&#038;A dated
October&nbsp;28, 2008, all filed by BCE with the Canadian securities commissions (available
at <U>www.sedar.com</U>) and with the U.S. Securities and Exchange Commission (available at
<U>www.sec.gov</U>). These documents are also available on BCE&#146;s website at <U>www.bce.ca</U>.
</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 <U>www.bce.ca</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>For inquiries, please contact:</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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Langton<BR>
Bell Media Relations<BR>
416 581-4339<BR>
<U>mark.langton@bell.ca</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thane Fotopoulos<BR>
BCE Investor Relations<BR>
514 870-4619<BR>
<U>thane.fotopoulos@bell.ca</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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